Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0555%/8h= −60.8% APRpaid last 24h −0.120%

Price spread now: BloFin against Lighter−0.053%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$330.326% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 3 days (all we have)+0.419%+$42 · spread now −0.053%, 7d avg −0.005%

Together, before fees+0.476%+ Points / potential airdropLighter: Season 3 · farm board+$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and BloFin is 0.047% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.005%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.057%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.057% in total (about 3.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.5904	0.0968	pay 0.0121% / 1h	59m 12s	$1.7M	$878K	3x
Short	BloFin PONS-USDT	0.5901	0.0413	get 0.0206% / 4h	1h 59m	$1.7M	$966K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.053%Rate

Funding earned: −$116.55
Price spread: −0.053% → −0.005%: −$4.74
Slippage, 4 orders: −$20.65
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$153.94
Costs to cover: 0.326%
Break-even: never at this rate

Slippage from Lighter: live order book, 2 min ago; BloFin: live order book, 4 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, 2 min ago	3.97 bp	5.7 bp −$6	11.7 bp −$117	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	1.70 bp	8.4 bp −$8	32.8 bp −$328	131.0 bp −$13.1K	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 +0.0032% / S −0.0034%	1h	0.5895	−0.149%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5920	+0.263%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5897	−0.120%	$21K	$442K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5894	−0.171%	$89K	$103K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5900	−0.069%	$17.6M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5903	−0.019%	$13.4M	$56.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5893	−0.193%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5901	−0.046%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5901	−0.049%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5908	+0.068%	$34K	$340K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5907	+0.056%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5906	+0.025%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5899	−0.078%	$27K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5902	−0.041%	$63K	$506K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5899	−0.086%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5899	−0.078%	$368	—	3x	as long as short
Aster PONSUSDT	+0.0147%	4h	0.5896	−0.137%	$1.1M	$2.2M	20x	as long as short
BingX PONS-USDT	+0.0168%	4h	0.5899	−0.086%	—	$3.1M	—	as long as short
MEXC PONS_USDT	+0.0172%	4h	0.5900	−0.069%	$7.5M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0173%	4h	0.5903	−0.015%	$38.3M	$98.1M	20x	as long as short
edgeX PONSUSDC	+0.0175%	4h	0.5905	+0.017%	$21K	$294K	10x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5900	−0.062%	$106K	$532K	5x	as long as short
BloFin PONS-USDTshort	+0.0413%	4h	0.5901	−0.053%	$1.7M	$966K	20x
Pacifica PONS	+0.0474%	1h	0.5893	−0.187%	$47K	$103K	3x	as long as short
Lighter RH PONS	+0.0552%	1h	0.5902	−0.041%	$417K	$2.6M	3x	as long as short
Gate PONS_USDT	+0.0802%	4h	0.5895	−0.154%	$5.1M	$6.4M	20x	as long as short
Hyperliquid PONS	+0.0875%	1h	0.5905	+0.007%	$59.3M	$30.1M	3x	as long as short
Polymarket Perps PONS-USD	+0.0898%	1h	0.5902	−0.034%	$37K	$1.8M	3x	as long as short
Lighter PONSlong	+0.0968%	1h	0.5904	long leg	$1.7M	$878K	3x
Phoenix PONS	+0.1275%	1h	0.5888	−0.273%	$30K	$86K	3x	as long as short