Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0166%/8h= +18.2% APRpaid last 24h +0.148%

Price spread now: Lighter against Variational Omni−0.307%7-day average +0.054% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.630%+$63 on $10k

Price spread, last 7 days+0.173%+$17 · spread now −0.307%, 7d avg +0.054%

Together, before fees+0.803%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$80 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.360% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.307% now, against its 7-day average of +0.054%). If the spread goes back, that is −$36 on $10k: about 7.2 days of funding at the current rate (+$5 a day). At the pace of the last 3 days (+0.630% in total) that is about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PONS	0.6039	0.0178	pay 0.0089% / 4h	1h 11m	$1.4M	$3.9M	—
Short	Lighter PONS	0.6020	0.0344	get 0.0043% / 1h	11m 27s	$1.7M	$876K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.307%Rate

Funding earned: $34.94
Price spread: −0.307% → +0.054%: −$36.03
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$1.09
Costs to cover: 0.000%
Break-even: 7.2 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Lighter: live order book, 5 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, 3 min ago	5.80 bp	doesn't fit	45.6 bp −$456	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	2.98 bp	16.3 bp −$16	21.1 bp −$211	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	0.6019	−0.332%	$238K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.148%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6028	−0.179%	$21K	$435K	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6015	−0.396%	$33K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6034	−0.086%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6026	−0.214%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6012	−0.444%	$26K	$521K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6021	−0.295%	$64K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6001	−0.626%	$1.6M	$3.2M	20x	as long as short
Variational Omni PONSlong	+0.0178%	4h	0.6039	long leg	$1.4M	$3.9M	—

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0216%	1h	0.6015	−0.394%	$375	—	3x	as long as short
Nado PONS-PERP	+0.0222%	1h	0.6026	−0.213%	$71K	$129K	5x	as long as short
Gate PONS_USDT	+0.0240%	4h	0.6026	−0.212%	$5.3M	$6.3M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0317%	4h	0.6029	−0.163%	$13.7M	$55.2M	20x	as long as short
Lighter RH PONS	+0.0328%	1h	0.6021	−0.297%	$417K	$2.5M	3x	as long as short
Lighter PONSshort	+0.0344%	1h	0.6020	−0.307%	$1.7M	$876K	3x
Bitget PONSUSDT	+0.0418%	4h	0.6029	−0.164%	$4.7M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0435%	4h	0.6014	−0.410%	$1.1M	$2.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0468%	4h	0.6025	−0.231%	$1.7M	$3.7M	20x	as long as short
Bybit PONSUSDT	+0.0490%	4h	0.6029	−0.163%	$18.0M	$30.6M	20x	as long as short
BingX PONS-USDT	+0.0496%	4h	0.6032	−0.113%	—	$3.0M	—	as long as short
MEXC PONS_USDT	+0.0526%	4h	0.6031	−0.130%	$7.6M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0527%	4h	0.6033	−0.096%	$39.7M	$94.6M	20x	as long as short
edgeX PONSUSDC	+0.0528%	4h	0.6022	−0.281%	$18K	$292K	10x	as long as short
Extended PONS-USD	+0.0528%	1h	0.6021	−0.300%	$249K	$671K	5x	as long as short
Hyperliquid PONS	+0.0754%	1h	0.6031	−0.131%	$61.4M	$27.9M	3x	as long as short
Pacifica PONS	+0.0755%	1h	0.6021	−0.303%	$47K	$70K	3x	as long as short
BloFin PONS-USDT	+0.0772%	4h	0.6022	−0.279%	$1.7M	$967K	20x	as long as short
Polymarket Perps PONS-USD	+0.0851%	1h	0.6030	−0.139%	$69K	$1.6M	3x	as long as short
Phoenix PONS	+0.1639%	1h	0.6017	−0.355%	$31K	$98K	3x	as long as short