Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0848%/8h= +92.9% APRpaid last 24h +0.318%

Price spread now: Phoenix against KuCoin−0.180%63s7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs+$75as 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−$1041.041% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.788%+$179 on $10k

Price spread, last 4 days (all we have)+0.144%+$14 · spread now −0.180%, 7d avg +0.026%

Together, before fees+1.932%+$193 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.207% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.180% now, against its 7-day average of +0.026%). If the spread goes back, that is −$21 on $10k: about 19 hours of funding at the current rate (+$25 a day). The two prices were read 63 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	KuCoin PONSUSDTM	0.5934	0.0624	pay 0.0312% / 4h	1h 30m	$1.6M	$3.8M	20x
Short	Phoenix PONS	0.5924	0.1472	get 0.0184% / 1h	30m 19s	$45K	$127K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now −0.180%Rate

Funding earned: $178.15
Price spread: −0.180% → +0.026%: −$20.66
Slippage, 4 orders: −$85.13
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $53.37
Costs to cover: 1.041%
Break-even: 4.9 days

Slippage from KuCoin: live order book, 7 min ago; Phoenix: live order book, 5 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 KuCoin live order book, 7 min ago	2.45 bp	36.3 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 5 min ago	4.55 bp	21.0 bp −$21	71.4 bp −$714	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	0.5926	−0.135%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.593%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5932	−0.039%	$417K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5936	+0.029%	$22K	$421K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5943	+0.152%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5933	−0.020%	$69K	$131K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5929	−0.083%	$29K	$315K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5931	−0.061%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5934	−0.013%	$26K	$586K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5938	+0.064%	$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	0.5927	−0.123%	$1.6M	$3.2M	20x	as long as short
Hyperliquid PONS	+0.0202%	1h	0.5935	+0.012%	$60.3M	$29.5M	3x	as long as short
Aevo PONS-PERP	+0.0208%	1h	0.5934	−0.005%	$370	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0401%	4h	0.5936	+0.029%	$13.4M	$56.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0454%	1h	0.5935	+0.012%	$94K	$1.9M	3x	as long as short
Aster PONSUSDT	+0.0461%	4h	0.5931	−0.055%	$1.1M	$2.2M	20x	as long as short
Gate PONS_USDT	+0.0490%	4h	0.5932	−0.039%	$5.3M	$6.3M	20x	as long as short
Binance PONSUSDT	+0.0518%	4h	0.5938	+0.067%	$37.4M	$98.4M	20x	as long as short
Extended PONS-USD	+0.0520%	1h	0.5934	−0.012%	$101K	$811K	5x	as long as short
MEXC PONS_USDT	+0.0520%	4h	0.5935	+0.012%	$7.6M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0530%	4h	0.5934	−0.005%	$20K	$292K	10x	as long as short
Pacifica PONS	+0.0556%	1h	0.5933	−0.026%	$45K	$68K	3x	as long as short
Variational Omni PONS	+0.0575%	4h	0.5930	−0.065%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTMlong	+0.0624%	4h	0.5934	long leg	$1.6M	$3.8M	20x
Bitget PONSUSDT	+0.0678%	4h	0.5937	+0.049%	$4.7M	$12.2M	20x	as long as short
Bybit PONSUSDT	+0.0705%	4h	0.5934	−0.005%	$17.6M	$31.3M	20x	as long as short
BingX PONS-USDT	+0.0706%	4h	0.5935	+0.012%	—	$3.0M	—	as long as short
BloFin PONS-USDT	+0.0761%	4h	0.5929	−0.089%	$1.6M	$945K	20x	as long as short
Lighter PONS	+0.0776%	1h	0.5936	+0.029%	$1.7M	$830K	3x	as long as short
Phoenix PONSshort	+0.1472%	1h	0.5924	−0.180%	$45K	$127K	3x