Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.022%

Price spread now: SunX against Injective−0.118%59s7-day average — · you buy dearer than you sell

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

Long on Injective Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. SunX is 0.118% cheaper against Injective than usual: you would sell low and buy high (spread −0.118% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 5.9 days of funding at the current rate (+$2 a day). The two prices were read 59 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	Injective PONS/USDC PERP	0.5938	0.0033	pay 0.0004% / 1h	3m 23s	$610	$10K	5.5x
Short	SunX PONS-USDT	0.5931	0.0100	get 0.0050% / 4h	1h 03m	—	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Injective. 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 InjectivebpFee SunXbpOrdersPrice spread, now −0.118%Rate

Funding earned: $14
Price spread: −0.118% → 0.000%: −$11.79
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee SunX: 4 bp × 2 orders: −$8
Net: −$5.81
Costs to cover: 0.080%
Break-even: 9.9 days

Slippage unknown: Injective: no order-book sample; SunX: live order book, 10 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 Injective no order-book sample	—	—	—	—	—
Sell SunX live order book, 10 min ago	104.45 bp	124.5 bp −$125	doesn't fit	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 +0.0032% / S −0.0030%	1h	0.5918	−0.349%	$242K	—	150x	as long as short
Injective PONS/USDC PERPlong	+0.0033%	1h	0.5938	long leg	$610	$10K	5.5x
Lighter RH PONS	+0.0096%	1h	0.5919	−0.332%	$410K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5921	−0.295%	$22K	$420K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5926	−0.212%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5917	−0.355%	$69K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5940	+0.020%	$29K	$308K	5x	as long as short
SunX PONS-USDTshort	+0.0100%	4h	0.5931	−0.118%	—	$1.2M	10x
SoDEX PONS-USD	+0.0100%	1h	0.5922	−0.278%	$26K	$581K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5937	−0.019%	$65K	$525K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.5917	−0.362%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0200%	1h	0.5920	−0.314%	$369	—	3x	as long as short
Hyperliquid PONS	+0.0302%	1h	0.5922	−0.285%	$60.1M	$29.5M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0412%	4h	0.5918	−0.345%	$13.4M	$55.2M	20x	as long as short
Aster PONSUSDT	+0.0455%	4h	0.5919	−0.322%	$1.1M	$2.2M	20x	as long as short
Binance PONSUSDT	+0.0479%	4h	0.5917	−0.362%	$37.2M	$98.0M	20x	as long as short
MEXC PONS_USDT	+0.0492%	4h	0.5919	−0.328%	$7.6M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0496%	1h	0.5915	−0.402%	$101K	$807K	5x	as long as short
edgeX PONSUSDC	+0.0501%	4h	0.5946	+0.122%	$20K	$290K	10x	as long as short
Variational Omni PONS	+0.0548%	4h	0.5964	+0.437%	$1.4M	$4.1M	—	as long as short
Pacifica PONS	+0.0556%	1h	0.5918	−0.348%	$45K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0590%	4h	0.5920	−0.318%	$1.6M	$3.8M	20x	as long as short
Bybit PONSUSDT	+0.0646%	4h	0.5916	−0.379%	$17.5M	$31.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0654%	1h	0.5922	−0.278%	$85K	$1.9M	3x	as long as short
BingX PONS-USDT	+0.0656%	4h	0.5918	−0.345%	—	$3.0M	—	as long as short
Gate PONS_USDT	+0.0674%	4h	0.5930	−0.143%	$5.3M	$6.4M	20x	as long as short
Bitget PONSUSDT	+0.0680%	4h	0.5923	−0.259%	$4.7M	$12.2M	20x	as long as short
BloFin PONS-USDT	+0.0730%	4h	0.5949	+0.177%	$1.7M	$946K	20x	as long as short
Lighter PONS	+0.0872%	1h	0.5921	−0.288%	$1.6M	$832K	3x	as long as short
Phoenix PONS	+0.1472%	1h	0.5934	−0.071%	$45K	$127K	3x	as long as short