Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.023%

Price spread now: Injective against Phemex+0.349%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 0.349% dearer against Phemex than usual: you sell high and buy low (spread +0.349% now, against zero (this spread has no 7-day history yet)): +$35 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 17 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PONSUSDT	0.5899	0.0100	pay 0.0050% / 4h	1h 59m	$1.6M	$3.3M	20x
Short	Injective PONS/USDC PERP	0.5920	0.0033	get 0.0004% / 1h	59m 07s	$609	$6K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhemexbpFee InjectivebpOrdersPrice spread, now +0.349%Rate

Funding earned: −$14
Price spread: +0.349% → 0.000%: $34.92
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $8.9
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 5 min ago; Injective: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phemex live order book, 5 min ago	1.70 bp	35.9 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

PONS on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0034%	1h	0.5895	−0.063%	$216K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0033%	1h	0.5920	+0.349%	$609	$6K	5.5x
Popdex PONSUSDT	+0.0096%	1h	0.5897	−0.034%	$21K	$442K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5894	−0.085%	$89K	$103K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5896	−0.051%	$17.6M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5896	−0.051%	$13.4M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5896	−0.054%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5904	+0.085%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5901	+0.038%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5908	+0.154%	$34K	$340K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5907	+0.142%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5906	+0.112%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5899	+0.008%	$27K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5902	+0.046%	$63K	$506K	20x	as long as short
Phemex PONSUSDTlong	+0.0100%	4h	0.5899	long leg	$1.6M	$3.3M	20x
Aevo PONS-PERP	+0.0128%	1h	0.5899	+0.008%	$368	—	3x	as long as short
Aster PONSUSDT	+0.0147%	4h	0.5897	−0.034%	$1.1M	$2.2M	20x	as long as short
BingX PONS-USDT	+0.0168%	4h	0.5900	+0.017%	—	$3.1M	—	as long as short
MEXC PONS_USDT	+0.0172%	4h	0.5900	+0.017%	$7.5M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0173%	4h	0.5899	0.000%	$38.3M	$98.1M	20x	as long as short
edgeX PONSUSDC	+0.0175%	4h	0.5905	+0.103%	$21K	$294K	10x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5900	+0.025%	$106K	$532K	5x	as long as short
BloFin PONS-USDT	+0.0413%	4h	0.5901	+0.034%	$1.7M	$966K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5893	−0.101%	$47K	$103K	3x	as long as short
Lighter RH PONS	+0.0552%	1h	0.5902	+0.046%	$417K	$2.6M	3x	as long as short
Hyperliquid PONS	+0.0778%	1h	0.5908	+0.144%	$59.3M	$30.1M	3x	as long as short
Gate PONS_USDT	+0.0802%	4h	0.5896	−0.051%	$5.1M	$6.4M	20x	as long as short
Polymarket Perps PONS-USD	+0.0898%	1h	0.5902	+0.053%	$37K	$1.8M	3x	as long as short
Lighter PONS	+0.0968%	1h	0.5904	+0.086%	$1.7M	$878K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5888	−0.186%	$30K	$86K	3x	as long as short