Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.087%

Price spread now: Variational Omni against SoDEX+0.191%7-day average +0.007% · you sell dearer than you buy

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

Long on SoDEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.111%+$11 on $10k

Price spread, last 3 days (all we have)−0.412%−$41 · spread now +0.191%, 7d avg +0.007%

Together, before fees−0.301%+ Points / potential airdropVariational Omni: Active · farm board−$30 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.184% dearer against SoDEX than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX PONS-USD	0.6117	0.0100	pay 0.0013% / 1h	19m 23s	$28K	$545K	3x
Short	Variational Omni PONS	0.6129	0.0100	get 0.0050% / 4h	19m 23s	$1.4M	$4.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.191%Rate

Funding earned: $0
Price spread: +0.191% → +0.007%: $18.35
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $10.35
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SoDEX: live order book, 59 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 SoDEX live order book, 59 min ago	1.67 bp	63.9 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	4.09 bp	doesn't fit	38.4 bp −$384	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.411%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6111	−0.099%	$242K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6121	+0.064%	$427K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6120	+0.049%	$20K	$433K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6119	+0.033%	$88K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6116	−0.016%	$18.4M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6117	0.000%	$14.0M	$58.0M	20x	as long as short
Variational Omni PONSshort	+0.0100%	4h	0.6129	+0.191%	$1.4M	$4.2M	—
ApeX Omni PONSUSDT	+0.0100%	1h	0.6131	+0.237%	$34K	$360K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6125	+0.132%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.6122	+0.080%	—	$1.4M	10x	as long as short
SoDEX PONS-USDlong	+0.0100%	1h	0.6117	long leg	$28K	$545K	3x
HTX PONS-USDT	+0.0100%	4h	0.6130	+0.213%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6117	0.000%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0128%	4h	0.6120	+0.043%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0158%	4h	0.6118	+0.008%	$4.7M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6122	+0.082%	$381	—	3x	as long as short
Aster PONSUSDT	+0.0171%	4h	0.6122	+0.084%	$1.1M	$2.2M	20x	as long as short
BingX PONS-USDT	+0.0306%	4h	0.6121	+0.065%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0309%	4h	0.6115	−0.035%	$21K	$293K	10x	as long as short
MEXC PONS_USDT	+0.0318%	4h	0.6117	0.000%	$8.0M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0319%	4h	0.6118	+0.014%	$40.1M	$98.4M	20x	as long as short
Extended PONS-USD	+0.0320%	1h	0.6117	−0.006%	$253K	$682K	5x	as long as short
Lighter PONS	+0.0352%	1h	0.6121	+0.064%	$1.7M	$923K	3x	as long as short
BloFin PONS-USDT	+0.0559%	4h	0.6135	+0.294%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0646%	1h	0.6120	+0.043%	$42K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0861%	1h	0.6120	+0.054%	$62.3M	$30.0M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6118	+0.020%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6133	+0.255%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2472%	4h	0.6116	−0.016%	$5.3M	$6.3M	20x	as long as short