Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.012%

Price spread now: Variational Omni against Extended+0.078%7-day average −0.028% · you sell dearer than you buy

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

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.178%−$18 on $10k

Price spread, last 4 days (all we have)−2.502%−$250 · spread now +0.078%, 7d avg −0.028%

Together, before fees−2.680%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board−$268 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.106% dearer against Extended than usual: you sell high and buy low (spread +0.078% now, against its 7-day average of −0.028%): +$11 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.6 days. At the pace of the last 3 days (−0.178% in total) that is about 46 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PONS-USD	0.5904	0.0176	pay 0.0022% / 1h	22m 05s	$106K	$533K	5x
Short	Variational Omni PONS	0.5909	0.0100	get 0.0050% / 4h	2h 22m	$1.3M	$4.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.078%Rate

Funding earned: −$15.96
Price spread: +0.078% → −0.028%: $10.59
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$10.37
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Extended: live order book, 1 min ago; Variational Omni: RFQ quote, 2 min ago. 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, 1 min ago	9.50 bp	24.7 bp −$25	163.3 bp −$1,633	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	4.24 bp	doesn't fit	44.9 bp −$449	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 −0.0034%	1h	0.5896	−0.134%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.261%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5905	+0.013%	$21K	$446K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5904	−0.002%	$89K	$103K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5903	−0.021%	$17.6M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5901	−0.054%	$13.4M	$56.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5903	−0.021%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5911	+0.108%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONSshort	+0.0100%	4h	0.5909	+0.078%	$1.3M	$4.3M	—
ApeX Omni PONSUSDT	+0.0100%	1h	0.5907	+0.042%	$34K	$332K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5907	+0.054%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5907	+0.054%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5905	+0.005%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5905	+0.018%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5899	−0.088%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5902	−0.043%	$368	—	3x	as long as short
Extended PONS-USDlong	+0.0176%	1h	0.5904	long leg	$106K	$533K	5x
Binance PONSUSDT	+0.0178%	4h	0.5908	+0.064%	$38.4M	$98.3M	20x	as long as short
MEXC PONS_USDT	+0.0180%	4h	0.5906	+0.030%	$7.5M	$5.2M	20x	as long as short
BingX PONS-USDT	+0.0184%	4h	0.5903	−0.021%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0199%	4h	0.5907	+0.056%	$21K	$292K	10x	as long as short
Aster PONSUSDT	+0.0199%	4h	0.5898	−0.110%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0351%	1h	0.5906	+0.034%	$37K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0421%	4h	0.5901	−0.054%	$1.7M	$965K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5899	−0.089%	$47K	$103K	3x	as long as short
Hyperliquid PONS	+0.0496%	1h	0.5908	+0.064%	$59.1M	$30.0M	3x	as long as short
Lighter RH PONS	+0.0632%	1h	0.5906	+0.027%	$415K	$2.6M	3x	as long as short
Gate PONS_USDT	+0.0634%	4h	0.5901	−0.054%	$5.2M	$6.8M	20x	as long as short
Lighter PONS	+0.1032%	1h	0.5907	+0.054%	$1.7M	$883K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5904	−0.004%	$28K	$86K	3x	as long as short