Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0124%/8h= +13.5% APRpaid last 24h +0.096%

Price spread now: Hyperliquid against KuCoin−0.037%7-day average +0.029% · you buy dearer than you sell

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

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.213%+$21 on $10k

Price spread, last 7 days+0.065%+$6 · spread now −0.037%, 7d avg +0.029%

Together, before fees+0.278%+ Points / potential airdropHyperliquid: Season 2 · farm board+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.066% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.037% now, against its 7-day average of +0.029%). If the spread goes back, that is −$7 on $10k: about 43 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PONSUSDTM	0.5940	0.0582	pay 0.0291% / 4h	41m 32s	$1.6M	$3.7M	20x
Short	Hyperliquid PONS	0.5938	0.0706	get 0.0088% / 1h	41m 32s	$60.4M	$27.8M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now −0.037%Rate

Funding earned: $25.94
Price spread: −0.037% → +0.029%: −$6.59
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$1.65
Costs to cover: 0.210%
Break-even: 7.4 days

Slippage unknown: KuCoin: live order book, 6 min ago; Hyperliquid: live order book, 12 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 KuCoin live order book, 6 min ago	2.71 bp	26.6 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.08 bp	9.2 bp −$9	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 −0.0032%	1h	0.5917	−0.391%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.502%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5934	−0.096%	$20K	$434K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5929	−0.180%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5914	−0.441%	$34K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5933	−0.108%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5923	−0.278%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5927	−0.205%	$26K	$524K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5940	−0.002%	$64K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5929	−0.180%	$1.6M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PONS	+0.0104%	1h	0.5936	−0.059%	$1.6M	$883K	3x	as long as short
Nado PONS-PERP	+0.0177%	1h	0.5938	−0.037%	$70K	$129K	5x	as long as short
Variational Omni PONS	+0.0196%	4h	0.5907	−0.552%	$1.4M	$3.9M	—	as long as short
Aevo PONS-PERP	+0.0216%	1h	0.5929	−0.188%	$369	—	3x	as long as short
Lighter RH PONS	+0.0224%	1h	0.5936	−0.062%	$407K	$2.5M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0308%	4h	0.5931	−0.146%	$13.5M	$54.2M	20x	as long as short
Aster PONSUSDT	+0.0383%	4h	0.5927	−0.208%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0442%	4h	0.5937	−0.039%	$4.6M	$11.5M	20x	as long as short
Bybit PONSUSDT	+0.0460%	4h	0.5931	−0.146%	$17.7M	$30.7M	20x	as long as short
BingX PONS-USDT	+0.0498%	4h	0.5938	−0.029%	—	$3.0M	—	as long as short
MEXC PONS_USDT	+0.0532%	4h	0.5939	−0.012%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0533%	4h	0.5935	−0.077%	$39.0M	$94.8M	20x	as long as short
Extended PONS-USD	+0.0536%	1h	0.5936	−0.055%	$106K	$808K	5x	as long as short
edgeX PONSUSDC	+0.0537%	4h	0.5926	−0.233%	$18K	$291K	10x	as long as short
KuCoin PONSUSDTMlong	+0.0582%	4h	0.5940	long leg	$1.6M	$3.7M	20x
Hyperliquid PONSshort	+0.0706%	1h	0.5938	−0.037%	$60.4M	$27.8M	3x
BloFin PONS-USDT	+0.0763%	4h	0.5934	−0.096%	$1.7M	$952K	20x	as long as short
Pacifica PONS	+0.0859%	1h	0.5938	−0.024%	$47K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0895%	1h	0.5936	−0.064%	$65K	$1.6M	3x	as long as short
Phoenix PONS	+0.1736%	1h	0.5911	−0.487%	$31K	$104K	3x	as long as short