Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against Phemex−0.133%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$315as in the Price arb table

costs, in and out, $10k−$3023.016% of the position

Long on Phemex Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.023%−$2 on $10k

Price spread, last 4 days (all we have)−0.043%−$4 · spread now −0.133%, 7d avg +0.004%

Together, before fees−0.066%−$7 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: Popdex is 0.137% cheaper against Phemex than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PONSUSDT	0.6011	0.0100	pay 0.0050% / 4h	3h 46m	$1.7M	$3.2M	20x
Short	Popdex PONSUSDT	0.6003	0.0096	get 0.0012% / 1h	46m 09s	$21K	$435K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.133%Rate

Funding earned: −$0.84
Price spread: −0.133% → +0.004%: −$13.7
Slippage, 4 orders: −$283.2
Fee Phemex: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$316.14
Costs to cover: 3.016%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Popdex: live order book, 8 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, 3 min ago	12.49 bp	59.0 bp −$59	doesn't fit	doesn't fit	doesn't fit
Sell Popdex live order book, 8 min ago	6.36 bp	121.8 bp −$122	doesn't fit	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
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0032%	1h	0.6001	−0.170%	$238K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.690%	$614	$10K	5.5x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.6003	−0.133%	$21K	$435K	20x
Nado PONS-PERP	+0.0100%	1h	0.6006	−0.075%	$70K	$129K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5995	−0.263%	$34K	$345K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6016	+0.090%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6003	−0.133%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6008	−0.042%	$26K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6016	+0.077%	$65K	$513K	20x	as long as short
Phemex PONSUSDTlong	+0.0100%	4h	0.6011	long leg	$1.7M	$3.2M	20x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0232%	1h	0.6011	0.000%	$374	—	3x	as long as short
Lighter RH PONS	+0.0256%	1h	0.6007	−0.068%	$404K	$2.5M	3x	as long as short
Variational Omni PONS	+0.0329%	4h	0.6021	+0.165%	$1.4M	$3.9M	—	as long as short
OKX PONS-USDT-SWAP	+0.0333%	4h	0.6006	−0.083%	$13.7M	$55.5M	20x	as long as short
Lighter PONS	+0.0464%	1h	0.6009	−0.032%	$1.6M	$891K	3x	as long as short
Aster PONSUSDT	+0.0478%	4h	0.6006	−0.090%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0506%	4h	0.6012	+0.010%	$4.6M	$11.6M	20x	as long as short
Gate PONS_USDT	+0.0554%	4h	0.6002	−0.150%	$5.2M	$6.1M	20x	as long as short
Hyperliquid PONS	+0.0581%	1h	0.6008	−0.047%	$61.5M	$28.5M	3x	as long as short
MEXC PONS_USDT	+0.0608%	4h	0.6009	−0.033%	$7.6M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0612%	4h	0.6009	−0.040%	$39.3M	$95.3M	20x	as long as short
Extended PONS-USD	+0.0616%	1h	0.6010	−0.024%	$108K	$813K	5x	as long as short
edgeX PONSUSDC	+0.0622%	4h	0.6003	−0.136%	$18K	$293K	10x	as long as short
KuCoin PONSUSDTM	+0.0712%	4h	0.6012	+0.023%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0722%	1h	0.6007	−0.065%	$74K	$1.6M	3x	as long as short
BingX PONS-USDT	+0.0798%	4h	0.6012	+0.017%	—	$3.0M	—	as long as short
BloFin PONS-USDT	+0.0849%	4h	0.6011	0.000%	$1.7M	$960K	20x	as long as short
Bybit PONSUSDT	+0.1029%	4h	0.6007	−0.067%	$18.0M	$30.8M	20x	as long as short
Pacifica PONS	+0.1081%	1h	0.6005	−0.101%	$47K	$67K	3x	as long as short
Phoenix PONS	+0.1586%	1h	0.6013	+0.037%	$42K	$109K	3x	as long as short