Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0394%/8h= −43.1% APRpaid last 24h +0.076%

Price spread now: Lighter against BingX−0.064%7-day average +0.031% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$340.342% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.272%+$27 on $10k

Price spread, last 4 days (all we have)+0.165%+$16 · spread now −0.064%, 7d avg +0.031%

Together, before fees+0.437%+ Points / potential airdropLighter: Season 3 · farm board+$44 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Lighter is 0.095% cheaper against BingX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.031%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.272%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.272% in total (about 14.2% 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	BingX PONS-USDT	0.5940	0.0498	pay 0.0249% / 4h	41m 46s	—	$3.0M	—
Short	Lighter PONS	0.5936	0.0104	get 0.0013% / 1h	41m 46s	$1.6M	$883K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BingX. 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 BingXbpFee LighterbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$82.74
Price spread: −0.064% → +0.031%: −$9.45
Slippage, 4 orders: −$24.2
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$126.39
Costs to cover: 0.342%
Break-even: never at this rate

Slippage from BingX: live order book, 8 min ago; Lighter: live order book, 10 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 BingX live order book, 8 min ago	2.54 bp	10.4 bp −$10	27.1 bp −$271	361.6 bp −$36.2K	doesn't fit
Sell Lighter live order book, 10 min ago	2.54 bp	7.7 bp −$8	19.4 bp −$194	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	0.5917	−0.396%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.497%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5932	−0.135%	$20K	$434K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5927	−0.219%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5914	−0.446%	$34K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5933	−0.113%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5923	−0.283%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5927	−0.210%	$26K	$524K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5940	−0.007%	$64K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5929	−0.185%	$1.6M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PONSshort	+0.0104%	1h	0.5936	−0.064%	$1.6M	$883K	3x
Nado PONS-PERP	+0.0174%	1h	0.5929	−0.185%	$69K	$129K	5x	as long as short
Variational Omni PONS	+0.0196%	4h	0.5907	−0.557%	$1.4M	$3.9M	—	as long as short
Aevo PONS-PERP	+0.0216%	1h	0.5929	−0.193%	$369	—	3x	as long as short
Lighter RH PONS	+0.0224%	1h	0.5936	−0.067%	$407K	$2.5M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0308%	4h	0.5936	−0.067%	$13.5M	$54.2M	20x	as long as short
Aster PONSUSDT	+0.0383%	4h	0.5925	−0.246%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0438%	4h	0.5940	−0.005%	$4.6M	$11.5M	20x	as long as short
Bybit PONSUSDT	+0.0453%	4h	0.5936	−0.067%	$17.7M	$30.7M	20x	as long as short
BingX PONS-USDTlong	+0.0498%	4h	0.5940	long leg	—	$3.0M	—
edgeX PONSUSDC	+0.0527%	4h	0.5904	−0.599%	$18K	$294K	10x	as long as short
MEXC PONS_USDT	+0.0532%	4h	0.5939	−0.017%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0533%	4h	0.5939	−0.017%	$39.0M	$94.8M	20x	as long as short
Extended PONS-USD	+0.0536%	1h	0.5932	−0.138%	$106K	$808K	5x	as long as short
KuCoin PONSUSDTM	+0.0582%	4h	0.5940	−0.005%	$1.6M	$3.7M	20x	as long as short
Hyperliquid PONS	+0.0706%	1h	0.5938	−0.042%	$60.4M	$27.8M	3x	as long as short
BloFin PONS-USDT	+0.0763%	4h	0.5934	−0.101%	$1.7M	$952K	20x	as long as short
Pacifica PONS	+0.0859%	1h	0.5938	−0.029%	$47K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0906%	1h	0.5933	−0.125%	$65K	$1.6M	3x	as long as short
Phoenix PONS	+0.1736%	1h	0.5911	−0.492%	$31K	$104K	3x	as long as short