Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0753%/8h= +82.5% APRpaid last 24h +0.229%

Price spread now: Phoenix against BloFin+0.258%7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs+$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$700.700% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.093%+$109 on $10k

Price spread, last 4 days (all we have)−0.498%−$50 · spread now +0.258%, 7d avg −0.032%

Together, before fees+0.595%+$59 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Phoenix is 0.291% dearer against BloFin than usual: you sell high and buy low: +$29 more if the spread goes back to its 7-day average of −0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PONS-USDT	0.5919	0.0719	pay 0.0360% / 4h	1h 02m	$1.7M	$939K	20x
Short	Phoenix PONS	0.5934	0.1472	get 0.0184% / 1h	2m 28s	$45K	$127K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.258%Rate

Funding earned: $158.19
Price spread: +0.258% → −0.032%: $29.07
Slippage, 4 orders: −$50.95
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $117.3
Costs to cover: 0.700%
Break-even: 1.8 days

Slippage from BloFin: live order book, 5 min ago; Phoenix: live order book, 33 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 BloFin live order book, 5 min ago	0.84 bp	8.3 bp −$8	25.7 bp −$257	doesn't fit	doesn't fit
Sell Phoenix live order book, 33 min ago	4.55 bp	21.0 bp −$21	71.4 bp −$714	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 +0.0032% / S −0.0030%	1h	0.5918	−0.025%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	+0.329%	$610	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5918	−0.024%	$409K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5919	0.000%	$22K	$420K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5926	+0.117%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5920	+0.012%	$69K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5940	+0.350%	$29K	$308K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5923	+0.069%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5919	−0.003%	$26K	$581K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5917	−0.035%	$64K	$525K	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	0.5913	−0.101%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0200%	1h	0.5920	+0.015%	$369	—	3x	as long as short
Hyperliquid PONS	+0.0312%	1h	0.5924	+0.084%	$60.2M	$29.5M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0413%	4h	0.5921	+0.034%	$13.4M	$55.2M	20x	as long as short
Aster PONSUSDT	+0.0446%	4h	0.5917	−0.029%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0478%	4h	0.5919	0.000%	$7.6M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0479%	4h	0.5918	−0.013%	$37.3M	$97.9M	20x	as long as short
Extended PONS-USD	+0.0480%	1h	0.5915	−0.072%	$101K	$806K	5x	as long as short
edgeX PONSUSDC	+0.0501%	4h	0.5946	+0.452%	$20K	$290K	10x	as long as short
Variational Omni PONS	+0.0548%	4h	0.5964	+0.768%	$1.4M	$4.1M	—	as long as short
Pacifica PONS	+0.0556%	1h	0.5918	−0.015%	$45K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0590%	4h	0.5922	+0.046%	$1.6M	$3.8M	20x	as long as short
Gate PONS_USDT	+0.0642%	4h	0.5924	+0.084%	$5.3M	$6.4M	20x	as long as short
BingX PONS-USDT	+0.0650%	4h	0.5918	−0.017%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0650%	4h	0.5920	+0.017%	$17.5M	$31.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0653%	1h	0.5924	+0.079%	$85K	$1.9M	3x	as long as short
Bitget PONSUSDT	+0.0676%	4h	0.5926	+0.117%	$4.7M	$12.2M	20x	as long as short
BloFin PONS-USDTlong	+0.0719%	4h	0.5919	long leg	$1.7M	$939K	20x
Lighter PONS	+0.0864%	1h	0.5921	+0.034%	$1.6M	$832K	3x	as long as short
Phoenix PONSshort	+0.1472%	1h	0.5934	+0.258%	$45K	$127K	3x