Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.069%

Price spread now: Phemex against Variational Omni+0.481%7-day average −0.004% · you sell dearer than you buy

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

Long on Variational Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.113%−$11 on $10k

Price spread, last 3 days (all we have)−0.424%−$42 · spread now +0.481%, 7d avg −0.004%

Together, before fees−0.538%+ Points / potential airdropVariational Omni: Active · farm board−$54 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.484% dearer against Variational Omni than usual: you sell high and buy low, +$48 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PONS	0.6019	0.0100	pay 0.0050% / 4h	2h 43m	$1.4M	$4.1M	—
Short	Phemex PONSUSDT	0.6048	0.0100	get 0.0050% / 4h	2h 43m	$1.7M	$3.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.481%Rate

Funding earned: $0
Price spread: +0.481% → −0.004%: $48.44
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: $36.44
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Phemex: 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, 1 min ago	4.96 bp	doesn't fit	36.4 bp −$364	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	9.13 bp	52.0 bp −$52	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 −0.0033%	1h	0.6048	+0.489%	$240K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.824%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6057	+0.630%	$20K	$423K	20x	as long as short
Variational Omni PONSlong	+0.0100%	4h	0.6019	long leg	$1.4M	$4.1M	—
ApeX Omni PONSUSDT	+0.0100%	1h	0.6030	+0.175%	$33K	$353K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6041	+0.368%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6041	+0.363%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6049	+0.497%	$26K	$530K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6058	+0.650%	$64K	$510K	20x	as long as short
Phemex PONSUSDTshort	+0.0100%	4h	0.6048	+0.481%	$1.7M	$3.2M	20x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0176%	1h	0.6038	+0.311%	$376	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0206%	4h	0.6057	+0.630%	$13.9M	$55.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0218%	4h	0.6055	+0.594%	$1.7M	$3.7M	20x	as long as short
Bybit PONSUSDT	+0.0252%	4h	0.6052	+0.547%	$18.2M	$30.9M	20x	as long as short
Bitget PONSUSDT	+0.0294%	4h	0.6059	+0.662%	$4.7M	$11.3M	20x	as long as short
Nado PONS-PERP	+0.0300%	1h	0.6058	+0.647%	$71K	$132K	5x	as long as short
Lighter RH PONS	+0.0304%	1h	0.6058	+0.647%	$423K	$2.5M	3x	as long as short
Aster PONSUSDT	+0.0332%	4h	0.6048	+0.485%	$1.1M	$2.0M	20x	as long as short
Lighter PONS	+0.0336%	1h	0.6057	+0.627%	$1.7M	$883K	3x	as long as short
MEXC PONS_USDT	+0.0390%	4h	0.6060	+0.680%	$7.8M	$4.7M	20x	as long as short
BingX PONS-USDT	+0.0390%	4h	0.6056	+0.614%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0392%	1h	0.6054	+0.588%	$250K	$682K	5x	as long as short
Binance PONSUSDT	+0.0402%	4h	0.6060	+0.680%	$39.7M	$95.8M	20x	as long as short
edgeX PONSUSDC	+0.0411%	4h	0.6023	+0.066%	$21K	$293K	10x	as long as short
BloFin PONS-USDT	+0.0646%	4h	0.6065	+0.763%	$1.8M	$984K	20x	as long as short
Gate PONS_USDT	+0.0688%	4h	0.6044	+0.414%	$5.3M	$6.1M	20x	as long as short
Hyperliquid PONS	+0.0730%	1h	0.6061	+0.703%	$61.7M	$28.7M	3x	as long as short
Polymarket Perps PONS-USD	+0.0798%	1h	0.6058	+0.655%	$46K	$1.6M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6059	+0.668%	$48K	$75K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6022	+0.042%	$31K	$107K	3x	as long as short