Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0500%/8h= −54.7% APRpaid last 24h −0.096%

Price spread now: Orderly against Extended−0.209%7-day average — · you buy dearer than you sell

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

Long on Extended Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropExtended: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Orderly is 0.209% cheaper against Extended than usual: you would sell low and buy high (−$21 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PONS-USD	0.5932	0.0600	pay 0.0075% / 1h	35m 24s	$106K	$807K	5x
Short	Orderly PERP_PONS_USDC_mythos	0.5920	0.0100	get 0.0050% / 4h	2h 35m	$2K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Extended. 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 ExtendedbpFee OrderlybpOrdersPrice spread, now −0.209%Rate

Funding earned: −$105
Price spread: −0.209% → 0.000%: −$20.92
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$136.92
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Extended: live order book, 13 min ago; Orderly: 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 Extended live order book, 13 min ago	12.04 bp	26.9 bp −$27	178.6 bp −$1,786	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 +0.0033% / S −0.0032%	1h	0.5925	−0.124%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.632%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5929	−0.052%	$414K	$2.5M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5938	+0.101%	$21K	$417K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5934	+0.034%	$69K	$130K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5920	−0.202%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5901	−0.526%	$29K	$334K	5x	as long as short
Orderly PERP_PONS_USDC_mythosshort	+0.0100%	4h	0.5920	−0.209%	$2K	$3K	10x
SunX PONS-USDT	+0.0100%	4h	0.5910	−0.363%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5913	−0.329%	$25K	$547K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5927	−0.084%	$64K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5916	−0.270%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5903	−0.489%	$368	—	3x	as long as short
Hyperliquid PONS	+0.0247%	1h	0.5934	+0.034%	$60.4M	$29.2M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0373%	4h	0.5935	+0.050%	$13.4M	$54.9M	20x	as long as short
Aster PONSUSDT	+0.0483%	4h	0.5926	−0.097%	$1.1M	$2.2M	20x	as long as short
Bitget PONSUSDT	+0.0572%	4h	0.5937	+0.084%	$4.7M	$11.8M	20x	as long as short
Variational Omni PONS	+0.0576%	4h	0.5912	−0.336%	$1.4M	$4.1M	—	as long as short
Lighter PONS	+0.0600%	1h	0.5929	−0.052%	$1.6M	$886K	3x	as long as short
Extended PONS-USDlong	+0.0600%	1h	0.5932	long leg	$106K	$807K	5x
MEXC PONS_USDT	+0.0602%	4h	0.5938	+0.101%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0608%	4h	0.5941	+0.152%	$38.8M	$94.9M	20x	as long as short
edgeX PONSUSDC	+0.0610%	4h	0.5909	−0.381%	$20K	$295K	10x	as long as short
Pacifica PONS	+0.0715%	1h	0.5933	+0.018%	$46K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0748%	4h	0.5935	+0.049%	$1.6M	$3.8M	20x	as long as short
BingX PONS-USDT	+0.0766%	4h	0.5940	+0.135%	—	$3.0M	—	as long as short
Polymarket Perps PONS-USD	+0.0804%	1h	0.5935	+0.057%	$111K	$1.7M	3x	as long as short
BloFin PONS-USDT	+0.0832%	4h	0.5911	−0.354%	$1.7M	$941K	20x	as long as short
Bybit PONSUSDT	+0.0883%	4h	0.5940	+0.135%	$17.8M	$31.0M	20x	as long as short
Phoenix PONS	+0.1719%	1h	0.5887	−0.762%	$45K	$121K	3x	as long as short