Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0080%/8h= +8.8% APRpaid last 24h −0.087%

Price spread now: Bitget against Lighter+0.031%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$620.624% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.514%−$51 on $10k

Price spread, last 7 days−0.164%−$16 · spread now +0.031%, 7d avg −0.006%

Together, before fees−0.679%+ Points / potential airdropLighter: Season 3 · farm board−$68 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bitget is 0.038% dearer against Lighter than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.006%. Mind the row above: over the last 7 days funding on this pair cost −0.514%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.6356	0.0680	pay 0.0085% / 1h	20m 40s	$1.8M	$873K	3x
Short	Bitget PONSUSDT	0.6358	0.0760	get 0.0380% / 4h	2h 20m	$5.1M	$13.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Lighter. 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 LighterbpFee BitgetbpOrdersPrice spread, now +0.031%Rate

Funding earned: $16.8
Price spread: +0.031% → −0.006%: $3.77
Slippage, 4 orders: −$50.36
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$41.79
Costs to cover: 0.624%
Break-even: 24.4 days

Slippage from Lighter: live order book, 4 min ago; Bitget: live order book, 1 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 Lighter live order book, 4 min ago	5.43 bp	15.0 bp −$15	21.3 bp −$213	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	2.75 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit

PONS on 30 exchanges

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	0.6357	+0.018%	$250K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−6.569%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6361	+0.079%	$24K	$407K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6370	+0.220%	$74K	$127K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6355	−0.016%	$32K	$281K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6371	+0.242%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6367	+0.170%	—	$971K	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6367	+0.167%	$27K	$632K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6375	+0.305%	$67K	$532K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6365	+0.142%	$1.7M	$3.2M	20x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0264%	1h	0.6366	+0.157%	$397	—	3x	as long as short
Hyperliquid PONS	+0.0314%	1h	0.6356	0.000%	$65.3M	$31.1M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0432%	4h	0.6359	+0.047%	$14.5M	$60.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0472%	4h	0.6360	+0.055%	$1.8M	$4.2M	20x	as long as short
Lighter RH PONS	+0.0520%	1h	0.6359	+0.047%	$469K	$2.7M	3x	as long as short
Aster PONSUSDT	+0.0537%	4h	0.6357	+0.011%	$1.2M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0548%	1h	0.6372	+0.245%	$74K	$2.2M	3x	as long as short
Variational Omni PONS	+0.0661%	4h	0.6362	+0.097%	$1.6M	$4.3M	—	as long as short
Lighter PONSlong	+0.0680%	1h	0.6356	long leg	$1.8M	$873K	3x
Binance PONSUSDT	+0.0717%	4h	0.6359	+0.041%	$41.9M	$102.4M	20x	as long as short
Extended PONS-USD	+0.0720%	1h	0.6355	−0.015%	$180K	$884K	5x	as long as short
MEXC PONS_USDT	+0.0720%	4h	0.6355	−0.016%	$8.0M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0748%	4h	0.6367	+0.178%	$19K	$294K	10x	as long as short
Bitget PONSUSDTshort	+0.0760%	4h	0.6358	+0.031%	$5.1M	$13.6M	20x
BingX PONS-USDT	+0.0808%	4h	0.6349	−0.110%	—	$3.1M	—	as long as short
Pacifica PONS	+0.0810%	1h	0.6354	−0.032%	$46K	$77K	3x	as long as short
Bybit PONSUSDT	+0.0817%	4h	0.6358	+0.031%	$19.3M	$32.9M	20x	as long as short
BloFin PONS-USDT	+0.0960%	4h	0.6365	+0.142%	$1.9M	$1.1M	20x	as long as short
Gate PONS_USDT	+0.1536%	4h	0.6355	−0.016%	$5.5M	$6.6M	20x	as long as short
Phoenix PONS	+0.1668%	1h	0.6368	+0.195%	$49K	$162K	3x	as long as short