Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0694%/8h= +75.9% APRpaid last 24h +0.160%

Price spread now: Hyperliquid against HTX−0.128%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$267as in the Funding arb table

Net, price: spread back to 7d avg − costs−$324as in the Price arb table

costs, in and out, $10k−$3143.137% of the position

Long on HTX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.466%+$47 on $10k

Price spread, last 4 days (all we have)−0.439%−$44 · spread now −0.128%, 7d avg −0.026%

Together, before fees+0.027%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.102% cheaper against HTX than usual: you would sell low and buy high (spread −0.128% now, against its 7-day average of −0.026%). If the spread goes back, that is −$10 on $10k: about 12 hours of funding at the current rate (+$21 a day). At the pace of the last 7 days (+0.466% in total) that is about 37 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.466% in total (about 24.3% 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	HTX PONS-USDT	0.5924	0.0100	pay 0.0050% / 4h	52m 03s	$64K	$512K	20x
Short	Hyperliquid PONS	0.5917	0.0794	get 0.0099% / 1h	52m 03s	$60.2M	$27.8M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against HTX. 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 HTXbpFee HyperliquidbpOrdersPrice spread, now −0.128%Rate

Funding earned: $145.64
Price spread: −0.128% → −0.026%: −$10.2
Slippage, 4 orders: −$292.65
Fee HTX: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$178.21
Costs to cover: 3.137%
Break-even: 15.6 days

Slippage from HTX: live order book, 6 min ago; Hyperliquid: live order book, 12 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 HTX live order book, 6 min ago	39.36 bp	108.5 bp −$108	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	2.10 bp	11.0 bp −$11	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 +0.0033% / S −0.0032%	1h	0.5906	−0.304%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.765%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5911	−0.223%	$21K	$434K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5916	−0.138%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5932	+0.135%	$34K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5920	−0.078%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5916	−0.132%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5913	−0.197%	$25K	$524K	3x	as long as short
HTX PONS-USDTlong	+0.0100%	4h	0.5924	long leg	$64K	$512K	20x
Phemex PONSUSDT	+0.0100%	4h	0.5923	−0.020%	$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 PONS	+0.0120%	1h	0.5914	−0.179%	$1.6M	$877K	3x	as long as short
Variational Omni PONS	+0.0189%	4h	0.5947	+0.385%	$1.4M	$3.9M	—	as long as short
Aevo PONS-PERP	+0.0216%	1h	0.5911	−0.214%	$368	—	3x	as long as short
Nado PONS-PERP	+0.0317%	1h	0.5907	−0.290%	$69K	$129K	5x	as long as short
OKX PONS-USDT-SWAP	+0.0334%	4h	0.5917	−0.122%	$13.5M	$54.1M	20x	as long as short
Lighter RH PONS	+0.0336%	1h	0.5913	−0.189%	$404K	$2.4M	3x	as long as short
Aster PONSUSDT	+0.0393%	4h	0.5910	−0.245%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0442%	4h	0.5920	−0.071%	$4.6M	$11.4M	20x	as long as short
Bybit PONSUSDT	+0.0449%	4h	0.5918	−0.105%	$17.7M	$30.7M	20x	as long as short
BingX PONS-USDT	+0.0504%	4h	0.5921	−0.054%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0528%	1h	0.5916	−0.131%	$106K	$808K	5x	as long as short
MEXC PONS_USDT	+0.0528%	4h	0.5916	−0.138%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0529%	4h	0.5917	−0.116%	$38.9M	$94.8M	20x	as long as short
edgeX PONSUSDC	+0.0532%	4h	0.5937	+0.216%	$18K	$292K	10x	as long as short
KuCoin PONSUSDTM	+0.0536%	4h	0.5915	−0.157%	$1.6M	$3.7M	20x	as long as short
BloFin PONS-USDT	+0.0770%	4h	0.5931	+0.115%	$1.7M	$954K	20x	as long as short
Hyperliquid PONSshort	+0.0794%	1h	0.5917	−0.128%	$60.2M	$27.8M	3x
Pacifica PONS	+0.0859%	1h	0.5913	−0.187%	$47K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0905%	1h	0.5911	−0.221%	$66K	$1.6M	3x	as long as short
Phoenix PONS	+0.1736%	1h	0.5937	+0.209%	$31K	$104K	3x	as long as short