Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: SoDEX against Phemex+0.059%7-day average −0.006% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$208as in the Price arb table

costs, in and out, $10k−$2152.151% of the position

Long on Phemex Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.015%−$1 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now +0.059%, 7d avg −0.006%

Together, before fees−0.036%−$4 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: SoDEX is 0.066% dearer against Phemex than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PONSUSDT	0.5906	0.0100	pay 0.0050% / 4h	2h 03m	$1.6M	$3.2M	20x
Short	SoDEX PONS-USD	0.5909	0.0100	get 0.0013% / 1h	3m 23s	$25K	$585K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.059%Rate

Funding earned: $0
Price spread: +0.059% → −0.006%: $6.55
Slippage, 4 orders: −$195.05
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$208.5
Costs to cover: 2.151%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; SoDEX: live order book, 45 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, 5 min ago	5.92 bp	41.8 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX live order book, 45 min ago	2.52 bp	66.3 bp −$66	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	0.5897	−0.151%	$234K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+1.075%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5903	−0.056%	$406K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5906	0.000%	$21K	$424K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5911	+0.078%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5903	−0.052%	$69K	$131K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5905	−0.020%	$29K	$329K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5906	−0.008%	—	$1.3M	10x	as long as short
SoDEX PONS-USDshort	+0.0100%	1h	0.5909	+0.059%	$25K	$585K	3x
HTX PONS-USDT	+0.0100%	4h	0.5904	−0.036%	$64K	$525K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDTlong	+0.0100%	4h	0.5906	long leg	$1.6M	$3.2M	20x
Gate PONS_USDT	+0.0106%	4h	0.5904	−0.034%	$5.2M	$6.4M	20x	as long as short
Hyperliquid PONS	+0.0229%	1h	0.5906	−0.003%	$60.0M	$29.5M	3x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5907	+0.025%	$368	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0423%	4h	0.5908	+0.034%	$13.4M	$55.7M	20x	as long as short
Aster PONSUSDT	+0.0480%	4h	0.5904	−0.026%	$1.1M	$2.2M	20x	as long as short
Extended PONS-USD	+0.0592%	1h	0.5906	+0.002%	$101K	$811K	5x	as long as short
MEXC PONS_USDT	+0.0592%	4h	0.5906	0.000%	$7.5M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0594%	4h	0.5906	−0.002%	$37.4M	$98.5M	20x	as long as short
edgeX PONSUSDC	+0.0602%	4h	0.5913	+0.120%	$20K	$295K	10x	as long as short
Bitget PONSUSDT	+0.0642%	4h	0.5910	+0.063%	$4.7M	$12.2M	20x	as long as short
Variational Omni PONS	+0.0659%	4h	0.5914	+0.143%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTM	+0.0686%	4h	0.5904	−0.042%	$1.6M	$3.8M	20x	as long as short
Pacifica PONS	+0.0715%	1h	0.5904	−0.042%	$45K	$69K	3x	as long as short
Polymarket Perps PONS-USD	+0.0736%	1h	0.5905	−0.012%	$87K	$1.9M	3x	as long as short
Lighter PONS	+0.0808%	1h	0.5907	+0.010%	$1.6M	$940K	3x	as long as short
BloFin PONS-USDT	+0.0837%	4h	0.5911	+0.085%	$1.7M	$959K	20x	as long as short
BingX PONS-USDT	+0.0926%	4h	0.5909	+0.051%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0933%	4h	0.5904	−0.034%	$17.6M	$31.5M	20x	as long as short
Phoenix PONS	+0.1719%	1h	0.5914	+0.141%	$45K	$121K	3x	as long as short