Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0436%/8h= −47.7% APRpaid last 24h −0.181%

Price spread now: Phemex against Lighter−0.092%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$213as in the Funding arb table

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$1201.202% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.929%−$93 on $10k

Price spread, last 4 days (all we have)+0.237%+$24 · spread now −0.092%, 7d avg −0.049%

Together, before fees−0.692%+ Points / potential airdropLighter: Season 3 · farm board−$69 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Phemex is 0.044% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.049%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.6179	0.0536	pay 0.0067% / 1h	15m 46s	$1.7M	$856K	3x
Short	Phemex PONSUSDT	0.6173	0.0100	get 0.0050% / 4h	15m 46s	$1.7M	$3.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.092%Rate

Funding earned: −$91.56
Price spread: −0.092% → −0.049%: −$4.37
Slippage, 4 orders: −$108.15
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$216.08
Costs to cover: 1.202%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Phemex: live order book, 3 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, 6 min ago	7.26 bp	9.8 bp −$10	11.3 bp −$113	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	3.25 bp	40.5 bp −$40	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
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0029%	1h	0.6171	−0.124%	$235K	—	150x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6182	+0.053%	$22K	$455K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6186	+0.112%	$72K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6153	−0.416%	$30K	$300K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6184	+0.087%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6184	+0.081%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6179	−0.003%	$26K	$639K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6191	+0.194%	$67K	$536K	20x	as long as short
Phemex PONSUSDTshort	+0.0100%	4h	0.6173	−0.092%	$1.7M	$3.2M	20x
Aevo PONS-PERP	+0.0232%	1h	0.6180	+0.029%	$385	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PONS-USDT-SWAP	+0.0413%	4h	0.6181	+0.037%	$14.0M	$60.9M	20x	as long as short
Gate PONS_USDT	+0.0458%	4h	0.6166	−0.206%	$5.5M	$6.6M	20x	as long as short
Aster PONSUSDT	+0.0487%	4h	0.6183	+0.072%	$1.1M	$2.4M	20x	as long as short
Variational Omni PONS	+0.0505%	4h	0.6176	−0.043%	$1.5M	$4.2M	—	as long as short
Lighter RH PONS	+0.0512%	1h	0.6178	−0.011%	$417K	$2.7M	3x	as long as short
Lighter PONSlong	+0.0536%	1h	0.6179	long leg	$1.7M	$856K	3x
KuCoin PONSUSDTM	+0.0538%	4h	0.6178	−0.018%	$1.6M	$4.0M	20x	as long as short
Pacifica PONS	+0.0572%	1h	0.6184	+0.093%	$47K	$77K	3x	as long as short
MEXC PONS_USDT	+0.0592%	4h	0.6178	−0.011%	$7.8M	$4.8M	20x	as long as short
edgeX PONSUSDC	+0.0592%	4h	0.6150	−0.462%	$20K	$292K	10x	as long as short
Binance PONSUSDT	+0.0605%	4h	0.6179	+0.009%	$40.1M	$105.2M	20x	as long as short
Extended PONS-USD	+0.0608%	1h	0.6175	−0.066%	$103K	$828K	5x	as long as short
Hyperliquid PONS	+0.0622%	1h	0.6184	+0.084%	$62.9M	$30.4M	3x	as long as short
BingX PONS-USDT	+0.0666%	4h	0.6183	+0.070%	—	$3.2M	—	as long as short
Bybit PONSUSDT	+0.0669%	4h	0.6179	+0.005%	$18.5M	$33.0M	20x	as long as short
Bitget PONSUSDT	+0.0706%	4h	0.6184	+0.092%	$4.9M	$13.0M	20x	as long as short
BloFin PONS-USDT	+0.0834%	4h	0.6180	+0.021%	$1.8M	$1.1M	20x	as long as short
Polymarket Perps PONS-USD	+0.1035%	1h	0.6181	+0.037%	$73K	$2.3M	3x	as long as short
Injective PONS/USDC PERP	+0.1069%	1h	0.5938	−3.888%	$610	$10K	5.5x	as long as short
Phoenix PONS	+0.1405%	1h	0.6159	−0.324%	$47K	$127K	3x	as long as short