Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0565%/8h= −61.9% APRpaid last 24h −0.076%

Price spread now: Popdex against Variational Omni+0.068%46s7-day average +0.057% · you sell dearer than you buy

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

Long on Variational Omni Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.142%−$14 on $10k

Price spread, last 4 days (all we have)+1.562%+$156 · spread now +0.068%, 7d avg +0.057%

Together, before fees+1.419%+ Points / potential airdropVariational Omni: Active · farm board+$142 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.057%, so right now this pair is about funding alone: −$17 a day on $10k at the current rate. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.142% in total (about -14.5% 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	0.5894	0.0661	pay 0.0331% / 4h	1h 55m	$1.4M	$4.1M	—
Short	Popdex PONSUSDT	0.5898	0.0096	get 0.0012% / 1h	55m 46s	$21K	$421K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$118.69
Price spread: +0.068% → +0.057%: $1.11
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$123.98
Costs to cover: 0.064%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Popdex: live order book, 53 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	4.22 bp	doesn't fit	41.4 bp −$414	doesn't fit	doesn't fit
Sell Popdex live order book, 53 min ago	7.57 bp	127.6 bp −$128	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 −0.0032%	1h	0.5891	−0.047%	$234K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+1.282%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5910	+0.270%	$407K	$2.5M	3x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.5898	+0.068%	$21K	$421K	20x
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5903	+0.153%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5895	+0.017%	$69K	$131K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5913	+0.325%	$29K	$329K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5904	+0.172%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5898	+0.065%	$25K	$589K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5913	+0.326%	$64K	$524K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.5900	+0.102%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0224%	1h	0.5897	+0.050%	$367	—	3x	as long as short
Gate PONS_USDT	+0.0260%	4h	0.5906	+0.204%	$5.2M	$6.3M	20x	as long as short
Hyperliquid PONS	+0.0344%	1h	0.5914	+0.340%	$60.1M	$29.6M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0430%	4h	0.5910	+0.272%	$13.4M	$55.7M	20x	as long as short
Polymarket Perps PONS-USD	+0.0449%	1h	0.5898	+0.068%	$91K	$1.9M	3x	as long as short
Aster PONSUSDT	+0.0469%	4h	0.5906	+0.199%	$1.1M	$2.2M	20x	as long as short
Pacifica PONS	+0.0556%	1h	0.5899	+0.093%	$45K	$69K	3x	as long as short
Extended PONS-USD	+0.0576%	1h	0.5905	+0.190%	$101K	$811K	5x	as long as short
Binance PONSUSDT	+0.0579%	4h	0.5911	+0.287%	$37.2M	$98.6M	20x	as long as short
MEXC PONS_USDT	+0.0580%	4h	0.5908	+0.238%	$7.5M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0599%	4h	0.5920	+0.437%	$20K	$293K	10x	as long as short
Bitget PONSUSDT	+0.0652%	4h	0.5909	+0.255%	$4.7M	$12.2M	20x	as long as short
Variational Omni PONSlong	+0.0661%	4h	0.5894	long leg	$1.4M	$4.1M	—
KuCoin PONSUSDTM	+0.0684%	4h	0.5908	+0.247%	$1.6M	$3.8M	20x	as long as short
BloFin PONS-USDT	+0.0822%	4h	0.5905	+0.187%	$1.7M	$956K	20x	as long as short
BingX PONS-USDT	+0.0882%	4h	0.5911	+0.289%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0920%	4h	0.5909	+0.255%	$17.6M	$31.5M	20x	as long as short
Lighter PONS	+0.0952%	1h	0.5913	+0.328%	$1.6M	$822K	3x	as long as short
Phoenix PONS	+0.1719%	1h	0.5909	+0.248%	$45K	$120K	3x	as long as short