Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0108%/8h= +11.8% APRpaid last 24h +0.238%

Price spread now: Lighter against HTX−0.201%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$223as in the Funding arb table

Net, price: spread back to 7d avg − costs−$337as in the Price arb table

costs, in and out, $10k−$3143.145% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.918%+$92 on $10k

Price spread, last 3 days (all we have)+0.165%+$17 · spread now −0.201%, 7d avg +0.021%

Together, before fees+1.083%+ Points / potential airdropLighter: Season 3 · farm board+$108 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.222% cheaper against HTX than usual: you would sell low and buy high (spread −0.201% now, against its 7-day average of +0.021%). If the spread goes back, that is −$22 on $10k: about 6.9 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.918% in total) that is about 41 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PONS-USDT	0.6070	0.0100	pay 0.0050% / 4h	2h 04m	$65K	$509K	20x
Short	Lighter PONS	0.6058	0.0208	get 0.0026% / 1h	4m 02s	$1.7M	$889K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against HTX. 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 HTXbpFee LighterbpOrdersPrice spread, now −0.201%Rate

Funding earned: $22.68
Price spread: −0.201% → +0.021%: −$22.21
Slippage, 4 orders: −$302.49
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$314.02
Costs to cover: 3.145%
Break-even: 103.9 days

Slippage from HTX: live order book, 64 min ago; Lighter: live order book, 2 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, 64 min ago	29.96 bp	135.3 bp −$135	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	2.89 bp	6.0 bp −$6	13.4 bp −$134	doesn't fit	doesn't fit

PONS on 29 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 −0.0033%	1h	0.6049	−0.353%	$240K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.657%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6058	−0.199%	$20K	$422K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6054	−0.258%	$1.4M	$3.9M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6060	−0.158%	$33K	$352K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6064	−0.102%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6058	−0.191%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6058	−0.199%	$26K	$520K	3x	as long as short
HTX PONS-USDTlong	+0.0100%	4h	0.6070	long leg	$65K	$509K	20x
Phemex PONSUSDT	+0.0100%	4h	0.6057	−0.216%	$1.7M	$3.2M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0144%	1h	0.6057	−0.222%	$425K	$2.5M	3x	as long as short
Aevo PONS-PERP	+0.0192%	1h	0.6062	−0.125%	$378	—	3x	as long as short
Lighter PONSshort	+0.0208%	1h	0.6058	−0.201%	$1.7M	$889K	3x
OKX PONS-USDT-SWAP	+0.0257%	4h	0.6056	−0.232%	$13.9M	$54.9M	20x	as long as short
Nado PONS-PERP	+0.0272%	1h	0.6056	−0.227%	$71K	$131K	5x	as long as short
KuCoin PONSUSDTM	+0.0288%	4h	0.6060	−0.160%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0358%	4h	0.6058	−0.204%	$4.7M	$11.3M	20x	as long as short
BingX PONS-USDT	+0.0410%	4h	0.6060	−0.166%	—	$3.0M	—	as long as short
Aster PONSUSDT	+0.0437%	4h	0.6052	−0.293%	$1.1M	$2.0M	20x	as long as short
edgeX PONSUSDC	+0.0440%	4h	0.6058	−0.201%	$21K	$292K	10x	as long as short
Extended PONS-USD	+0.0440%	1h	0.6061	−0.156%	$250K	$670K	5x	as long as short
Binance PONSUSDT	+0.0444%	4h	0.6064	−0.100%	$39.7M	$94.3M	20x	as long as short
MEXC PONS_USDT	+0.0444%	4h	0.6061	−0.150%	$7.8M	$4.8M	20x	as long as short
Bybit PONSUSDT	+0.0460%	4h	0.6057	−0.216%	$18.1M	$30.4M	20x	as long as short
Hyperliquid PONS	+0.0715%	1h	0.6062	−0.137%	$61.8M	$27.8M	3x	as long as short
Polymarket Perps PONS-USD	+0.0778%	1h	0.6059	−0.175%	$48K	$1.5M	3x	as long as short
Gate PONS_USDT	+0.0790%	4h	0.6053	−0.282%	$5.3M	$6.2M	20x	as long as short
Pacifica PONS	+0.0869%	1h	0.6055	−0.241%	$48K	$75K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6022	−0.792%	$31K	$107K	3x	as long as short