Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0864%/8h= +94.6% APRpaid last 24h +0.124%

Price spread now: BingX against SoDEX−0.024%55s7-day average +0.026% · you buy dearer than you sell

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

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

costs, in and out, $10k−$1261.262% of the position

Long on SoDEX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.491%+$49 on $10k

Price spread, last 4 days (all we have)−0.725%−$72 · spread now −0.024%, 7d avg +0.026%

Together, before fees−0.233%−$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.051% cheaper against SoDEX than usual: you would sell low and buy high (spread −0.024% now, against its 7-day average of +0.026%). If the spread goes back, that is −$5 on $10k: about 5 hours of funding at the current rate (+$26 a day). The two prices were read 55 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	SoDEX PONS-USD	0.6198	0.0100	pay 0.0013% / 1h	42m 18s	$26K	$615K	3x
Short	BingX PONS-USDT	0.6196	0.0964	get 0.0482% / 4h	3h 42m	—	$3.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against SoDEX. 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 SoDEXbpFee BingXbpOrdersPrice spread, now −0.024%Rate

Funding earned: $181.44
Price spread: −0.024% → +0.026%: −$5.06
Slippage, 4 orders: −$108.2
Fee SoDEX: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: $50.18
Costs to cover: 1.262%
Break-even: 5.1 days

Slippage from SoDEX: live order book, 56 min ago; BingX: live order book, 8 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 SoDEX live order book, 56 min ago	1.60 bp	40.7 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	0.81 bp	10.6 bp −$11	33.3 bp −$333	142.7 bp −$14.3K	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	0.6190	−0.128%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−4.179%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6203	+0.089%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6200	+0.040%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6204	+0.106%	$31K	$293K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6191	−0.105%	$72K	$2.3M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6203	+0.090%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6204	+0.100%	—	$1.2M	10x	as long as short
SoDEX PONS-USDlong	+0.0100%	1h	0.6198	long leg	$26K	$615K	3x
HTX PONS-USDT	+0.0100%	4h	0.6211	+0.218%	$66K	$528K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6202	+0.073%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6198	+0.014%	$386	—	3x	as long as short
Hyperliquid PONS	+0.0289%	1h	0.6200	+0.040%	$63.5M	$30.9M	3x	as long as short
Lighter RH PONS	+0.0312%	1h	0.6197	−0.008%	$419K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0395%	4h	0.6191	−0.105%	$14.1M	$60.6M	20x	as long as short
Gate PONS_USDT	+0.0408%	4h	0.6193	−0.073%	$5.4M	$6.3M	20x	as long as short
Aster PONSUSDT	+0.0424%	4h	0.6195	−0.035%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0466%	4h	0.6200	+0.042%	$1.6M	$4.0M	20x	as long as short
Variational Omni PONS	+0.0551%	4h	0.6199	+0.024%	$1.5M	$4.4M	—	as long as short
Binance PONSUSDT	+0.0623%	4h	0.6199	+0.024%	$40.5M	$104.2M	20x	as long as short
Extended PONS-USD	+0.0624%	1h	0.6197	−0.013%	$104K	$828K	5x	as long as short
MEXC PONS_USDT	+0.0626%	4h	0.6201	+0.056%	$7.9M	$4.6M	20x	as long as short
edgeX PONSUSDC	+0.0644%	4h	0.6213	+0.243%	$20K	$293K	10x	as long as short
Bitget PONSUSDT	+0.0698%	4h	0.6200	+0.037%	$4.9M	$13.1M	20x	as long as short
Lighter PONS	+0.0752%	1h	0.6199	+0.026%	$1.7M	$867K	3x	as long as short
Pacifica PONS	+0.0853%	1h	0.6197	−0.004%	$47K	$77K	3x	as long as short
BloFin PONS-USDT	+0.0866%	4h	0.6199	+0.024%	$1.8M	$1.1M	20x	as long as short
BingX PONS-USDTshort	+0.0964%	4h	0.6196	−0.024%	—	$3.2M	—
Bybit PONSUSDT	+0.1182%	4h	0.6198	+0.008%	$18.8M	$33.1M	20x	as long as short
Phoenix PONS	+0.1714%	1h	0.6205	+0.127%	$47K	$159K	3x	as long as short