Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0864%/8h= −94.6% APRpaid last 24h −0.318%

Price spread now: KuCoin against Phoenix−0.098%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$288as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$1091.087% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−1.788%−$179 on $10k

Price spread, last 4 days (all we have)+0.134%+$13 · spread now −0.098%, 7d avg −0.026%

Together, before fees−1.654%−$165 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and KuCoin is 0.071% cheaper against Phoenix than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.026%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.5949	0.1472	pay 0.0184% / 1h	20m 56s	$45K	$127K	3x
Short	KuCoin PONSUSDTM	0.5943	0.0608	get 0.0304% / 4h	1h 20m	$1.6M	$3.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.098%Rate

Funding earned: −$181.51
Price spread: −0.098% → −0.026%: −$7.12
Slippage, 4 orders: −$89.69
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$297.32
Costs to cover: 1.087%
Break-even: never at this rate

Slippage from Phoenix: live order book, 14 min ago; KuCoin: live order book, 7 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, 14 min ago	4.55 bp	20.8 bp −$21	67.5 bp −$675	doesn't fit	doesn't fit
Sell KuCoin live order book, 7 min ago	3.21 bp	28.9 bp −$29	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	0.5934	−0.255%	$243K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.350%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5939	−0.163%	$22K	$420K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5946	−0.042%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5944	−0.079%	$69K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5940	−0.151%	$29K	$314K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5940	−0.145%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5939	−0.156%	$26K	$583K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5955	+0.098%	$65K	$525K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5935	−0.230%	$1.6M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0104%	1h	0.5938	−0.173%	$418K	$2.6M	3x	as long as short
Hyperliquid PONS	+0.0186%	1h	0.5941	−0.136%	$60.3M	$29.5M	3x	as long as short
Aevo PONS-PERP	+0.0208%	1h	0.5941	−0.129%	$370	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0406%	4h	0.5939	−0.163%	$13.4M	$55.8M	20x	as long as short
Aster PONSUSDT	+0.0460%	4h	0.5942	−0.109%	$1.1M	$2.2M	20x	as long as short
Extended PONS-USD	+0.0504%	1h	0.5940	−0.153%	$102K	$808K	5x	as long as short
Binance PONSUSDT	+0.0507%	4h	0.5941	−0.135%	$37.4M	$98.3M	20x	as long as short
MEXC PONS_USDT	+0.0516%	4h	0.5942	−0.113%	$7.6M	$4.7M	20x	as long as short
Polymarket Perps PONS-USD	+0.0525%	1h	0.5938	−0.175%	$92K	$1.9M	3x	as long as short
edgeX PONSUSDC	+0.0527%	4h	0.5951	+0.046%	$20K	$291K	10x	as long as short
Pacifica PONS	+0.0556%	1h	0.5944	−0.081%	$45K	$68K	3x	as long as short
Variational Omni PONS	+0.0590%	4h	0.5938	−0.172%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTMshort	+0.0608%	4h	0.5943	−0.098%	$1.6M	$3.8M	20x
Bitget PONSUSDT	+0.0678%	4h	0.5944	−0.082%	$4.7M	$12.2M	20x	as long as short
BingX PONS-USDT	+0.0692%	4h	0.5939	−0.163%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0716%	4h	0.5938	−0.180%	$17.6M	$31.3M	20x	as long as short
BloFin PONS-USDT	+0.0747%	4h	0.5942	−0.113%	$1.7M	$946K	20x	as long as short
Gate PONS_USDT	+0.0790%	4h	0.5938	−0.180%	$5.3M	$6.3M	20x	as long as short
Lighter PONS	+0.0912%	1h	0.5942	−0.106%	$1.7M	$832K	3x	as long as short
Phoenix PONSlong	+0.1472%	1h	0.5949	long leg	$45K	$127K	3x