Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1508%/8h= −165.1% APRpaid last 24h −0.387%

Price spread now: Phemex against Phoenix+0.167%73s7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$336as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1341.341% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−2.019%−$202 on $10k

Price spread, last 3 days (all we have)+0.015%+$2 · spread now +0.167%, 7d avg +0.008%

Together, before fees−2.004%−$200 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.158% dearer against Phoenix than usual: you sell high and buy low (spread +0.167% now, against its 7-day average of +0.008%): +$16 on $10k if it goes back. Holding the pair costs −$45 a day in funding at the current rate, which eats that in about 8 hours. The two prices were read 73 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	0.6110	0.1608	pay 0.0201% / 1h	27m 39s	$32K	$113K	3x
Short	Phemex PONSUSDT	0.6120	0.0100	get 0.0050% / 4h	3h 27m	$1.7M	$3.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.167%Rate

Funding earned: −$316.67
Price spread: +0.167% → +0.008%: $15.85
Slippage, 4 orders: −$115.07
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$434.89
Costs to cover: 1.341%
Break-even: never at this rate

Slippage from Phoenix: live order book, 20 min ago; Phemex: live order book, 6 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, 20 min ago	3.14 bp	15.7 bp −$16	48.9 bp −$489	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	2.46 bp	47.1 bp −$47	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 −0.0033%	1h	0.6118	+0.131%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.296%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6127	+0.277%	$433K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6121	+0.183%	$20K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6105	−0.086%	$1.4M	$4.1M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6102	−0.128%	$33K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6135	+0.409%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6130	+0.334%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6127	+0.283%	$28K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6133	+0.375%	$65K	$511K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDTshort	+0.0100%	4h	0.6120	+0.167%	$1.7M	$3.2M	20x
Aevo PONS-PERP	+0.0168%	1h	0.6130	+0.331%	$382	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0172%	4h	0.6116	+0.101%	$14.0M	$57.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0184%	4h	0.6114	+0.075%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0244%	4h	0.6117	+0.119%	$4.8M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0268%	4h	0.6122	+0.202%	$1.1M	$2.1M	20x	as long as short
edgeX PONSUSDC	+0.0344%	4h	0.6106	−0.063%	$21K	$294K	10x	as long as short
MEXC PONS_USDT	+0.0356%	4h	0.6119	+0.151%	$8.0M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0360%	1h	0.6117	+0.121%	$253K	$679K	5x	as long as short
Binance PONSUSDT	+0.0368%	4h	0.6119	+0.151%	$40.1M	$96.7M	20x	as long as short
Lighter PONS	+0.0504%	1h	0.6119	+0.149%	$1.7M	$931K	3x	as long as short
BloFin PONS-USDT	+0.0593%	4h	0.6107	−0.046%	$1.8M	$1.0M	20x	as long as short
Nado PONS-PERP	+0.0612%	1h	0.6124	+0.230%	$106K	$115K	5x	as long as short
BingX PONS-USDT	+0.0648%	4h	0.6122	+0.200%	—	$3.1M	—	as long as short
Pacifica PONS	+0.0665%	1h	0.6115	+0.091%	$48K	$78K	3x	as long as short
Bybit PONSUSDT	+0.0712%	4h	0.6114	+0.069%	$18.4M	$30.9M	20x	as long as short
Polymarket Perps PONS-USD	+0.0778%	1h	0.6128	+0.301%	$44K	$1.6M	3x	as long as short
Hyperliquid PONS	+0.0895%	1h	0.6126	+0.271%	$62.3M	$29.2M	3x	as long as short
Gate PONS_USDT	+0.1012%	4h	0.6108	−0.029%	$5.3M	$6.2M	20x	as long as short
Phoenix PONSlong	+0.1608%	1h	0.6110	long leg	$32K	$113K	3x