Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0431%/8h= +47.2% APRpaid last 24h +0.171%

Price spread now: BloFin against SoDEX+0.003%56s7-day average +0.053% · 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—prices read too far apart to compare

costs, in and out, $10k−$1521.521% of the position

Long on SoDEX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.486%+$49 on $10k

Price spread, last 3 days (all we have)+0.020%+$2 · spread now +0.003%, 7d avg +0.053%

Together, before fees+0.506%+$51 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.050% cheaper against SoDEX than usual: you would sell low and buy high (spread +0.003% now, against its 7-day average of +0.053%). If the spread goes back, that is −$5 on $10k: about 9 hours of funding at the current rate (+$13 a day). The two prices were read 56 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	0.6119	0.0100	pay 0.0013% / 1h	42m 13s	$28K	$546K	3x
Short	BloFin PONS-USDT	0.6119	0.0531	get 0.0265% / 4h	42m 13s	$1.8M	$1.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.003%Rate

Funding earned: $90.44
Price spread: +0.003% → +0.053%: −$5.01
Slippage, 4 orders: −$132.06
Fee SoDEX: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$66.63
Costs to cover: 1.521%
Break-even: 12.2 days

Slippage from SoDEX: live order book, 36 min ago; BloFin: live order book, 5 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, 36 min ago	1.67 bp	63.9 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	0.82 bp	16.4 bp −$16	34.7 bp −$347	108.8 bp −$10.9K	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.440%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0034%	1h	0.6111	−0.128%	$236K	—	150x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6125	+0.101%	$20K	$445K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6123	+0.076%	$86K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6116	−0.046%	$18.5M	$31.7M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6113	−0.095%	$13.9M	$58.1M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6136	+0.277%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6124	+0.088%	$33K	$360K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6126	+0.123%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6128	+0.154%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USDlong	+0.0100%	1h	0.6119	long leg	$28K	$546K	3x
HTX PONS-USDT	+0.0100%	4h	0.6139	+0.330%	$65K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6115	−0.062%	$1.7M	$3.3M	20x	as long as short
Lighter RH PONS	+0.0120%	1h	0.6120	+0.026%	$429K	$2.6M	3x	as long as short
KuCoin PONSUSDTM	+0.0124%	4h	0.6123	+0.077%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0126%	4h	0.6119	+0.007%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6121	+0.040%	$381	—	3x	as long as short
Aster PONSUSDT	+0.0180%	4h	0.6118	−0.014%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0216%	1h	0.6122	+0.051%	$1.7M	$921K	3x	as long as short
MEXC PONS_USDT	+0.0290%	4h	0.6125	+0.101%	$8.1M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0294%	4h	0.6123	+0.075%	$40.0M	$98.8M	20x	as long as short
Extended PONS-USD	+0.0296%	1h	0.6120	+0.018%	$253K	$682K	5x	as long as short
BingX PONS-USDT	+0.0300%	4h	0.6120	+0.020%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0306%	4h	0.6124	+0.083%	$21K	$294K	10x	as long as short
BloFin PONS-USDTshort	+0.0531%	4h	0.6119	+0.003%	$1.8M	$1.0M	20x
Polymarket Perps PONS-USD	+0.0724%	1h	0.6123	+0.072%	$42K	$1.7M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6121	+0.041%	$48K	$96K	3x	as long as short
Hyperliquid PONS	+0.0968%	1h	0.6125	+0.095%	$62.2M	$30.8M	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6123	+0.070%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2124%	4h	0.6117	−0.029%	$5.4M	$6.2M	20x	as long as short