Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0543%/8h= −59.4% APRpaid last 24h −0.076%

Price spread now: Binance against Hyperliquid+0.072%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$480.480% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 7 days−0.090%−$9 · spread now +0.072%, 7d avg +0.011%

Together, before fees−0.072%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.060% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.072% now, against its 7-day average of +0.011%): +$6 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 9 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.018% in total (about 0.9% 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	Hyperliquid PONS	0.6089	0.0835	pay 0.0104% / 1h	4m 57s	$62.0M	$29.9M	3x
Short	Binance PONSUSDT	0.6093	0.0292	get 0.0146% / 4h	4m 57s	$39.9M	$98.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hyperliquid. 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 HyperliquidbpFee BinancebpOrdersPrice spread, now +0.072%Rate

Funding earned: −$113.99
Price spread: +0.072% → +0.011%: $6.04
Slippage, 4 orders: −$29
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$155.95
Costs to cover: 0.480%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Binance: live order book, 8 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 Hyperliquid live order book, 9 min ago	0.08 bp	11.7 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	0.82 bp	13.6 bp −$14	49.9 bp −$499	266.8 bp −$26.7K	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−1.959%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6081	−0.129%	$241K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6087	−0.030%	$426K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6088	−0.013%	$20K	$421K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6091	+0.036%	$18.3M	$31.3M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6091	+0.036%	$13.9M	$57.8M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6076	−0.215%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6096	+0.115%	$32K	$357K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6090	+0.025%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6092	+0.056%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USD	+0.0100%	1h	0.6091	+0.039%	$28K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6089	0.000%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6095	+0.102%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0122%	4h	0.6090	+0.025%	$1.7M	$3.8M	20x	as long as short
Aster PONSUSDT	+0.0144%	4h	0.6087	−0.025%	$1.1M	$2.2M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6088	−0.015%	$379	—	3x	as long as short
Bitget PONSUSDT	+0.0162%	4h	0.6095	+0.108%	$4.7M	$11.7M	20x	as long as short
Nado PONS-PERP	+0.0203%	1h	0.6089	+0.003%	$105K	$116K	5x	as long as short
Binance PONSUSDTshort	+0.0292%	4h	0.6093	+0.072%	$39.9M	$98.3M	20x
Extended PONS-USD	+0.0296%	1h	0.6090	+0.022%	$252K	$682K	5x	as long as short
MEXC PONS_USDT	+0.0296%	4h	0.6093	+0.069%	$8.0M	$4.9M	20x	as long as short
BingX PONS-USDT	+0.0304%	4h	0.6094	+0.085%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0316%	4h	0.6086	−0.045%	$21K	$293K	10x	as long as short
Lighter PONS	+0.0336%	1h	0.6091	+0.031%	$1.7M	$935K	3x	as long as short
BloFin PONS-USDT	+0.0532%	4h	0.6091	+0.036%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0646%	1h	0.6089	0.000%	$42K	$1.7M	3x	as long as short
Hyperliquid PONSlong	+0.0835%	1h	0.6089	long leg	$62.0M	$29.9M	3x
Pacifica PONS	+0.0899%	1h	0.6084	−0.079%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6085	−0.062%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2214%	4h	0.6089	+0.003%	$5.3M	$6.3M	20x	as long as short