Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0433%/8h= −47.4% APRpaid last 24h −0.089%

Price spread now: Injective against KuCoin−4.253%7-day average — · you buy dearer than you sell

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

Long on KuCoin Short on Injective

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

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Injective is 4.253% cheaper against KuCoin than usual: you would sell low and buy high (−$425 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PONSUSDTM	0.6202	0.0466	pay 0.0233% / 4h	3h 42m	$1.6M	$4.0M	20x
Short	Injective PONS/USDC PERP	0.5938	0.0033	get 0.0004% / 1h	42m 35s	$610	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −4.253%Rate

Funding earned: −$90.86
Price spread: −4.253% → 0.000%: −$425.33
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$528.21
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 5 min ago; Injective: no order-book sample. 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, 5 min ago	3.39 bp	32.0 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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	0.6190	−0.191%	$242K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0033%	1h	0.5938	−4.253%	$610	$10K	5.5x
Popdex PONSUSDT	+0.0096%	1h	0.6203	+0.011%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6200	−0.037%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6204	+0.029%	$31K	$293K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6189	−0.222%	$72K	$2.3M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6203	+0.011%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6204	+0.023%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6198	−0.077%	$26K	$615K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6211	+0.140%	$66K	$528K	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	0.6202	−0.005%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6202	−0.006%	$386	—	3x	as long as short
Hyperliquid PONS	+0.0289%	1h	0.6199	−0.053%	$63.5M	$30.9M	3x	as long as short
Lighter RH PONS	+0.0312%	1h	0.6197	−0.085%	$419K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0395%	4h	0.6200	−0.037%	$14.1M	$60.7M	20x	as long as short
Gate PONS_USDT	+0.0408%	4h	0.6194	−0.134%	$5.4M	$6.3M	20x	as long as short
Aster PONSUSDT	+0.0424%	4h	0.6195	−0.115%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTMlong	+0.0466%	4h	0.6202	long leg	$1.6M	$4.0M	20x
Variational Omni PONS	+0.0551%	4h	0.6199	−0.054%	$1.5M	$4.4M	—	as long as short
Binance PONSUSDT	+0.0623%	4h	0.6201	−0.024%	$40.6M	$104.2M	20x	as long as short
Extended PONS-USD	+0.0624%	1h	0.6197	−0.091%	$104K	$828K	5x	as long as short
MEXC PONS_USDT	+0.0626%	4h	0.6198	−0.069%	$7.9M	$4.6M	20x	as long as short
edgeX PONSUSDC	+0.0644%	4h	0.6213	+0.165%	$20K	$293K	10x	as long as short
Bitget PONSUSDT	+0.0698%	4h	0.6203	+0.006%	$4.9M	$13.1M	20x	as long as short
Lighter PONS	+0.0752%	1h	0.6199	−0.052%	$1.7M	$867K	3x	as long as short
Pacifica PONS	+0.0853%	1h	0.6197	−0.082%	$47K	$77K	3x	as long as short
BloFin PONS-USDT	+0.0866%	4h	0.6199	−0.053%	$1.8M	$1.1M	20x	as long as short
BingX PONS-USDT	+0.0964%	4h	0.6195	−0.118%	—	$3.2M	—	as long as short
Bybit PONSUSDT	+0.1182%	4h	0.6199	−0.053%	$18.8M	$33.2M	20x	as long as short
Phoenix PONS	+0.1714%	1h	0.6205	+0.050%	$47K	$159K	3x	as long as short