Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1497%/8h= +163.9% APRpaid last 24h +0.315%

Price spread now: Phoenix against Variational Omni−0.037%114s7-day average −0.012% · you buy dearer than you sell

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+1.222%+$122 on $10k

Price spread, last 4 days (all we have)+0.218%+$22 · spread now −0.037%, 7d avg −0.012%

Together, before fees+1.439%+ Points / potential airdropVariational Omni: Active · farm board+$144 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.026% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.037% now, against its 7-day average of −0.012%). If the spread goes back, that is −$3 on $10k: about 1 hour of funding at the current rate (+$45 a day). The two prices were read 114 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	Phoenix PONS	0.5963	0.1639	get 0.0205% / 1h	33m 29s	$31K	$98K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.037%Rate

Funding earned: $314.27
Price spread: −0.037% → −0.012%: −$2.58
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $304.7
Costs to cover: 0.070%
Break-even: 0.2 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Phoenix: live order book, 68 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	7.57 bp	doesn't fit	42.9 bp −$429	doesn't fit	doesn't fit
Sell Phoenix live order book, 68 min ago	3.31 bp	16.6 bp −$17	54.4 bp −$544	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	0.5936	−0.486%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.070%	$614	$10K	5.5x	as long as short
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	0.5951	−0.239%	$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	0.5939	−0.439%	$370	—	3x	as long as short
Gate PONS_USDT	+0.0234%	4h	0.5953	−0.207%	$5.2M	$6.2M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0283%	4h	0.5955	−0.173%	$13.6M	$54.0M	20x	as long as short
KuCoin PONSUSDTM	+0.0374%	4h	0.5952	−0.219%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0390%	4h	0.5954	−0.192%	$4.6M	$11.3M	20x	as long as short
Aster PONSUSDT	+0.0397%	4h	0.5947	−0.311%	$1.1M	$2.1M	20x	as long as short
Binance PONSUSDT	+0.0467%	4h	0.5955	−0.174%	$39.0M	$93.9M	20x	as long as short
BingX PONS-USDT	+0.0470%	4h	0.5954	−0.190%	—	$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	0.5952	−0.224%	$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	0.5954	−0.190%	$17.8M	$30.4M	20x	as long as short
Hyperliquid PONS	+0.0678%	1h	0.5951	−0.239%	$60.6M	$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	+0.0789%	1h	0.5947	−0.307%	$48K	$1.6M	3x	as long as short
Phoenix PONSshort	+0.1639%	1h	0.5963	−0.037%	$31K	$98K	3x