Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0799%/8h= +87.4% APRpaid last 24h −0.001%

Price spread now: Pacifica against Variational Omni+1.106%7-day average +0.044% · you sell dearer than you buy

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

Long on Variational Omni Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.203%+$20 on $10k

Price spread, last 4 days (all we have)+0.384%+$38 · spread now +1.106%, 7d avg +0.044%

Together, before fees+0.587%+ Points / potential airdropVariational Omni: Active · Pacifica: Active · farm board+$59 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Pacifica is 1.062% dearer against Variational Omni than usual: you sell high and buy low: +$106 more if the spread goes back to its 7-day average of +0.044%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.203% in total (about 22.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PONS	0.6082	0.0100	pay 0.0050% / 4h	52m 11s	$1.4M	$4.3M	—
Short	Pacifica PONS	0.6149	0.0899	get 0.0112% / 1h	52m 11s	$48K	$96K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +1.106%Rate

Funding earned: $167.7
Price spread: +1.106% → +0.044%: $106.19
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $265.89
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Pacifica: 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, 2 min ago	6.54 bp	doesn't fit	47.4 bp −$474	doesn't fit	doesn't fit
Sell Pacifica no order-book sample	—	—	—	—	—

Pacifica: 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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−1.853%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0036%	1h	0.6130	+0.784%	$231K	—	150x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6150	+1.115%	$19K	$455K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6155	+1.197%	$87K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6135	+0.868%	$18.5M	$31.9M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6137	+0.901%	$13.9M	$58.6M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.6141	+0.967%	$1.8M	$3.7M	20x	as long as short
Variational Omni PONSlong	+0.0100%	4h	0.6082	long leg	$1.4M	$4.3M	—
ApeX Omni PONSUSDT	+0.0100%	1h	0.6091	+0.145%	$33K	$360K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6146	+1.041%	$3K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.6149	+1.107%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6135	+0.870%	$28K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6145	+1.030%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6134	+0.852%	$1.7M	$3.3M	20x	as long as short
Bitget PONSUSDT	+0.0116%	4h	0.6137	+0.900%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0144%	1h	0.6139	+0.938%	$382	—	3x	as long as short
Aster PONSUSDT	+0.0203%	4h	0.6150	+1.115%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0252%	4h	0.6109	+0.446%	$21K	$292K	10x	as long as short
BingX PONS-USDT	+0.0254%	4h	0.6142	+0.984%	—	$3.1M	—	as long as short
MEXC PONS_USDT	+0.0272%	4h	0.6140	+0.951%	$8.2M	$4.8M	20x	as long as short
Lighter PONS	+0.0288%	1h	0.6142	+0.982%	$1.7M	$921K	3x	as long as short
Binance PONSUSDT	+0.0295%	4h	0.6141	+0.973%	$40.0M	$99.3M	20x	as long as short
Extended PONS-USD	+0.0296%	1h	0.6139	+0.932%	$254K	$682K	5x	as long as short
BloFin PONS-USDT	+0.0514%	4h	0.6157	+1.230%	$1.8M	$1.0M	20x	as long as short
Lighter RH PONS	+0.0600%	1h	0.6142	+0.982%	$432K	$2.6M	3x	as long as short
Polymarket Perps PONS-USD	+0.0798%	1h	0.6151	+1.128%	$42K	$1.7M	3x	as long as short
Pacifica PONSshort	+0.0899%	1h	0.6149	+1.106%	$48K	$96K	3x
Hyperliquid PONS	+0.1115%	1h	0.6142	+0.982%	$62.5M	$30.6M	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6117	+0.573%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.1914%	4h	0.6134	+0.852%	$5.3M	$6.2M	20x	as long as short