Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0394%/8h= +43.1% APRpaid last 24h +0.076%

Price spread now: Variational Omni against Popdex−0.505%7-day average −0.055% · you buy dearer than you sell

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

Long on Popdex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.140%+$14 on $10k

Price spread, last 4 days (all we have)−0.273%−$27 · spread now −0.505%, 7d avg −0.055%

Together, before fees−0.133%+ Points / potential airdropVariational Omni: Active · farm board−$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.449% cheaper against Popdex than usual: you would sell low and buy high (spread −0.505% now, against its 7-day average of −0.055%). If the spread goes back, that is −$45 on $10k: about 3.8 days of funding at the current rate (+$12 a day). At the pace of the last 4 days (+0.140% in total) that is about 12 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.140% in total (about 14.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex PONSUSDT	0.6159	0.0096	pay 0.0012% / 1h	19m 16s	$23K	$455K	20x
Short	Variational Omni PONS	0.6128	0.0490	get 0.0245% / 4h	19m 16s	$1.5M	$4.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Popdex. 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 PopdexbpFee Variational OmnibpOrdersPrice spread, now −0.505%Rate

Funding earned: $82.75
Price spread: −0.505% → −0.055%: −$44.92
Slippage, 4 orders: no order book: not counted
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $31.42
Costs to cover: 0.064%
Break-even: 4.3 days

Slippage unknown: Popdex: live order book, 20 min ago; Variational Omni: RFQ quote, 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 Popdex live order book, 20 min ago	5.37 bp	93.4 bp −$93	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	4.09 bp	doesn't fit	35.2 bp −$352	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 −0.0029%	1h	0.6144	−0.239%	$234K	—	150x	as long as short
Popdex PONSUSDTlong	+0.0096%	1h	0.6159	long leg	$23K	$455K	20x
Nado PONS-PERP	+0.0100%	1h	0.6154	−0.078%	$72K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6139	−0.326%	$30K	$300K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6154	−0.075%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6150	−0.153%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6148	−0.179%	$26K	$639K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6154	−0.075%	$66K	$536K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6141	−0.292%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.6149	−0.162%	$383	—	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	+0.0411%	4h	0.6145	−0.227%	$13.9M	$60.5M	20x	as long as short
Gate PONS_USDT	+0.0454%	4h	0.6152	−0.114%	$5.5M	$6.6M	20x	as long as short
Lighter RH PONS	+0.0456%	1h	0.6148	−0.179%	$417K	$2.7M	3x	as long as short
Lighter PONS	+0.0472%	1h	0.6151	−0.130%	$1.7M	$855K	3x	as long as short
Aster PONSUSDT	+0.0476%	4h	0.6144	−0.239%	$1.1M	$2.4M	20x	as long as short
Variational Omni PONSshort	+0.0490%	4h	0.6128	−0.505%	$1.5M	$4.2M	—
KuCoin PONSUSDTM	+0.0542%	4h	0.6150	−0.138%	$1.6M	$4.0M	20x	as long as short
Pacifica PONS	+0.0572%	1h	0.6142	−0.277%	$46K	$77K	3x	as long as short
edgeX PONSUSDC	+0.0574%	4h	0.6138	−0.333%	$20K	$291K	10x	as long as short
MEXC PONS_USDT	+0.0582%	4h	0.6157	−0.032%	$7.7M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0584%	1h	0.6148	−0.172%	$103K	$828K	5x	as long as short
Binance PONSUSDT	+0.0587%	4h	0.6151	−0.130%	$39.9M	$105.0M	20x	as long as short
Hyperliquid PONS	+0.0621%	1h	0.6157	−0.032%	$62.5M	$30.4M	3x	as long as short
Bybit PONSUSDT	+0.0649%	4h	0.6149	−0.162%	$18.3M	$32.9M	20x	as long as short
BingX PONS-USDT	+0.0668%	4h	0.6152	−0.114%	—	$3.2M	—	as long as short
Bitget PONSUSDT	+0.0702%	4h	0.6156	−0.055%	$4.9M	$13.0M	20x	as long as short
BloFin PONS-USDT	+0.0827%	4h	0.6148	−0.179%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.1042%	1h	0.6159	0.000%	$73K	$2.3M	3x	as long as short
Injective PONS/USDC PERP	+0.1069%	1h	0.5938	−3.580%	$610	$10K	5.5x	as long as short
Phoenix PONS	+0.1405%	1h	0.6131	−0.456%	$47K	$127K	3x	as long as short