Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0741%/8h= −81.1% APRpaid last 24h −0.169%

Price spread now: SoDEX against BloFin−0.787%56s7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1371.375% of the position

Long on BloFin Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.545%−$54 on $10k

Price spread, last 4 days (all we have)+0.753%+$75 · spread now −0.787%, 7d avg −0.034%

Together, before fees+0.208%+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and SoDEX is 0.753% cheaper against BloFin than usual: you would sell low and buy high (−$75 if the spread goes back to its 7-day average of −0.034%). Swap the legs. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PONS-USDT	0.6224	0.0841	pay 0.0420% / 4h	35m 44s	$1.8M	$1.0M	20x
Short	SoDEX PONS-USD	0.6175	0.0100	get 0.0013% / 1h	35m 44s	$27K	$630K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.787%Rate

Funding earned: −$155.51
Price spread: −0.787% → −0.034%: −$75.31
Slippage, 4 orders: −$117.48
Fee BloFin: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$368.3
Costs to cover: 1.375%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; SoDEX: live order book, 3 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, 2 min ago	7.24 bp	17.6 bp −$18	41.2 bp −$412	doesn't fit	doesn't fit
Sell SoDEX live order book, 3 min ago	1.60 bp	61.4 bp −$61	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 +0.0032% / S −0.0029%	1h	0.6166	−0.927%	$234K	—	150x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6177	−0.755%	$22K	$454K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6176	−0.779%	$72K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6285	+0.982%	$31K	$303K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6182	−0.675%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6178	−0.746%	—	$1.2M	10x	as long as short
SoDEX PONS-USDshort	+0.0100%	1h	0.6175	−0.787%	$27K	$630K	3x
HTX PONS-USDT	+0.0100%	4h	0.6181	−0.692%	$67K	$536K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6171	−0.852%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.6178	−0.747%	$385	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PONS-USDT-SWAP	+0.0425%	4h	0.6165	−0.948%	$14.0M	$60.0M	20x	as long as short
Variational Omni PONS	+0.0496%	4h	0.6168	−0.903%	$1.5M	$4.2M	—	as long as short
Aster PONSUSDT	+0.0506%	4h	0.6167	−0.921%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0552%	4h	0.6179	−0.726%	$1.6M	$3.9M	20x	as long as short
Lighter RH PONS	+0.0568%	1h	0.6176	−0.771%	$427K	$2.6M	3x	as long as short
Pacifica PONS	+0.0572%	1h	0.6173	−0.820%	$47K	$69K	3x	as long as short
MEXC PONS_USDT	+0.0596%	4h	0.6170	−0.868%	$7.7M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0597%	4h	0.6167	−0.913%	$40.4M	$103.8M	20x	as long as short
Extended PONS-USD	+0.0600%	1h	0.6165	−0.952%	$104K	$820K	5x	as long as short
edgeX PONSUSDC	+0.0627%	4h	0.6228	+0.063%	$21K	$290K	10x	as long as short
BingX PONS-USDT	+0.0668%	4h	0.6163	−0.980%	—	$3.1M	—	as long as short
Bybit PONSUSDT	+0.0672%	4h	0.6161	−1.012%	$18.5M	$32.6M	20x	as long as short
Bitget PONSUSDT	+0.0706%	4h	0.6163	−0.972%	$4.9M	$12.8M	20x	as long as short
Hyperliquid PONS	+0.0728%	1h	0.6179	−0.728%	$62.8M	$30.3M	3x	as long as short
Lighter PONS	+0.0736%	1h	0.6176	−0.771%	$1.7M	$847K	3x	as long as short
BloFin PONS-USDTlong	+0.0841%	4h	0.6224	long leg	$1.8M	$1.0M	20x
Gate PONS_USDT	+0.0854%	4h	0.6183	−0.659%	$5.4M	$6.4M	20x	as long as short
Injective PONS/USDC PERP	+0.1069%	1h	0.5938	−4.587%	$610	$10K	5.5x	as long as short
Polymarket Perps PONS-USD	+0.1251%	1h	0.6176	−0.779%	$67K	$2.2M	3x	as long as short
Phoenix PONS	+0.1405%	1h	0.6231	+0.109%	$47K	$127K	3x	as long as short