Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1595%/8h= −174.7% APRpaid last 24h −0.383%

Price spread now: SunX against Phoenix−0.076%7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$557as in the Funding arb table

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

costs, in and out, $10k−$3533.528% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−2.041%−$204 on $10k

Price spread, last 3 days (all we have)+0.165%+$17 · spread now −0.076%, 7d avg +0.053%

Together, before fees−1.876%−$188 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$48 a day on $10k at the current rate, and SunX is 0.129% cheaper against Phoenix than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.053%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.6050	0.1695	pay 0.0212% / 1h	41m 19s	$31K	$107K	3x
Short	SunX PONS-USDT	0.6045	0.0100	get 0.0050% / 4h	2h 41m	—	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$335.04
Price spread: −0.076% → +0.053%: −$12.88
Slippage, 4 orders: −$337.84
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$700.76
Costs to cover: 3.528%
Break-even: never at this rate

Slippage from Phoenix: live order book, 67 min ago; SunX: 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, 67 min ago	3.14 bp	15.7 bp −$16	48.9 bp −$489	doesn't fit	doesn't fit
Sell SunX live order book, 3 min ago	140.99 bp	161.2 bp −$161	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	0.6035	−0.248%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.326%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6048	−0.028%	$20K	$424K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6040	−0.159%	$1.4M	$4.1M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6057	+0.122%	$33K	$353K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6051	+0.020%	$2K	$3K	10x	as long as short
SunX PONS-USDTshort	+0.0100%	4h	0.6045	−0.076%	—	$1.3M	10x
SoDEX PONS-USD	+0.0100%	1h	0.6044	−0.088%	$26K	$529K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6049	−0.012%	$64K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6039	−0.177%	$1.7M	$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
Aevo PONS-PERP	+0.0184%	1h	0.6046	−0.061%	$377	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0206%	4h	0.6042	−0.127%	$13.9M	$55.8M	20x	as long as short
KuCoin PONSUSDTM	+0.0220%	4h	0.6045	−0.076%	$1.7M	$3.7M	20x	as long as short
Bybit PONSUSDT	+0.0230%	4h	0.6040	−0.160%	$18.2M	$30.8M	20x	as long as short
Lighter RH PONS	+0.0240%	1h	0.6045	−0.074%	$422K	$2.5M	3x	as long as short
Bitget PONSUSDT	+0.0294%	4h	0.6046	−0.069%	$4.7M	$11.4M	20x	as long as short
Nado PONS-PERP	+0.0305%	1h	0.6045	−0.078%	$71K	$132K	5x	as long as short
Aster PONSUSDT	+0.0354%	4h	0.6041	−0.145%	$1.1M	$2.0M	20x	as long as short
Lighter PONS	+0.0368%	1h	0.6046	−0.068%	$1.7M	$883K	3x	as long as short
BingX PONS-USDT	+0.0390%	4h	0.6043	−0.111%	—	$3.0M	—	as long as short
MEXC PONS_USDT	+0.0402%	4h	0.6047	−0.045%	$7.8M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0405%	4h	0.6045	−0.078%	$39.6M	$95.9M	20x	as long as short
edgeX PONSUSDC	+0.0407%	4h	0.6051	+0.022%	$21K	$291K	10x	as long as short
Extended PONS-USD	+0.0408%	1h	0.6045	−0.085%	$250K	$682K	5x	as long as short
BloFin PONS-USDT	+0.0646%	4h	0.6065	+0.253%	$1.8M	$984K	20x	as long as short
Gate PONS_USDT	+0.0684%	4h	0.6037	−0.210%	$5.3M	$6.1M	20x	as long as short
Hyperliquid PONS	+0.0718%	1h	0.6045	−0.073%	$61.5M	$28.8M	3x	as long as short
Polymarket Perps PONS-USD	+0.0769%	1h	0.6047	−0.045%	$46K	$1.6M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6042	−0.126%	$48K	$75K	3x	as long as short
Phoenix PONSlong	+0.1695%	1h	0.6050	long leg	$31K	$107K	3x