Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0118%/8h= −12.9% APRpaid last 24h −0.182%

Price spread now: Injective against BingX+0.315%7-day average — · you sell dearer than you buy

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

Long on BingX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 0.315% dearer against BingX than usual: you sell high and buy low (spread +0.315% now, against zero (this spread has no 7-day history yet)): +$32 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 8.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PONS-USDT	0.5901	0.0184	pay 0.0092% / 4h	2h 21m	—	$3.1M	—
Short	Injective PONS/USDC PERP	0.5920	0.0066	get 0.0008% / 1h	21m 09s	$609	$6K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BingX. 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 BingXbpFee InjectivebpOrdersPrice spread, now +0.315%Rate

Funding earned: −$24.79
Price spread: +0.315% → 0.000%: $31.52
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$3.29
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: BingX: live order book, 9 min ago; Injective: 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 BingX live order book, 9 min ago	0.85 bp	13.0 bp −$13	30.9 bp −$309	351.5 bp −$35.2K	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0034%	1h	0.5894	−0.113%	$216K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0066%	1h	0.5920	+0.315%	$609	$6K	5.5x
Popdex PONSUSDT	+0.0096%	1h	0.5905	+0.068%	$21K	$446K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5904	+0.051%	$89K	$103K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5899	−0.034%	$17.6M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5900	−0.017%	$13.4M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5903	+0.041%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5902	+0.019%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5909	+0.132%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5895	−0.097%	$34K	$333K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5909	+0.132%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5910	+0.149%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5901	+0.002%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5911	+0.168%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5896	−0.085%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5902	+0.017%	$368	—	3x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5902	+0.022%	$106K	$533K	5x	as long as short
Binance PONSUSDT	+0.0178%	4h	0.5903	+0.039%	$38.4M	$98.4M	20x	as long as short
MEXC PONS_USDT	+0.0178%	4h	0.5903	+0.034%	$7.5M	$5.2M	20x	as long as short
edgeX PONSUSDC	+0.0182%	4h	0.5896	−0.084%	$21K	$293K	10x	as long as short
BingX PONS-USDTlong	+0.0184%	4h	0.5901	long leg	—	$3.1M	—
Aster PONSUSDT	+0.0194%	4h	0.5903	+0.040%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0352%	1h	0.5906	+0.078%	$37K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0418%	4h	0.5909	+0.136%	$1.7M	$967K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5910	+0.151%	$47K	$103K	3x	as long as short
Hyperliquid PONS	+0.0492%	1h	0.5905	+0.073%	$59.1M	$30.0M	3x	as long as short
Lighter RH PONS	+0.0616%	1h	0.5904	+0.051%	$414K	$2.6M	3x	as long as short
Gate PONS_USDT	+0.0666%	4h	0.5899	−0.034%	$5.2M	$6.8M	20x	as long as short
Lighter PONS	+0.1016%	1h	0.5907	+0.102%	$1.7M	$885K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5904	+0.051%	$30K	$86K	3x	as long as short