Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0517%/8h= −56.7% APRpaid last 24h +0.040%

Price spread now: Lighter RH against edgeX−1.048%80s7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

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

costs, in and out, $10k−$590.587% of the position

Long on edgeX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 4 days (all we have)+0.987%+$99 · spread now −1.048%, 7d avg +0.021%

Together, before fees+0.935%+ Points / potential airdropedgeX: Active · Lighter RH: Points live · farm board+$93 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Lighter RH is 1.069% cheaper against edgeX than usual: you would sell low and buy high (−$107 if the spread goes back to its 7-day average of +0.021%). Swap the legs. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.052% in total (about -2.7% 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	edgeX PONSUSDC	0.6036	0.0645	pay 0.0323% / 4h	3h 21m	$18K	$292K	10x
Short	Lighter RH PONS	0.5973	0.0128	get 0.0016% / 1h	21m 48s	$407K	$2.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against edgeX. 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 edgeXbpFee Lighter RHbpOrdersPrice spread, now −1.048%Rate

Funding earned: −$108.68
Price spread: −1.048% → +0.021%: −$106.95
Slippage, 4 orders: −$49.73
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$274.36
Costs to cover: 0.587%
Break-even: never at this rate

Slippage from edgeX: live order book, 31 min ago; Lighter RH: live order book, 1 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 edgeX live order book, 31 min ago	11.60 bp	20.0 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 1 min ago	4.84 bp	9.7 bp −$10	45.4 bp −$454	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	0.5965	−1.172%	$237K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.105%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5969	−1.113%	$21K	$417K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5975	−1.008%	$70K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6027	−0.157%	$35K	$342K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5980	−0.923%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5978	−0.971%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5972	−1.063%	$26K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5986	−0.836%	$65K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5971	−1.080%	$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 RH PONSshort	+0.0128%	1h	0.5973	−1.048%	$407K	$2.6M	3x
Aevo PONS-PERP	+0.0240%	1h	0.5975	−1.022%	$372	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0365%	4h	0.5982	−0.898%	$13.6M	$54.8M	20x	as long as short
Variational Omni PONS	+0.0441%	4h	0.6020	−0.262%	$1.5M	$3.9M	—	as long as short
Hyperliquid PONS	+0.0473%	1h	0.5971	−1.073%	$61.0M	$28.0M	3x	as long as short
Aster PONSUSDT	+0.0522%	4h	0.5971	−1.078%	$1.1M	$2.2M	20x	as long as short
Bitget PONSUSDT	+0.0536%	4h	0.5988	−0.803%	$4.6M	$11.6M	20x	as long as short
Lighter PONS	+0.0544%	1h	0.5976	−0.997%	$1.6M	$893K	3x	as long as short
MEXC PONS_USDT	+0.0620%	4h	0.5973	−1.047%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0622%	4h	0.5973	−1.055%	$39.1M	$94.1M	20x	as long as short
Extended PONS-USD	+0.0624%	1h	0.5968	−1.123%	$107K	$809K	5x	as long as short
edgeX PONSUSDClong	+0.0645%	4h	0.6036	long leg	$18K	$292K	10x
Polymarket Perps PONS-USD	+0.0705%	1h	0.5971	−1.077%	$71K	$1.6M	3x	as long as short
KuCoin PONSUSDTM	+0.0758%	4h	0.5971	−1.082%	$1.6M	$3.8M	20x	as long as short
BloFin PONS-USDT	+0.0862%	4h	0.6001	−0.583%	$1.7M	$956K	20x	as long as short
BingX PONS-USDT	+0.0920%	4h	0.5986	−0.831%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0926%	4h	0.5984	−0.865%	$17.9M	$30.5M	20x	as long as short
Pacifica PONS	+0.1081%	1h	0.5981	−0.916%	$47K	$68K	3x	as long as short
Gate PONS_USDT	+0.1164%	4h	0.5979	−0.947%	$5.2M	$6.2M	20x	as long as short
Phoenix PONS	+0.1586%	1h	0.6007	−0.485%	$45K	$109K	3x	as long as short