Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0508%/8hnext payment −$0.64 per $10,000 · paid last 24h −0.095%

Price spread now: Hyperliquid against Lighter−0.141%7-day average −0.003% · you buy dearer than you sell

to open and close $10k−$27fees + slippage, both legs, in and out

costs, in % of the position0.266%what the two incomes have to cover

Long on Lighter Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.437%−$44 on $10k

Price spread, last 7 days+0.112%+$11 · spread now −0.141%, 7d avg −0.003%

Together, before fees−0.324%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board−$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Hyperliquid is 0.138% cheaper against Lighter than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.003%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.5827	0.0608	pay 0.0076% / 1h	34m 41s	$1.7M	$867K	3x
Short	Hyperliquid PONS	0.5819	0.0100	get 0.0013% / 1h	34m 41s	$57.8M	$29.8M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.141%Rate

Funding earned: −$106.68
Price spread: −0.141% → −0.003%: −$13.8
Slippage, 4 orders: −$17.61
Fee Lighter: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$147.09
Costs to cover: 0.266%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; Hyperliquid: live order book, 6 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	2.82 bp	9.6 bp −$10	55.3 bp −$553	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.43 bp	8.1 bp −$8	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
Gate PONS_USDT	−0.0284%	4h	0.5823	−0.067%	$5.1M	$7.1M	20x	as long as short
Injective PONS/USDC PERP	−0.0008%	1h	0.5863	+0.618%	$603	$6K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0032%	1h	0.5820	−0.112%	$210K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5823	−0.074%	$394K	$2.4M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5820	−0.118%	$20K	$493K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5824	−0.048%	$72K	$95K	5x	as long as short
Hyperliquid PONSshort	+0.0100%	1h	0.5819	−0.141%	$57.8M	$29.8M	3x
Bybit PONSUSDT	+0.0100%	4h	0.5819	−0.136%	$17.2M	$31.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5816	−0.190%	$1.7M	$3.5M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5822	−0.092%	$1.2M	$4.1M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PONSUSDT	+0.0100%	1h	0.5841	+0.235%	$34K	$315K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5829	+0.038%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5825	−0.038%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5826	−0.009%	$27K	$529K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5834	+0.120%	$62K	$503K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5825	−0.033%	$1.7M	$3.3M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0106%	4h	0.5818	−0.153%	$13.1M	$55.1M	20x	as long as short
Bitget PONSUSDT	+0.0118%	4h	0.5821	−0.105%	$4.6M	$11.5M	20x	as long as short
Aevo PONS-PERP	+0.0136%	1h	0.5827	−0.002%	$363	—	3x	as long as short
Aster PONSUSDT	+0.0144%	4h	0.5819	−0.137%	$1.1M	$2.1M	20x	as long as short
Pacifica PONS	+0.0150%	1h	0.5818	−0.144%	$46K	$111K	3x	as long as short
Binance PONSUSDT	+0.0203%	4h	0.5819	−0.136%	$37.7M	$99.0M	20x	as long as short
Extended PONS-USD	+0.0208%	1h	0.5819	−0.132%	$87K	$534K	5x	as long as short
MEXC PONS_USDT	+0.0208%	4h	0.5819	−0.136%	$7.0M	$5.3M	20x	as long as short
BingX PONS-USDT	+0.0218%	4h	0.5820	−0.118%	—	$3.2M	—	as long as short
edgeX PONSUSDC	+0.0233%	4h	0.5833	+0.097%	$20K	$293K	10x	as long as short
Polymarket Perps PONS-USD	+0.0250%	1h	0.5826	−0.009%	$55K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0448%	4h	0.5830	+0.053%	$1.7M	$976K	20x	as long as short
Lighter PONSlong	+0.0608%	1h	0.5827	long leg	$1.7M	$867K	3x
Phoenix PONS	+0.1244%	1h	0.5843	+0.269%	$27K	$80K	3x	as long as short