PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1514%/8h= −165.8% APRnext payment −$1.89 per $10,000 · paid last 24h −0.228%

Price spread now: Hyperliquid against Phoenix+0.188%61s7-day average +0.002% · you sell dearer than you buy

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

Long on Phoenix Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−1.588%−$159 on $10k

Price spread, last 4 days (all we have)−0.242%−$24 · spread now +0.188%, 7d avg +0.002%

Together, before fees−1.830%+ Points / potential airdropHyperliquid: Season 2 · farm board−$183 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.186% dearer against Phoenix than usual: you sell high and buy low (spread +0.188% now, against its 7-day average of +0.002%): +$19 on $10k if it goes back. Holding the pair costs −$45 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 7 days (−1.588% in total) that is about 20 hours. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.5849	0.1719	pay 0.0215% / 1h	18m 16s	$44K	$121K	3x
Short	Hyperliquid PONS	0.5860	0.0205	get 0.0026% / 1h	18m 16s	$59.7M	$29.4M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HyperliquidbpOrdersPrice spread, now +0.188%Rate

Funding earned: −$318.04
Price spread: +0.188% → +0.002%: $18.63
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$315.41
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 22 min ago; Hyperliquid: live order book, 5 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 Phoenix live order book, 22 min ago	4.06 bp	19.1 bp −$19	61.3 bp −$613	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.81 bp	doesn't fit	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	0.5855	+0.104%	$233K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+2.065%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5860	+0.198%	$416K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5858	+0.159%	$19K	$438K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5865	+0.279%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5859	+0.176%	$68K	$131K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5861	+0.210%	$5.2M	$6.4M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5804	−0.759%	$29K	$329K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5861	+0.203%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5858	+0.168%	$25K	$580K	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-USDT	+0.0100%	4h	0.5871	+0.388%	$64K	$526K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5856	+0.125%	$1.6M	$3.2M	20x	as long as short
Hyperliquid PONSshort	+0.0205%	1h	0.5860	+0.188%	$59.7M	$29.4M	3x
Aevo PONS-PERP	+0.0232%	1h	0.5863	+0.244%	$365	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0393%	4h	0.5858	+0.159%	$13.3M	$55.4M	20x	as long as short
Aster PONSUSDT	+0.0472%	4h	0.5859	+0.176%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0584%	4h	0.5855	+0.102%	$20K	$295K	10x	as long as short
Extended PONS-USD	+0.0592%	1h	0.5859	+0.168%	$100K	$815K	5x	as long as short
MEXC PONS_USDT	+0.0594%	4h	0.5859	+0.176%	$7.5M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0594%	4h	0.5858	+0.159%	$37.2M	$98.5M	20x	as long as short
Bitget PONSUSDT	+0.0604%	4h	0.5862	+0.234%	$4.6M	$12.2M	20x	as long as short
Variational Omni PONS	+0.0620%	4h	0.5850	+0.030%	$1.3M	$4.1M	—	as long as short
Lighter PONS	+0.0632%	1h	0.5861	+0.217%	$1.6M	$937K	3x	as long as short
KuCoin PONSUSDTM	+0.0702%	4h	0.5862	+0.231%	$1.6M	$3.8M	20x	as long as short
Pacifica PONS	+0.0715%	1h	0.5866	+0.289%	$45K	$69K	3x	as long as short
Polymarket Perps PONS-USD	+0.0736%	1h	0.5859	+0.183%	$108K	$1.9M	3x	as long as short
BloFin PONS-USDT	+0.0834%	4h	0.5868	+0.330%	$1.7M	$938K	20x	as long as short
BingX PONS-USDT	+0.0894%	4h	0.5862	+0.227%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0926%	4h	0.5858	+0.159%	$17.5M	$31.6M	20x	as long as short
Phoenix PONSlong	+0.1719%	1h	0.5849	long leg	$44K	$121K	3x