Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1595%/8h= +174.7% APRpaid last 24h +0.383%

Price spread now: Phoenix against SunX−0.602%69s7-day average −0.053% · you buy dearer than you sell

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

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+2.041%+$204 on $10k

Price spread, last 3 days (all we have)+0.513%+$51 · spread now −0.602%, 7d avg −0.053%

Together, before fees+2.555%+$255 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.550% cheaper against SunX than usual: you would sell low and buy high (spread −0.602% now, against its 7-day average of −0.053%). If the spread goes back, that is −$55 on $10k: about 28 hours of funding at the current rate (+$48 a day). The two prices were read 69 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	SunX PONS-USDT	0.6058	0.0100	pay 0.0050% / 4h	2h 03m	—	$1.3M	10x
Short	Phoenix PONS	0.6022	0.1695	get 0.0212% / 1h	3m 29s	$31K	$107K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.602%Rate

Funding earned: $335.04
Price spread: −0.602% → −0.053%: −$54.97
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $265.07
Costs to cover: 0.150%
Break-even: 1.5 days

Slippage unknown: SunX: live order book, 11 min ago; Phoenix: live order book, 38 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 SunX live order book, 11 min ago	105.17 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 38 min ago	3.31 bp	16.6 bp −$17	54.4 bp −$544	doesn't fit	doesn't fit

PONS on 29 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	0.6049	−0.162%	$240K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.469%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6066	+0.124%	$20K	$423K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6054	−0.067%	$1.4M	$3.9M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6060	+0.033%	$33K	$352K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6064	+0.089%	$2K	$3K	10x	as long as short
SunX PONS-USDTlong	+0.0100%	4h	0.6058	long leg	—	$1.3M	10x
SoDEX PONS-USD	+0.0100%	1h	0.6058	−0.008%	$26K	$520K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6070	+0.191%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6057	−0.025%	$1.7M	$3.2M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0160%	1h	0.6062	+0.056%	$425K	$2.5M	3x	as long as short
Aevo PONS-PERP	+0.0192%	1h	0.6062	+0.066%	$378	—	3x	as long as short
Lighter PONS	+0.0232%	1h	0.6062	+0.056%	$1.7M	$889K	3x	as long as short
OKX PONS-USDT-SWAP	+0.0257%	4h	0.6065	+0.107%	$13.9M	$54.8M	20x	as long as short
Nado PONS-PERP	+0.0275%	1h	0.6067	+0.138%	$71K	$131K	5x	as long as short
KuCoin PONSUSDTM	+0.0294%	4h	0.6064	+0.089%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0360%	4h	0.6066	+0.124%	$4.7M	$11.2M	20x	as long as short
BingX PONS-USDT	+0.0410%	4h	0.6067	+0.140%	—	$3.0M	—	as long as short
Aster PONSUSDT	+0.0437%	4h	0.6064	+0.084%	$1.1M	$2.0M	20x	as long as short
edgeX PONSUSDC	+0.0440%	4h	0.6058	−0.010%	$21K	$292K	10x	as long as short
Extended PONS-USD	+0.0440%	1h	0.6067	+0.133%	$250K	$670K	5x	as long as short
MEXC PONS_USDT	+0.0442%	4h	0.6066	+0.124%	$7.8M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0451%	4h	0.6068	+0.157%	$39.7M	$94.2M	20x	as long as short
Bybit PONSUSDT	+0.0482%	4h	0.6063	+0.074%	$18.1M	$30.4M	20x	as long as short
Hyperliquid PONS	+0.0717%	1h	0.6067	+0.135%	$61.8M	$27.8M	3x	as long as short
Polymarket Perps PONS-USD	+0.0778%	1h	0.6059	+0.017%	$48K	$1.5M	3x	as long as short
Gate PONS_USDT	+0.0816%	4h	0.6057	−0.025%	$5.3M	$6.2M	20x	as long as short
Pacifica PONS	+0.0869%	1h	0.6066	+0.124%	$48K	$75K	3x	as long as short
Phoenix PONSshort	+0.1695%	1h	0.6022	−0.602%	$31K	$107K	3x