Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against HTX−0.213%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$473as in the Price arb table

costs, in and out, $10k−$4534.533% of the position

Long on HTX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.007%−$1 on $10k

Price spread, last 3 days (all we have)+0.260%+$26 · spread now −0.213%, 7d avg −0.020%

Together, before fees+0.254%+$25 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Popdex is 0.193% cheaper against HTX than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX PONS-USDT	0.6096	0.0100	pay 0.0050% / 4h	3h 35m	$65K	$510K	20x
Short	Popdex PONSUSDT	0.6083	0.0096	get 0.0012% / 1h	35m 38s	$20K	$415K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.213%Rate

Funding earned: −$0.84
Price spread: −0.213% → −0.020%: −$19.35
Slippage, 4 orders: −$434.86
Fee HTX: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$473.45
Costs to cover: 4.533%
Break-even: never at this rate

Slippage from HTX: live order book, 38 min ago; Popdex: live order book, 38 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, 38 min ago	27.26 bp	152.5 bp −$153	doesn't fit	doesn't fit	doesn't fit
Sell Popdex live order book, 38 min ago	3.69 bp	70.4 bp −$70	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 −0.0033%	1h	0.6073	−0.379%	$241K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.075%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6080	−0.264%	$431K	$2.6M	3x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.6083	−0.213%	$20K	$415K	20x
Variational Omni PONS	+0.0100%	4h	0.6077	−0.311%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6081	−0.243%	$33K	$358K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6087	−0.154%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6085	−0.187%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6081	−0.238%	$28K	$552K	3x	as long as short
HTX PONS-USDTlong	+0.0100%	4h	0.6096	long leg	$65K	$510K	20x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6082	−0.230%	$1.7M	$3.2M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0135%	4h	0.6077	−0.312%	$13.8M	$57.0M	20x	as long as short
Aevo PONS-PERP	+0.0168%	1h	0.6081	−0.246%	$379	—	3x	as long as short
KuCoin PONSUSDTM	+0.0170%	4h	0.6080	−0.267%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0218%	4h	0.6080	−0.256%	$4.7M	$11.5M	20x	as long as short
Aster PONSUSDT	+0.0233%	4h	0.6080	−0.258%	$1.1M	$2.2M	20x	as long as short
Extended PONS-USD	+0.0336%	1h	0.6081	−0.252%	$252K	$683K	5x	as long as short
MEXC PONS_USDT	+0.0336%	4h	0.6078	−0.295%	$7.9M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0342%	4h	0.6078	−0.295%	$39.8M	$97.0M	20x	as long as short
edgeX PONSUSDC	+0.0350%	4h	0.6084	−0.197%	$21K	$293K	10x	as long as short
Lighter PONS	+0.0456%	1h	0.6079	−0.281%	$1.7M	$896K	3x	as long as short
BloFin PONS-USDT	+0.0578%	4h	0.6078	−0.295%	$1.7M	$1.0M	20x	as long as short
Nado PONS-PERP	+0.0600%	1h	0.6081	−0.246%	$105K	$115K	5x	as long as short
BingX PONS-USDT	+0.0628%	4h	0.6080	−0.262%	—	$3.1M	—	as long as short
Pacifica PONS	+0.0665%	1h	0.6076	−0.325%	$48K	$87K	3x	as long as short
Gate PONS_USDT	+0.0716%	4h	0.6079	−0.279%	$5.3M	$6.2M	20x	as long as short
Bybit PONSUSDT	+0.0717%	4h	0.6076	−0.328%	$18.2M	$31.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0753%	1h	0.6084	−0.200%	$44K	$1.6M	3x	as long as short
Hyperliquid PONS	+0.0902%	1h	0.6079	−0.276%	$61.8M	$29.2M	3x	as long as short
Phoenix PONS	+0.1608%	1h	0.6083	−0.205%	$31K	$113K	3x	as long as short