Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.056%

Price spread now: OKX against Phemex−0.084%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$990.991% of the position

Long on Phemex Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.257%+$26 on $10k

Price spread, last 3 days (all we have)−0.576%−$58 · spread now −0.084%, 7d avg −0.028%

Together, before fees−0.319%−$32 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.056% cheaper against Phemex than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PONSUSDT	0.5932	0.0100	pay 0.0050% / 4h	3h 32m	$1.7M	$3.3M	20x
Short	OKX PONS-USDT-SWAP	0.5927	0.0100	get 0.0050% / 4h	3h 32m	$13.4M	$56.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 OKXbpOrdersPrice spread, now −0.084%Rate

Funding earned: $0
Price spread: −0.084% → −0.028%: −$5.58
Slippage, 4 orders: −$77.08
Fee Phemex: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$104.66
Costs to cover: 0.991%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; OKX: live order book, 2 min ago.

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, 2 min ago	2.53 bp	35.1 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.84 bp	11.7 bp −$12	28.8 bp −$288	doesn't fit	doesn't fit

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
Gate PONS_USDT	−0.0068%	4h	0.5936	+0.067%	$5.2M	$7.0M	20x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0032%	1h	0.5925	−0.113%	$212K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5863	−1.165%	$603	$3K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5935	+0.051%	$21K	$477K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5937	+0.077%	$73K	$95K	5x	as long as short
Hyperliquid PONS	+0.0100%	1h	0.5933	+0.008%	$58.9M	$29.5M	3x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5930	−0.034%	$17.8M	$31.4M	20x	as long as short
OKX PONS-USDT-SWAPshort	+0.0100%	4h	0.5927	−0.084%	$13.4M	$56.3M	20x
KuCoin PONSUSDTM	+0.0100%	4h	0.5933	+0.020%	$1.9M	$3.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5948	+0.271%	$1.3M	$4.2M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PONSUSDT	+0.0100%	1h	0.5950	+0.302%	$34K	$318K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5938	+0.105%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5933	+0.022%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5933	+0.008%	$27K	$528K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5941	+0.160%	$64K	$506K	20x	as long as short
Phemex PONSUSDTlong	+0.0100%	4h	0.5932	long leg	$1.7M	$3.3M	20x
Bitget PONSUSDT	+0.0102%	4h	0.5933	+0.022%	$4.7M	$11.6M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5935	+0.051%	$370	—	3x	as long as short
BingX PONS-USDT	+0.0180%	4h	0.5931	−0.017%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0190%	4h	0.5948	+0.262%	$21K	$293K	10x	as long as short
Binance PONSUSDT	+0.0198%	4h	0.5934	+0.034%	$38.6M	$98.7M	20x	as long as short
Extended PONS-USD	+0.0200%	1h	0.5934	+0.033%	$92K	$529K	5x	as long as short
MEXC PONS_USDT	+0.0202%	4h	0.5934	+0.034%	$7.5M	$5.2M	20x	as long as short
Aster PONSUSDT	+0.0249%	4h	0.5927	−0.091%	$1.1M	$2.2M	20x	as long as short
Pacifica PONS	+0.0279%	1h	0.5940	+0.143%	$47K	$111K	3x	as long as short
Lighter RH PONS	+0.0352%	1h	0.5934	+0.040%	$398K	$2.5M	3x	as long as short
BloFin PONS-USDT	+0.0443%	4h	0.5932	0.000%	$1.7M	$987K	20x	as long as short
Polymarket Perps PONS-USD	+0.0477%	1h	0.5933	+0.020%	$49K	$1.8M	3x	as long as short
Phoenix PONS	+0.1232%	1h	0.5944	+0.207%	$27K	$80K	3x	as long as short
Lighter PONS	+0.1240%	1h	0.5939	+0.116%	$1.7M	$860K	3x	as long as short