Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.141%

Price spread now: Phemex against Lighter RH+0.020%7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$155as in the Funding arb table

Net, price: spread back to 7d avg − costs−$108as in the Price arb table

costs, in and out, $10k−$1111.115% of the position

Long on Lighter RH Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.431%−$43 on $10k

Price spread, last 4 days (all we have)+0.175%+$18 · spread now +0.020%, 7d avg −0.019%

Together, before fees−0.256%+ Points / potential airdropLighter RH: Points live · farm board−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.039% dearer against Lighter RH than usual: you sell high and buy low (spread +0.020% now, against its 7-day average of −0.019%): +$4 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH PONS	0.6006	0.0256	pay 0.0032% / 1h	46m 21s	$404K	$2.5M	3x
Short	Phemex PONSUSDT	0.6007	0.0100	get 0.0050% / 4h	3h 46m	$1.7M	$3.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$32.76
Price spread: +0.020% → −0.019%: $3.88
Slippage, 4 orders: −$99.49
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$140.38
Costs to cover: 1.115%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 2 min ago; Phemex: live order book, 2 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, 2 min ago	1.58 bp	10.6 bp −$11	41.4 bp −$414	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	12.49 bp	39.5 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 +0.0033% / S −0.0032%	1h	0.6001	−0.083%	$238K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.604%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6003	−0.047%	$21K	$435K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6006	+0.011%	$70K	$129K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5995	−0.176%	$34K	$345K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6016	+0.176%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6014	+0.128%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6007	+0.020%	$26K	$541K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6021	+0.261%	$65K	$513K	20x	as long as short
Phemex PONSUSDTshort	+0.0100%	4h	0.6007	+0.020%	$1.7M	$3.2M	20x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0232%	1h	0.6009	+0.053%	$374	—	3x	as long as short
Lighter RH PONSlong	+0.0256%	1h	0.6006	long leg	$404K	$2.5M	3x
Variational Omni PONS	+0.0329%	4h	0.6021	+0.252%	$1.4M	$3.9M	—	as long as short
OKX PONS-USDT-SWAP	+0.0333%	4h	0.6007	+0.020%	$13.7M	$55.5M	20x	as long as short
Lighter PONS	+0.0432%	1h	0.6006	+0.003%	$1.6M	$891K	3x	as long as short
Aster PONSUSDT	+0.0478%	4h	0.6006	−0.003%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0506%	4h	0.6010	+0.078%	$4.6M	$11.6M	20x	as long as short
Gate PONS_USDT	+0.0554%	4h	0.6002	−0.063%	$5.2M	$6.1M	20x	as long as short
Hyperliquid PONS	+0.0581%	1h	0.6008	+0.040%	$61.5M	$28.5M	3x	as long as short
Extended PONS-USD	+0.0608%	1h	0.6002	−0.058%	$108K	$813K	5x	as long as short
MEXC PONS_USDT	+0.0608%	4h	0.6008	+0.037%	$7.6M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0612%	4h	0.6010	+0.076%	$39.3M	$95.3M	20x	as long as short
edgeX PONSUSDC	+0.0622%	4h	0.6003	−0.049%	$18K	$293K	10x	as long as short
KuCoin PONSUSDTM	+0.0712%	4h	0.6003	−0.040%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0722%	1h	0.6007	+0.022%	$74K	$1.6M	3x	as long as short
BingX PONS-USDT	+0.0798%	4h	0.6012	+0.103%	—	$3.0M	—	as long as short
BloFin PONS-USDT	+0.0849%	4h	0.6011	+0.087%	$1.7M	$960K	20x	as long as short
Bybit PONSUSDT	+0.1029%	4h	0.6009	+0.053%	$18.0M	$30.8M	20x	as long as short
Pacifica PONS	+0.1081%	1h	0.6005	−0.015%	$47K	$67K	3x	as long as short
Phoenix PONS	+0.1586%	1h	0.6013	+0.123%	$42K	$109K	3x	as long as short