Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0356%/8h= +39.0% APRpaid last 24h −0.002%

Price spread now: edgeX against Lighter RH+0.283%110s7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as 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−$580.579% of the position

Long on Lighter RH Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 4 days (all we have)−0.121%−$12 · spread now +0.283%, 7d avg −0.017%

Together, before fees−0.048%+ Points / potential airdropLighter RH: Points live · edgeX: Active · farm board−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and edgeX is 0.300% dearer against Lighter RH than usual: you sell high and buy low: +$30 more if the spread goes back to its 7-day average of −0.017%. The two prices were read 110 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.073% in total (about 3.8% 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 RH PONS	0.6195	0.0288	pay 0.0036% / 1h	41m 37s	$419K	$2.7M	3x
Short	edgeX PONSUSDC	0.6213	0.0644	get 0.0322% / 4h	3h 41m	$20K	$293K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Lighter RH. 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 Lighter RHbpFee edgeXbpOrdersPrice spread, now +0.283%Rate

Funding earned: $74.75
Price spread: +0.283% → −0.017%: $30.03
Slippage, 4 orders: −$48.91
Fee Lighter RH: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $46.87
Costs to cover: 0.579%
Break-even: 2.6 days

Slippage from Lighter RH: live order book, 1 min ago; edgeX: live order book, 56 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 RH live order book, 1 min ago	4.36 bp	11.4 bp −$11	45.0 bp −$450	doesn't fit	doesn't fit
Sell edgeX live order book, 56 min ago	12.06 bp	20.7 bp −$21	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 −0.0030%	1h	0.6190	−0.088%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−4.140%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6201	+0.097%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6200	+0.080%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6204	+0.147%	$31K	$293K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6191	−0.065%	$72K	$2.3M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6203	+0.131%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6199	+0.068%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6195	−0.003%	$26K	$615K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6203	+0.128%	$66K	$528K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6203	+0.129%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6198	+0.054%	$386	—	3x	as long as short
Hyperliquid PONS	+0.0286%	1h	0.6191	−0.058%	$63.4M	$30.9M	3x	as long as short
Lighter RH PONSlong	+0.0288%	1h	0.6195	long leg	$419K	$2.7M	3x
Gate PONS_USDT	+0.0312%	4h	0.6188	−0.113%	$5.4M	$6.3M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0398%	4h	0.6190	−0.081%	$14.1M	$60.6M	20x	as long as short
Aster PONSUSDT	+0.0424%	4h	0.6196	+0.009%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0460%	4h	0.6188	−0.115%	$1.6M	$4.0M	20x	as long as short
Variational Omni PONS	+0.0551%	4h	0.6199	+0.064%	$1.5M	$4.4M	—	as long as short
MEXC PONS_USDT	+0.0622%	4h	0.6193	−0.032%	$7.9M	$4.7M	20x	as long as short
Extended PONS-USD	+0.0624%	1h	0.6192	−0.042%	$104K	$828K	5x	as long as short
Binance PONSUSDT	+0.0624%	4h	0.6195	0.000%	$40.5M	$104.2M	20x	as long as short
edgeX PONSUSDCshort	+0.0644%	4h	0.6213	+0.283%	$20K	$293K	10x
Bitget PONSUSDT	+0.0698%	4h	0.6200	+0.084%	$4.9M	$13.1M	20x	as long as short
Lighter PONS	+0.0784%	1h	0.6195	0.000%	$1.7M	$867K	3x	as long as short
Pacifica PONS	+0.0853%	1h	0.6193	−0.033%	$47K	$77K	3x	as long as short
BloFin PONS-USDT	+0.0866%	4h	0.6199	+0.065%	$1.8M	$1.1M	20x	as long as short
BingX PONS-USDT	+0.1104%	4h	0.6194	−0.016%	—	$3.2M	—	as long as short
Bybit PONSUSDT	+0.1182%	4h	0.6192	−0.048%	$18.7M	$33.1M	20x	as long as short
Phoenix PONS	+0.1714%	1h	0.6205	+0.168%	$47K	$159K	3x	as long as short