Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h −0.165%

Price spread now: SunX against Hyperliquid+0.204%52s7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$320as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2722.719% of the position

Long on Hyperliquid Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.481%−$48 on $10k

Price spread, last 4 days (all we have)−0.057%−$6 · spread now +0.204%, 7d avg +0.030%

Together, before fees−0.537%+ Points / potential airdropHyperliquid: Season 2 · farm board−$54 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.174% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.204% now, against its 7-day average of +0.030%): +$17 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.2 days. At the pace of the last 7 days (−0.481% in total) that is about 2.5 days. The two prices were read 52 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	0.6216	0.0193	pay 0.0024% / 1h	56m 22s	$63.6M	$31.0M	3x
Short	SunX PONS-USDT	0.6229	0.0100	get 0.0050% / 4h	3h 56m	—	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.204%Rate

Funding earned: −$19.54
Price spread: +0.204% → +0.030%: $17.39
Slippage, 4 orders: −$254.89
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$274.04
Costs to cover: 2.719%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; SunX: live order book, 7 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, 7 min ago	0.97 bp	5.5 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 7 min ago	106.29 bp	134.6 bp −$135	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
Phemex PONSUSDT	−0.6278%	4h	0.6232	+0.256%	$1.7M	$3.2M	20x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0030%	1h	0.6207	−0.142%	$243K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−4.466%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6221	+0.079%	$23K	$444K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6223	+0.106%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6202	−0.228%	$31K	$299K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6209	−0.122%	$73K	$2.3M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6220	+0.063%	$2K	$4K	10x	as long as short
SunX PONS-USDTshort	+0.0100%	4h	0.6229	+0.204%	—	$1.2M	10x
SoDEX PONS-USD	+0.0100%	1h	0.6233	+0.272%	$26K	$610K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.6256	+0.634%	$67K	$533K	20x	as long as short
Hyperliquid PONSlong	+0.0193%	1h	0.6216	long leg	$63.6M	$31.0M	3x
Aevo PONS-PERP	+0.0232%	1h	0.6212	−0.061%	$387	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0385%	4h	0.6209	−0.114%	$14.1M	$60.9M	20x	as long as short
Aster PONSUSDT	+0.0451%	4h	0.6215	−0.010%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0480%	4h	0.6222	+0.101%	$1.6M	$4.1M	20x	as long as short
Variational Omni PONS	+0.0494%	4h	0.6148	−1.101%	$1.6M	$4.3M	—	as long as short
edgeX PONSUSDC	+0.0598%	4h	0.6206	−0.157%	$20K	$290K	10x	as long as short
Extended PONS-USD	+0.0600%	1h	0.6230	+0.230%	$105K	$827K	5x	as long as short
MEXC PONS_USDT	+0.0602%	4h	0.6222	+0.095%	$7.9M	$4.6M	20x	as long as short
Binance PONSUSDT	+0.0615%	4h	0.6218	+0.031%	$40.4M	$104.6M	20x	as long as short
Bitget PONSUSDT	+0.0680%	4h	0.6220	+0.055%	$5.0M	$13.0M	20x	as long as short
Lighter RH PONS	+0.0696%	1h	0.6229	+0.204%	$423K	$2.7M	3x	as long as short
BloFin PONS-USDT	+0.0843%	4h	0.6239	+0.368%	$1.8M	$1.1M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6233	+0.274%	$47K	$77K	3x	as long as short
Bybit PONSUSDT	+0.0981%	4h	0.6211	−0.082%	$18.6M	$33.1M	20x	as long as short
Lighter PONS	+0.1096%	1h	0.6232	+0.259%	$1.7M	$841K	3x	as long as short
Phoenix PONS	+0.1405%	1h	0.6261	+0.724%	$48K	$159K	3x	as long as short
BingX PONS-USDT	+0.2020%	4h	0.6214	−0.034%	—	$3.3M	—	as long as short
Gate PONS_USDT	+0.2300%	4h	0.6213	−0.050%	$5.4M	$6.3M	20x	as long as short