PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1151%/8h= +126.1% APRnext payment +$1.44 per $10,000 · paid last 24h +0.207%

Price spread now: Phoenix against Lighter+0.017%74s7-day average −0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs+$65as 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−$490.492% of the position

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.139%+$114 on $10k

Price spread, last 4 days (all we have)+0.071%+$7 · spread now +0.017%, 7d avg −0.043%

Together, before fees+1.210%+ Points / potential airdropLighter: Season 3 · farm board+$121 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$35 a day on $10k at the current rate, and Phoenix is 0.060% dearer against Lighter than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.043%. The two prices were read 74 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	Lighter PONS	0.5886	0.0568	pay 0.0071% / 1h	34m 00s	$1.6M	$887K	3x
Short	Phoenix PONS	0.5887	0.1719	get 0.0215% / 1h	34m 00s	$45K	$121K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.017%Rate

Funding earned: $241.78
Price spread: +0.017% → −0.043%: $5.96
Slippage, 4 orders: −$42.17
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $198.57
Costs to cover: 0.492%
Break-even: 1.3 days

Slippage from Lighter: live order book, 2 min ago; Phoenix: 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, 2 min ago	2.62 bp	2.8 bp −$3	29.8 bp −$298	doesn't fit	doesn't fit
Sell Phoenix live order book, 6 min ago	4.06 bp	19.3 bp −$19	64.7 bp −$647	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	0.5876	−0.167%	$233K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+1.422%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5886	+0.003%	$411K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5887	+0.020%	$21K	$418K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5890	+0.066%	$69K	$130K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5890	+0.071%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5901	+0.255%	$29K	$334K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5893	+0.117%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5888	+0.039%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5885	−0.019%	$25K	$547K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5887	+0.022%	$64K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5895	+0.156%	$1.6M	$3.2M	20x	as long as short
Hyperliquid PONS	+0.0231%	1h	0.5886	−0.002%	$59.9M	$29.2M	3x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5889	+0.055%	$367	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0367%	4h	0.5880	−0.099%	$13.3M	$54.4M	20x	as long as short
Aster PONSUSDT	+0.0491%	4h	0.5890	+0.067%	$1.1M	$2.2M	20x	as long as short
Lighter PONSlong	+0.0568%	1h	0.5886	long leg	$1.6M	$887K	3x
Bitget PONSUSDT	+0.0572%	4h	0.5881	−0.076%	$4.6M	$11.8M	20x	as long as short
Variational Omni PONS	+0.0576%	4h	0.5912	+0.447%	$1.4M	$4.1M	—	as long as short
MEXC PONS_USDT	+0.0606%	4h	0.5887	+0.020%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0608%	4h	0.5883	−0.048%	$38.4M	$94.9M	20x	as long as short
Extended PONS-USD	+0.0608%	1h	0.5883	−0.040%	$100K	$812K	5x	as long as short
edgeX PONSUSDC	+0.0610%	4h	0.5909	+0.401%	$20K	$295K	10x	as long as short
Pacifica PONS	+0.0715%	1h	0.5904	+0.304%	$46K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0740%	4h	0.5885	−0.008%	$1.6M	$3.8M	20x	as long as short
BingX PONS-USDT	+0.0766%	4h	0.5885	−0.014%	—	$3.0M	—	as long as short
Polymarket Perps PONS-USD	+0.0785%	1h	0.5885	−0.015%	$108K	$1.7M	3x	as long as short
BloFin PONS-USDT	+0.0848%	4h	0.5939	+0.904%	$1.7M	$946K	20x	as long as short
Bybit PONSUSDT	+0.0869%	4h	0.5882	−0.065%	$17.6M	$31.1M	20x	as long as short
Phoenix PONSshort	+0.1719%	1h	0.5887	+0.017%	$45K	$121K	3x