Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h −0.091%

Price spread now: Injective against Variational Omni+0.070%121s7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Injective is 0.070% dearer against Variational Omni than usual: you sell high and buy low (spread +0.070% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.1 days. The two prices were read 121 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	Variational Omni PONS	0.5965	0.0142	pay 0.0071% / 4h	1h 33m	$1.4M	$3.9M	—
Short	Injective PONS/USDC PERP	0.5969	0.0033	get 0.0004% / 1h	33m 21s	$614	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.070%Rate

Funding earned: −$22.81
Price spread: +0.070% → 0.000%: $6.98
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$15.85
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Injective: no order-book sample. 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	7.57 bp	doesn't fit	42.9 bp −$429	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.5945	−0.336%	$235K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0033%	1h	0.5969	+0.070%	$614	$10K	5.5x
Popdex PONSUSDT	+0.0096%	1h	0.5957	−0.140%	$21K	$424K	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5958	−0.130%	$33K	$352K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5961	−0.078%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5948	−0.289%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5946	−0.317%	$26K	$519K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5957	−0.138%	$64K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5953	−0.207%	$1.6M	$3.2M	20x	as long as short
Variational Omni PONSlong	+0.0142%	4h	0.5965	long leg	$1.4M	$3.9M	—

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0144%	1h	0.5950	−0.259%	$418K	$2.5M	3x	as long as short
Nado PONS-PERP	+0.0185%	1h	0.5957	−0.139%	$70K	$129K	5x	as long as short
Lighter PONS	+0.0192%	1h	0.5951	−0.245%	$1.6M	$875K	3x	as long as short
Aevo PONS-PERP	+0.0200%	1h	0.5953	−0.209%	$371	—	3x	as long as short
Gate PONS_USDT	+0.0234%	4h	0.5959	−0.106%	$5.2M	$6.2M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0283%	4h	0.5953	−0.207%	$13.6M	$53.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0374%	4h	0.5959	−0.110%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0390%	4h	0.5959	−0.098%	$4.6M	$11.3M	20x	as long as short
Aster PONSUSDT	+0.0397%	4h	0.5949	−0.274%	$1.1M	$2.1M	20x	as long as short
Binance PONSUSDT	+0.0467%	4h	0.5958	−0.130%	$39.0M	$93.9M	20x	as long as short
BingX PONS-USDT	+0.0470%	4h	0.5958	−0.123%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0472%	1h	0.5952	−0.229%	$246K	$670K	5x	as long as short
MEXC PONS_USDT	+0.0472%	4h	0.5957	−0.140%	$7.6M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0475%	4h	0.5954	−0.196%	$18K	$293K	10x	as long as short
Bybit PONSUSDT	+0.0503%	4h	0.5956	−0.157%	$17.8M	$30.3M	20x	as long as short
Hyperliquid PONS	+0.0681%	1h	0.5959	−0.101%	$60.7M	$27.8M	3x	as long as short
BloFin PONS-USDT	+0.0713%	4h	0.5957	−0.140%	$1.7M	$948K	20x	as long as short
Pacifica PONS	+0.0755%	1h	0.5951	−0.238%	$47K	$72K	3x	as long as short
Polymarket Perps PONS-USD	+0.0797%	1h	0.5957	−0.135%	$48K	$1.6M	3x	as long as short
Phoenix PONS	+0.1639%	1h	0.5952	−0.224%	$31K	$98K	3x	as long as short