Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0388%/8h= −42.5% APRpaid last 24h +0.091%

Price spread now: Hyperliquid against Variational Omni−0.426%7-day average +0.053% · you buy dearer than you sell

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.242%+$24 on $10k

Price spread, last 7 days+0.445%+$45 · spread now −0.426%, 7d avg +0.053%

Together, before fees+0.688%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$69 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Hyperliquid is 0.479% cheaper against Variational Omni than usual: you would sell low and buy high (−$48 if the spread goes back to its 7-day average of +0.053%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.242%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PONS	0.5828	0.0613	pay 0.0306% / 4h	2h 23m	$1.3M	$4.1M	—
Short	Hyperliquid PONS	0.5803	0.0224	get 0.0028% / 1h	23m 05s	$59.0M	$29.3M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. 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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now −0.426%Rate

Funding earned: −$81.55
Price spread: −0.426% → +0.053%: −$47.95
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$138.5
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Hyperliquid: live order book, 10 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, 1 min ago	4.30 bp	doesn't fit	45.6 bp −$456	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.51 bp	doesn't fit	doesn't fit	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 −0.0032%	1h	0.5787	−0.702%	$230K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+2.427%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5796	−0.548%	$412K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5804	−0.412%	$21K	$429K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5794	−0.582%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5800	−0.481%	$68K	$131K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5795	−0.567%	$5.2M	$6.3M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5912	+1.442%	$29K	$331K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5799	−0.490%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5794	−0.593%	$25K	$583K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5806	−0.380%	$63K	$525K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5790	−0.653%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0224%	1h	0.5790	−0.647%	$361	—	3x	as long as short
Hyperliquid PONSshort	+0.0224%	1h	0.5803	−0.426%	$59.0M	$29.3M	3x
OKX PONS-USDT-SWAP	+0.0388%	4h	0.5804	−0.412%	$13.1M	$54.8M	20x	as long as short
Aster PONSUSDT	+0.0451%	4h	0.5795	−0.574%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0536%	1h	0.5803	−0.438%	$1.6M	$934K	3x	as long as short
Extended PONS-USD	+0.0584%	1h	0.5790	−0.655%	$99K	$818K	5x	as long as short
MEXC PONS_USDT	+0.0584%	4h	0.5801	−0.464%	$7.4M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0587%	4h	0.5804	−0.414%	$36.9M	$98.3M	20x	as long as short
Bitget PONSUSDT	+0.0588%	4h	0.5802	−0.445%	$4.6M	$12.1M	20x	as long as short
Variational Omni PONSlong	+0.0613%	4h	0.5828	long leg	$1.3M	$4.1M	—
edgeX PONSUSDC	+0.0623%	4h	0.5888	+1.029%	$20K	$294K	10x	as long as short
Pacifica PONS	+0.0715%	1h	0.5801	−0.458%	$44K	$69K	3x	as long as short
KuCoin PONSUSDTM	+0.0722%	4h	0.5800	−0.479%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0745%	1h	0.5802	−0.455%	$120K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0827%	4h	0.5793	−0.601%	$1.7M	$926K	20x	as long as short
BingX PONS-USDT	+0.0834%	4h	0.5807	−0.361%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0939%	4h	0.5803	−0.430%	$17.4M	$31.5M	20x	as long as short
Phoenix PONS	+0.1719%	1h	0.5822	−0.098%	$44K	$121K	3x	as long as short