Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.238%

Price spread now: Lighter against SunX+0.088%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$241as in the Funding arb table

Net, price: spread back to 7d avg − costs−$325as in the Price arb table

costs, in and out, $10k−$3333.325% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.918%+$92 on $10k

Price spread, last 3 days (all we have)−0.234%−$23 · spread now +0.088%, 7d avg +0.012%

Together, before fees+0.684%+ Points / potential airdropLighter: Season 3 · farm board+$68 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Lighter is 0.076% dearer against SunX than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PONS-USDT	0.6022	0.0100	pay 0.0050% / 4h	2h 44m	—	$1.3M	10x
Short	Lighter PONS	0.6028	0.0280	get 0.0035% / 1h	44m 40s	$1.7M	$883K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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 SunXbpFee LighterbpOrdersPrice spread, now +0.088%Rate

Funding earned: $37.8
Price spread: +0.088% → +0.012%: $7.6
Slippage, 4 orders: −$324.5
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$287.1
Costs to cover: 3.325%
Break-even: 60.2 days

Slippage from SunX: live order book, 10 min ago; Lighter: live order book, 7 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 SunX live order book, 10 min ago	141.01 bp	159.6 bp −$160	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	3.06 bp	7.4 bp −$7	15.2 bp −$152	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 +0.0033% / S −0.0033%	1h	0.6011	−0.182%	$238K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.878%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6026	+0.060%	$20K	$423K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6019	−0.055%	$1.4M	$4.1M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6030	+0.120%	$33K	$353K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6019	−0.051%	$2K	$3K	10x	as long as short
SunX PONS-USDTlong	+0.0100%	4h	0.6022	long leg	—	$1.3M	10x
SoDEX PONS-USD	+0.0100%	1h	0.6020	−0.033%	$26K	$530K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6042	+0.319%	$64K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6020	−0.040%	$1.7M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0184%	1h	0.6016	−0.099%	$375	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0206%	4h	0.6029	+0.110%	$13.8M	$55.6M	20x	as long as short
KuCoin PONSUSDTM	+0.0218%	4h	0.6026	+0.063%	$1.7M	$3.7M	20x	as long as short
Lighter RH PONS	+0.0224%	1h	0.6029	+0.108%	$421K	$2.5M	3x	as long as short
Bybit PONSUSDT	+0.0269%	4h	0.6029	+0.110%	$18.1M	$30.8M	20x	as long as short
Lighter PONSshort	+0.0280%	1h	0.6028	+0.088%	$1.7M	$883K	3x
Bitget PONSUSDT	+0.0288%	4h	0.6026	+0.065%	$4.7M	$11.3M	20x	as long as short
Nado PONS-PERP	+0.0307%	1h	0.6017	−0.090%	$70K	$132K	5x	as long as short
Aster PONSUSDT	+0.0327%	4h	0.6020	−0.042%	$1.1M	$2.0M	20x	as long as short
BingX PONS-USDT	+0.0390%	4h	0.6028	+0.093%	—	$3.0M	—	as long as short
Binance PONSUSDT	+0.0390%	4h	0.6034	+0.198%	$39.6M	$95.9M	20x	as long as short
Extended PONS-USD	+0.0392%	1h	0.6026	+0.067%	$249K	$682K	5x	as long as short
MEXC PONS_USDT	+0.0394%	4h	0.6032	+0.159%	$7.8M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0411%	4h	0.6023	+0.011%	$21K	$293K	10x	as long as short
BloFin PONS-USDT	+0.0646%	4h	0.6065	+0.707%	$1.8M	$984K	20x	as long as short
Gate PONS_USDT	+0.0688%	4h	0.6022	−0.007%	$5.3M	$6.1M	20x	as long as short
Hyperliquid PONS	+0.0706%	1h	0.6029	+0.108%	$61.3M	$28.7M	3x	as long as short
Polymarket Perps PONS-USD	+0.0770%	1h	0.6023	+0.015%	$46K	$1.6M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6031	+0.147%	$48K	$75K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6064	+0.691%	$31K	$107K	3x	as long as short