Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1067%/8h= −116.8% APRpaid last 24h −0.284%

Price spread now: edgeX against Phoenix−0.068%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$242as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$860.862% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.557%−$156 on $10k

Price spread, last 4 days (all we have)+0.119%+$12 · spread now −0.068%, 7d avg −0.003%

Together, before fees−1.438%+ Points / potential airdropedgeX: Active · farm board−$144 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$32 a day on $10k at the current rate, and edgeX is 0.065% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.003%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.6192	0.1714	pay 0.0214% / 1h	29m 37s	$47K	$159K	3x
Short	edgeX PONSUSDC	0.6188	0.0647	get 0.0323% / 4h	3h 29m	$20K	$293K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Phoenix. 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 PhoenixbpFee edgeXbpOrdersPrice spread, now −0.068%Rate

Funding earned: −$224.08
Price spread: −0.068% → −0.003%: −$6.47
Slippage, 4 orders: −$70.22
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$316.76
Costs to cover: 0.862%
Break-even: never at this rate

Slippage from Phoenix: live order book, 61 min ago; edgeX: live order book, 3 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 Phoenix live order book, 61 min ago	4.41 bp	20.7 bp −$21	67.4 bp −$674	doesn't fit	doesn't fit
Sell edgeX live order book, 3 min ago	13.76 bp	22.4 bp −$22	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 +0.0032% / S −0.0030%	1h	0.6228	+0.581%	$243K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−4.094%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6208	+0.258%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6220	+0.452%	$72K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6177	−0.244%	$31K	$290K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6198	+0.089%	$72K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6226	+0.551%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6210	+0.299%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6239	+0.762%	$27K	$631K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6224	+0.510%	$66K	$528K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6231	+0.630%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6223	+0.498%	$388	—	3x	as long as short
Hyperliquid PONS	+0.0312%	1h	0.6233	+0.667%	$63.8M	$30.7M	3x	as long as short
Lighter RH PONS	+0.0384%	1h	0.6237	+0.727%	$422K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0413%	4h	0.6230	+0.614%	$14.4M	$60.7M	20x	as long as short
Aster PONSUSDT	+0.0445%	4h	0.6231	+0.633%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0478%	4h	0.6234	+0.672%	$1.6M	$4.1M	20x	as long as short
Lighter PONS	+0.0496%	1h	0.6239	+0.759%	$1.7M	$868K	3x	as long as short
Variational Omni PONS	+0.0560%	4h	0.6185	−0.113%	$1.6M	$4.5M	—	as long as short
MEXC PONS_USDT	+0.0628%	4h	0.6239	+0.759%	$8.0M	$4.7M	20x	as long as short
Extended PONS-USD	+0.0632%	1h	0.6232	+0.653%	$105K	$826K	5x	as long as short
Binance PONSUSDT	+0.0641%	4h	0.6235	+0.694%	$40.8M	$104.4M	20x	as long as short
edgeX PONSUSDCshort	+0.0647%	4h	0.6188	−0.068%	$20K	$293K	10x
Bitget PONSUSDT	+0.0724%	4h	0.6237	+0.725%	$5.0M	$13.2M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6233	+0.663%	$47K	$78K	3x	as long as short
BloFin PONS-USDT	+0.0869%	4h	0.6199	+0.113%	$1.8M	$1.1M	20x	as long as short
Gate PONS_USDT	+0.0914%	4h	0.6218	+0.420%	$5.4M	$6.4M	20x	as long as short
BingX PONS-USDT	+0.1006%	4h	0.6227	+0.565%	—	$3.2M	—	as long as short
Bybit PONSUSDT	+0.1030%	4h	0.6232	+0.646%	$18.8M	$33.2M	20x	as long as short
Phoenix PONSlong	+0.1714%	1h	0.6192	long leg	$47K	$159K	3x