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 +0.087%

Price spread now: Variational Omni against Phemex+0.138%7-day average +0.005% · you sell dearer than you buy

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

Long on Phemex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.113%+$11 on $10k

Price spread, last 3 days (all we have)−0.427%−$43 · spread now +0.138%, 7d avg +0.005%

Together, before fees−0.314%+ Points / potential airdropVariational Omni: Active · farm board−$31 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: Variational Omni is 0.133% dearer against Phemex than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PONSUSDT	0.5875	0.0100	pay 0.0050% / 4h	3h 41m	$1.7M	$3.3M	20x
Short	Variational Omni PONS	0.5883	0.0100	get 0.0050% / 4h	3h 41m	$1.2M	$4.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.138%Rate

Funding earned: $0
Price spread: +0.138% → +0.005%: $13.31
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $1.31
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 3 min ago; Variational Omni: RFQ quote, 3 min ago. 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, 3 min ago	4.25 bp	36.0 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	4.24 bp	doesn't fit	38.2 bp −$382	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	−0.0496%	4h	0.5885	+0.170%	$5.2M	$6.9M	20x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0032%	1h	0.5878	+0.055%	$211K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5863	−0.206%	$603	$3K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5885	+0.172%	$395K	$2.5M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5886	+0.187%	$21K	$495K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5881	+0.097%	$72K	$95K	5x	as long as short
Hyperliquid PONS	+0.0100%	1h	0.5888	+0.228%	$58.4M	$29.9M	3x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5883	+0.136%	$17.6M	$31.4M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5883	+0.136%	$13.3M	$55.8M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5883	+0.138%	$1.8M	$3.6M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget PONSUSDT	+0.0100%	4h	0.5886	+0.192%	$4.6M	$11.5M	20x	as long as short
Variational Omni PONSshort	+0.0100%	4h	0.5883	+0.138%	$1.2M	$4.2M	—
ApeX Omni PONSUSDT	+0.0100%	1h	0.5890	+0.252%	$34K	$316K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5890	+0.250%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5878	+0.054%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5875	−0.009%	$27K	$532K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5882	+0.114%	$63K	$504K	20x	as long as short
Phemex PONSUSDTlong	+0.0100%	4h	0.5875	long leg	$1.7M	$3.3M	20x
Aevo PONS-PERP	+0.0120%	1h	0.5876	+0.017%	$366	—	3x	as long as short
MEXC PONS_USDT	+0.0166%	4h	0.5886	+0.187%	$7.4M	$5.2M	20x	as long as short
Binance PONSUSDT	+0.0166%	4h	0.5888	+0.216%	$38.3M	$98.9M	20x	as long as short
Extended PONS-USD	+0.0168%	1h	0.5883	+0.143%	$88K	$531K	5x	as long as short
edgeX PONSUSDC	+0.0176%	4h	0.5883	+0.133%	$21K	$292K	10x	as long as short
BingX PONS-USDT	+0.0184%	4h	0.5884	+0.153%	—	$3.1M	—	as long as short
Aster PONSUSDT	+0.0193%	4h	0.5880	+0.077%	$1.1M	$2.2M	20x	as long as short
Pacifica PONS	+0.0279%	1h	0.5883	+0.137%	$47K	$111K	3x	as long as short
BloFin PONS-USDT	+0.0411%	4h	0.5889	+0.238%	$1.7M	$979K	20x	as long as short
Polymarket Perps PONS-USD	+0.0451%	1h	0.5886	+0.191%	$51K	$1.8M	3x	as long as short
Lighter PONS	+0.1032%	1h	0.5890	+0.252%	$1.7M	$851K	3x	as long as short
Phoenix PONS	+0.1232%	1h	0.5897	+0.371%	$27K	$80K	3x	as long as short