Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1619%/8h= −177.3% APRpaid last 24h −0.393%

Price spread now: HTX against Phoenix−0.167%7-day average +0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$552as in the Funding arb table

Net, price: spread back to 7d avg − costs−$366as in the Price arb table

costs, in and out, $10k−$3453.454% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−2.066%−$207 on $10k

Price spread, last 4 days (all we have)+0.290%+$29 · spread now −0.167%, 7d avg +0.041%

Together, before fees−1.775%−$178 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$49 a day on $10k at the current rate, and HTX is 0.208% cheaper against Phoenix than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.041%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.5911	0.1719	pay 0.0215% / 1h	7m 02s	$45K	$121K	3x
Short	HTX PONS-USDT	0.5901	0.0100	get 0.0050% / 4h	2h 07m	$64K	$524K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.167%Rate

Funding earned: −$340.06
Price spread: −0.167% → +0.041%: −$20.83
Slippage, 4 orders: −$326.42
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$706.31
Costs to cover: 3.454%
Break-even: never at this rate

Slippage from Phoenix: live order book, 33 min ago; HTX: live order book, 41 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, 33 min ago	4.06 bp	19.1 bp −$19	61.3 bp −$613	doesn't fit	doesn't fit
Sell HTX live order book, 41 min ago	39.41 bp	174.0 bp −$174	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	0.5905	−0.097%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.986%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5912	+0.007%	$402K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5912	+0.014%	$21K	$425K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5921	+0.166%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5910	−0.024%	$69K	$131K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5910	−0.020%	$5.3M	$6.4M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5905	−0.105%	$29K	$329K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5915	+0.064%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5913	+0.029%	$25K	$585K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDTshort	+0.0100%	4h	0.5901	−0.167%	$64K	$524K	20x
Phemex PONSUSDT	+0.0100%	4h	0.5906	−0.088%	$1.6M	$3.2M	20x	as long as short
Hyperliquid PONS	+0.0220%	1h	0.5913	+0.034%	$60.0M	$29.5M	3x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5903	−0.144%	$368	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0426%	4h	0.5911	−0.003%	$13.4M	$55.8M	20x	as long as short
Aster PONSUSDT	+0.0487%	4h	0.5911	−0.007%	$1.1M	$2.2M	20x	as long as short
Extended PONS-USD	+0.0600%	1h	0.5911	−0.003%	$101K	$811K	5x	as long as short
MEXC PONS_USDT	+0.0602%	4h	0.5913	+0.030%	$7.5M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0603%	4h	0.5912	+0.014%	$37.4M	$98.3M	20x	as long as short
edgeX PONSUSDC	+0.0605%	4h	0.5912	+0.007%	$20K	$294K	10x	as long as short
Bitget PONSUSDT	+0.0636%	4h	0.5916	+0.081%	$4.7M	$12.2M	20x	as long as short
Variational Omni PONS	+0.0661%	4h	0.5911	+0.004%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTM	+0.0696%	4h	0.5914	+0.042%	$1.6M	$3.8M	20x	as long as short
Pacifica PONS	+0.0715%	1h	0.5911	+0.004%	$45K	$69K	3x	as long as short
Polymarket Perps PONS-USD	+0.0733%	1h	0.5912	+0.019%	$91K	$1.9M	3x	as long as short
Lighter PONS	+0.0776%	1h	0.5913	+0.036%	$1.6M	$939K	3x	as long as short
BloFin PONS-USDT	+0.0843%	4h	0.5915	+0.064%	$1.7M	$959K	20x	as long as short
BingX PONS-USDT	+0.0926%	4h	0.5914	+0.047%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0968%	4h	0.5909	−0.037%	$17.6M	$31.5M	20x	as long as short
Phoenix PONSlong	+0.1719%	1h	0.5911	long leg	$45K	$121K	3x