Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0561%/8h= −61.4% APRpaid last 24h −0.075%

Price spread now: ApeX Omni against Variational Omni+0.098%7-day average +0.094% · you sell dearer than you buy

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

Long on Variational Omni Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.158%−$16 on $10k

Price spread, last 4 days (all we have)−0.056%−$6 · spread now +0.098%, 7d avg +0.094%

Together, before fees−0.214%+ Points / potential airdropVariational Omni: Active · farm board−$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.094%, so right now this pair is about funding alone: −$17 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.158% in total (about -15.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PONS	0.6362	0.0661	pay 0.0330% / 4h	2h 17m	$1.6M	$4.3M	—
Short	ApeX Omni PONSUSDT	0.6368	0.0100	get 0.0013% / 1h	17m 11s	$32K	$280K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee ApeX OmnibpOrdersPrice spread, now +0.098%Rate

Funding earned: −$117.72
Price spread: +0.098% → +0.094%: $0.32
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$127.4
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; ApeX Omni: live order book, 33 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 Variational Omni RFQ quote, 5 min ago	4.71 bp	doesn't fit	47.1 bp −$471	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 33 min ago	28.22 bp	46.1 bp −$46	145.0 bp −$1,450	doesn't fit	doesn't fit

PONS on 30 exchanges

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	0.6372	+0.155%	$251K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−6.660%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6383	+0.327%	$24K	$407K	20x	as long as short
ApeX Omni PONSUSDTshort	+0.0100%	1h	0.6368	+0.098%	$32K	$280K	5x
Nado PONS-PERP	+0.0100%	1h	0.6379	+0.264%	$74K	$127K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6382	+0.316%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6384	+0.340%	—	$939K	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6384	+0.336%	$27K	$635K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6390	+0.435%	$67K	$533K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6382	+0.311%	$1.7M	$3.2M	20x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0256%	1h	0.6381	+0.288%	$398	—	3x	as long as short
Hyperliquid PONS	+0.0338%	1h	0.6381	+0.300%	$65.5M	$31.1M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0434%	4h	0.6383	+0.327%	$14.5M	$61.0M	20x	as long as short
KuCoin PONSUSDTM	+0.0474%	4h	0.6385	+0.362%	$1.8M	$4.2M	20x	as long as short
Lighter RH PONS	+0.0488%	1h	0.6382	+0.310%	$470K	$2.7M	3x	as long as short
Aster PONSUSDT	+0.0535%	4h	0.6376	+0.222%	$1.2M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0548%	1h	0.6382	+0.308%	$75K	$2.2M	3x	as long as short
Variational Omni PONSlong	+0.0661%	4h	0.6362	long leg	$1.6M	$4.3M	—
Lighter PONS	+0.0688%	1h	0.6382	+0.310%	$1.8M	$874K	3x	as long as short
MEXC PONS_USDT	+0.0706%	4h	0.6384	+0.343%	$8.1M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0710%	4h	0.6386	+0.374%	$42.0M	$101.8M	20x	as long as short
Extended PONS-USD	+0.0712%	1h	0.6381	+0.295%	$180K	$882K	5x	as long as short
edgeX PONSUSDC	+0.0727%	4h	0.6365	+0.051%	$19K	$295K	10x	as long as short
Bitget PONSUSDT	+0.0762%	4h	0.6389	+0.424%	$5.2M	$13.6M	20x	as long as short
BingX PONS-USDT	+0.0770%	4h	0.6378	+0.248%	—	$3.1M	—	as long as short
Pacifica PONS	+0.0810%	1h	0.6381	+0.293%	$47K	$77K	3x	as long as short
Bybit PONSUSDT	+0.0830%	4h	0.6383	+0.327%	$19.4M	$32.9M	20x	as long as short
BloFin PONS-USDT	+0.0950%	4h	0.6383	+0.327%	$1.9M	$1.1M	20x	as long as short
Gate PONS_USDT	+0.1478%	4h	0.6371	+0.138%	$5.5M	$6.6M	20x	as long as short
Phoenix PONS	+0.1668%	1h	0.6378	+0.241%	$49K	$162K	3x	as long as short