Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0051%/8h= +5.5% APRpaid last 24h −0.136%

Price spread now: Variational Omni against Lighter−0.163%7-day average −0.055% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.634%−$63 on $10k

Price spread, last 7 days+0.211%+$21 · spread now −0.163%, 7d avg −0.055%

Together, before fees−0.423%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.108% cheaper against Lighter than usual: you would sell low and buy high (spread −0.163% now, against its 7-day average of −0.055%). If the spread goes back, that is −$11 on $10k: about 7.1 days of funding at the current rate (+$2 a day). Mind the row above: over the last 3 days funding on this pair cost −0.634%, 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	0.5945	0.0168	pay 0.0021% / 1h	40m 31s	$1.6M	$884K	3x
Short	Variational Omni PONS	0.5935	0.0219	get 0.0109% / 4h	40m 31s	$1.4M	$3.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.163%Rate

Funding earned: $10.61
Price spread: −0.163% → −0.055%: −$10.83
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$0.22
Costs to cover: 0.000%
Break-even: 7.1 days

Slippage unknown: Lighter: live order book, 11 min ago; Variational Omni: RFQ quote, 4 min ago. Net counts fees only.

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, 11 min ago	2.54 bp	4.4 bp −$4	13.9 bp −$139	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	5.93 bp	doesn't fit	41.5 bp −$415	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	0.5927	−0.308%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.410%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5946	+0.015%	$20K	$434K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5945	−0.002%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5914	−0.532%	$34K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5944	−0.017%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5938	−0.124%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5936	−0.153%	$26K	$525K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5929	−0.267%	$64K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5936	−0.153%	$1.6M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PONSlong	+0.0168%	1h	0.5945	long leg	$1.6M	$884K	3x
Nado PONS-PERP	+0.0186%	1h	0.5944	−0.019%	$70K	$129K	5x	as long as short
Aevo PONS-PERP	+0.0216%	1h	0.5928	−0.283%	$369	—	3x	as long as short
Variational Omni PONSshort	+0.0219%	4h	0.5935	−0.163%	$1.4M	$3.9M	—
Lighter RH PONS	+0.0264%	1h	0.5947	+0.024%	$407K	$2.5M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0304%	4h	0.5936	−0.153%	$13.5M	$54.2M	20x	as long as short
Aster PONSUSDT	+0.0391%	4h	0.5948	+0.056%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0446%	4h	0.5939	−0.109%	$4.6M	$11.5M	20x	as long as short
Bybit PONSUSDT	+0.0451%	4h	0.5935	−0.170%	$17.7M	$30.7M	20x	as long as short
BingX PONS-USDT	+0.0498%	4h	0.5947	+0.032%	—	$3.0M	—	as long as short
MEXC PONS_USDT	+0.0532%	4h	0.5940	−0.086%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0533%	4h	0.5941	−0.069%	$39.0M	$94.8M	20x	as long as short
Extended PONS-USD	+0.0536%	1h	0.5943	−0.027%	$106K	$808K	5x	as long as short
edgeX PONSUSDC	+0.0537%	4h	0.5926	−0.323%	$18K	$291K	10x	as long as short
KuCoin PONSUSDTM	+0.0584%	4h	0.5942	−0.049%	$1.6M	$3.7M	20x	as long as short
Hyperliquid PONS	+0.0707%	1h	0.5937	−0.141%	$60.4M	$27.8M	3x	as long as short
BloFin PONS-USDT	+0.0773%	4h	0.5941	−0.069%	$1.7M	$952K	20x	as long as short
Pacifica PONS	+0.0859%	1h	0.5948	+0.054%	$47K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0909%	1h	0.5939	−0.094%	$65K	$1.6M	3x	as long as short
Phoenix PONS	+0.1736%	1h	0.5926	−0.318%	$31K	$104K	3x	as long as short