Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0745%/8h= +81.5% APRpaid last 24h +0.170%

Price spread now: BloFin against Popdex+0.761%7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$164as in the Price arb table

costs, in and out, $10k−$2382.382% of the position

Long on Popdex Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.599%+$60 on $10k

Price spread, last 4 days (all we have)−0.603%−$60 · spread now +0.761%, 7d avg +0.024%

Together, before fees−0.004%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and BloFin is 0.737% dearer against Popdex than usual: you sell high and buy low: +$74 more if the spread goes back to its 7-day average of +0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex PONSUSDT	0.6177	0.0096	pay 0.0012% / 1h	36m 28s	$22K	$454K	20x
Short	BloFin PONS-USDT	0.6224	0.0841	get 0.0420% / 4h	36m 28s	$1.8M	$1.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Popdex. 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 PopdexbpFee BloFinbpOrdersPrice spread, now +0.761%Rate

Funding earned: $156.35
Price spread: +0.761% → +0.024%: $73.69
Slippage, 4 orders: −$219.78
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$8.13
Costs to cover: 2.382%
Break-even: 7.4 days

Slippage from Popdex: live order book, 2 min ago; BloFin: live order book, 1 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 Popdex live order book, 2 min ago	5.37 bp	93.4 bp −$93	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 1 min ago	7.24 bp	17.8 bp −$18	28.0 bp −$280	104.2 bp −$10.4K	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 −0.0029%	1h	0.6166	−0.173%	$234K	—	150x	as long as short
Popdex PONSUSDTlong	+0.0096%	1h	0.6177	long leg	$22K	$454K	20x
Nado PONS-PERP	+0.0100%	1h	0.6176	−0.024%	$72K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6285	+1.750%	$31K	$303K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6182	+0.081%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6219	+0.678%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6220	+0.696%	$27K	$628K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6221	+0.707%	$67K	$536K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6207	+0.486%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.6178	+0.008%	$385	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PONS-USDT-SWAP	+0.0430%	4h	0.6175	−0.032%	$14.0M	$60.1M	20x	as long as short
Aster PONSUSDT	+0.0519%	4h	0.6178	+0.024%	$1.1M	$2.3M	20x	as long as short
Variational Omni PONS	+0.0520%	4h	0.6292	+1.866%	$1.5M	$4.2M	—	as long as short
KuCoin PONSUSDTM	+0.0552%	4h	0.6171	−0.096%	$1.6M	$3.9M	20x	as long as short
Pacifica PONS	+0.0572%	1h	0.6182	+0.086%	$47K	$69K	3x	as long as short
Binance PONSUSDT	+0.0597%	4h	0.6179	+0.030%	$40.7M	$103.7M	20x	as long as short
Extended PONS-USD	+0.0600%	1h	0.6176	−0.009%	$104K	$819K	5x	as long as short
MEXC PONS_USDT	+0.0600%	4h	0.6174	−0.049%	$7.7M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0627%	4h	0.6228	+0.824%	$21K	$290K	10x	as long as short
Lighter RH PONS	+0.0632%	1h	0.6186	+0.146%	$438K	$2.6M	3x	as long as short
BingX PONS-USDT	+0.0668%	4h	0.6177	0.000%	—	$3.1M	—	as long as short
Bybit PONSUSDT	+0.0672%	4h	0.6175	−0.032%	$18.6M	$32.6M	20x	as long as short
Bitget PONSUSDT	+0.0706%	4h	0.6177	−0.006%	$4.8M	$12.8M	20x	as long as short
Hyperliquid PONS	+0.0741%	1h	0.6173	−0.070%	$62.8M	$30.3M	3x	as long as short
Lighter PONS	+0.0784%	1h	0.6189	+0.194%	$1.7M	$847K	3x	as long as short
BloFin PONS-USDTshort	+0.0841%	4h	0.6224	+0.761%	$1.8M	$1.0M	20x
Gate PONS_USDT	+0.0854%	4h	0.6179	+0.032%	$5.4M	$6.4M	20x	as long as short
Injective PONS/USDC PERP	+0.1069%	1h	0.5938	−3.861%	$610	$10K	5.5x	as long as short
Polymarket Perps PONS-USD	+0.1251%	1h	0.6176	−0.024%	$67K	$2.2M	3x	as long as short
Phoenix PONS	+0.1405%	1h	0.6231	+0.871%	$47K	$127K	3x	as long as short