PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1009%/8h= +110.5% APRnext payment +$1.26 per $10,000 · paid last 24h +0.224%

Price spread now: Phoenix against Hyperliquid+0.187%81s7-day average −0.013% · you sell dearer than you buy

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

Long on Hyperliquid Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.591%+$159 on $10k

Price spread, last 4 days (all we have)+0.160%+$16 · spread now +0.187%, 7d avg −0.013%

Together, before fees+1.751%+ Points / potential airdropHyperliquid: Season 2 · farm board+$175 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$30 a day on $10k at the current rate, and Phoenix is 0.200% dearer against Hyperliquid than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of −0.013%. The two prices were read 81 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PONS	0.6029	0.0686	pay 0.0086% / 1h	27m 56s	$61.3M	$28.2M	3x
Short	Phoenix PONS	0.6041	0.1695	get 0.0212% / 1h	27m 56s	$31K	$107K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.187%Rate

Funding earned: $211.99
Price spread: +0.187% → −0.013%: $19.99
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $215.99
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 6 min ago; Phoenix: live order book, 14 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 Hyperliquid live order book, 6 min ago	2.74 bp	13.4 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 14 min ago	3.31 bp	16.6 bp −$17	54.4 bp −$544	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	0.6019	−0.179%	$238K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.993%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6026	−0.056%	$20K	$423K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6043	+0.218%	$1.4M	$4.0M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6038	+0.144%	$33K	$354K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6028	−0.020%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6026	−0.063%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6033	+0.066%	$26K	$518K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6036	+0.106%	$64K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6036	+0.109%	$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	+0.0176%	1h	0.6030	+0.008%	$425K	$2.5M	3x	as long as short
Aevo PONS-PERP	+0.0184%	1h	0.6024	−0.094%	$375	—	3x	as long as short
KuCoin PONSUSDTM	+0.0216%	4h	0.6023	−0.100%	$1.7M	$3.7M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0231%	4h	0.6025	−0.073%	$13.8M	$55.0M	20x	as long as short
Nado PONS-PERP	+0.0244%	1h	0.6020	−0.148%	$71K	$131K	5x	as long as short
Bybit PONSUSDT	+0.0255%	4h	0.6026	−0.056%	$18.1M	$30.5M	20x	as long as short
Lighter PONS	+0.0272%	1h	0.6030	+0.008%	$1.7M	$884K	3x	as long as short
Bitget PONSUSDT	+0.0300%	4h	0.6033	+0.056%	$4.7M	$11.3M	20x	as long as short
Aster PONSUSDT	+0.0358%	4h	0.6024	−0.084%	$1.1M	$2.0M	20x	as long as short
BingX PONS-USDT	+0.0389%	4h	0.6031	+0.027%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0408%	1h	0.6026	−0.049%	$249K	$674K	5x	as long as short
MEXC PONS_USDT	+0.0408%	4h	0.6032	+0.043%	$7.7M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0409%	4h	0.6030	+0.010%	$39.5M	$94.9M	20x	as long as short
edgeX PONSUSDC	+0.0414%	4h	0.6038	+0.147%	$21K	$294K	10x	as long as short
Gate PONS_USDT	+0.0506%	4h	0.6027	−0.040%	$5.3M	$6.1M	20x	as long as short
Hyperliquid PONSlong	+0.0686%	1h	0.6029	long leg	$61.3M	$28.2M	3x
Polymarket Perps PONS-USD	+0.0737%	1h	0.6025	−0.075%	$45K	$1.5M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6020	−0.154%	$47K	$75K	3x	as long as short
Phoenix PONSshort	+0.1695%	1h	0.6041	+0.187%	$31K	$107K	3x