Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1171%/8h= +128.2% APRpaid last 24h +0.299%

Price spread now: Phoenix against Binance−0.149%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs+$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$610.610% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.597%+$160 on $10k

Price spread, last 4 days (all we have)+0.515%+$52 · spread now −0.149%, 7d avg −0.005%

Together, before fees+2.112%+$211 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.144% cheaper against Binance than usual: you would sell low and buy high (spread −0.149% now, against its 7-day average of −0.005%). If the spread goes back, that is −$14 on $10k: about 10 hours of funding at the current rate (+$35 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PONSUSDT	0.5961	0.0467	pay 0.0234% / 4h	1h 33m	$39.0M	$93.9M	20x
Short	Phoenix PONS	0.5952	0.1639	get 0.0205% / 1h	33m 14s	$31K	$98K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.149%Rate

Funding earned: $245.95
Price spread: −0.149% → −0.005%: −$14.39
Slippage, 4 orders: −$43.96
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $170.6
Costs to cover: 0.610%
Break-even: 2.1 days

Slippage from Binance: live order book, 10 min ago; Phoenix: live order book, 68 min ago.

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 Binance live order book, 10 min ago	1.67 bp	13.3 bp −$13	42.5 bp −$425	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	0.5945	−0.261%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.145%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5957	−0.065%	$21K	$424K	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5958	−0.055%	$33K	$352K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5961	−0.003%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5952	−0.155%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5957	−0.065%	$26K	$518K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5969	+0.135%	$64K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5958	−0.048%	$1.6M	$3.2M	20x	as long as short
Variational Omni PONS	+0.0142%	4h	0.5965	+0.075%	$1.4M	$3.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0168%	1h	0.5957	−0.061%	$418K	$2.5M	3x	as long as short
Nado PONS-PERP	+0.0185%	1h	0.5957	−0.064%	$70K	$129K	5x	as long as short
Lighter PONS	+0.0200%	1h	0.5957	−0.058%	$1.6M	$875K	3x	as long as short
Aevo PONS-PERP	+0.0200%	1h	0.5953	−0.135%	$371	—	3x	as long as short
Gate PONS_USDT	+0.0234%	4h	0.5959	−0.031%	$5.2M	$6.2M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0283%	4h	0.5956	−0.082%	$13.6M	$54.0M	20x	as long as short
KuCoin PONSUSDTM	+0.0374%	4h	0.5959	−0.035%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0390%	4h	0.5959	−0.023%	$4.6M	$11.3M	20x	as long as short
Aster PONSUSDT	+0.0397%	4h	0.5950	−0.185%	$1.1M	$2.1M	20x	as long as short
Extended PONS-USD	+0.0464%	1h	0.5956	−0.078%	$246K	$670K	5x	as long as short
Binance PONSUSDTlong	+0.0467%	4h	0.5961	long leg	$39.0M	$93.9M	20x
BingX PONS-USDT	+0.0470%	4h	0.5960	−0.014%	—	$3.0M	—	as long as short
MEXC PONS_USDT	+0.0472%	4h	0.5959	−0.031%	$7.6M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0475%	4h	0.5954	−0.121%	$18K	$293K	10x	as long as short
Bybit PONSUSDT	+0.0503%	4h	0.5957	−0.065%	$17.8M	$30.3M	20x	as long as short
Hyperliquid PONS	+0.0681%	1h	0.5959	−0.026%	$60.7M	$27.8M	3x	as long as short
BloFin PONS-USDT	+0.0707%	4h	0.5958	−0.048%	$1.7M	$948K	20x	as long as short
Pacifica PONS	+0.0755%	1h	0.5951	−0.163%	$47K	$72K	3x	as long as short
Polymarket Perps PONS-USD	+0.0797%	1h	0.5957	−0.060%	$48K	$1.6M	3x	as long as short
Phoenix PONSshort	+0.1639%	1h	0.5952	−0.149%	$31K	$98K	3x