Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.076%

Price spread now: Injective against OKX−1.249%108s7-day average — · you buy dearer than you sell

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

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 1.249% cheaper against OKX than usual: you would sell low and buy high (−$125 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 108 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	OKX PONS-USDT-SWAP	0.6045	0.0100	pay 0.0050% / 4h	3h 55m	$13.8M	$57.2M	20x
Short	Injective PONS/USDC PERP	0.5969	0.0033	get 0.0004% / 1h	55m 32s	$614	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now −1.249%Rate

Funding earned: −$14
Price spread: −1.249% → 0.000%: −$124.9
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$148.92
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 3 min ago; Injective: no order-book sample. 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 OKX live order book, 3 min ago	1.65 bp	9.7 bp −$10	26.9 bp −$269	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Gate PONS_USDT	−0.1104%	4h	0.6040	−0.083%	$5.3M	$6.1M	20x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6056	+0.182%	$240K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0033%	1h	0.5969	−1.249%	$614	$10K	5.5x
Lighter RH PONS	+0.0096%	1h	0.6058	+0.222%	$423K	$2.5M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6051	+0.099%	$20K	$417K	20x	as long as short
OKX PONS-USDT-SWAPlong	+0.0100%	4h	0.6045	long leg	$13.8M	$57.2M	20x
Variational Omni PONS	+0.0100%	4h	0.6066	+0.342%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6071	+0.432%	$33K	$357K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6067	+0.357%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6069	+0.402%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USD	+0.0100%	1h	0.6061	+0.260%	$28K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6079	+0.562%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6068	+0.380%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0150%	4h	0.6044	−0.017%	$1.7M	$3.8M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6063	+0.294%	$378	—	3x	as long as short
Aster PONSUSDT	+0.0160%	4h	0.6050	+0.088%	$1.1M	$2.2M	20x	as long as short
Bitget PONSUSDT	+0.0186%	4h	0.6051	+0.094%	$4.7M	$11.7M	20x	as long as short
Lighter PONS	+0.0200%	1h	0.6058	+0.215%	$1.7M	$894K	3x	as long as short
Binance PONSUSDT	+0.0302%	4h	0.6051	+0.099%	$39.6M	$97.9M	20x	as long as short
MEXC PONS_USDT	+0.0302%	4h	0.6052	+0.116%	$7.9M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0304%	1h	0.6050	+0.081%	$250K	$679K	5x	as long as short
edgeX PONSUSDC	+0.0317%	4h	0.6066	+0.350%	$21K	$292K	10x	as long as short
Nado PONS-PERP	+0.0410%	1h	0.6056	+0.182%	$105K	$116K	5x	as long as short
BloFin PONS-USDT	+0.0540%	4h	0.6067	+0.364%	$1.8M	$1.0M	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6054	+0.145%	$48K	$96K	3x	as long as short
Bybit PONSUSDT	+0.0721%	4h	0.6048	+0.050%	$18.2M	$31.3M	20x	as long as short
Polymarket Perps PONS-USD	+0.0808%	1h	0.6049	+0.061%	$42K	$1.6M	3x	as long as short
BingX PONS-USDT	+0.0916%	4h	0.6051	+0.099%	—	$3.1M	—	as long as short
Hyperliquid PONS	+0.1150%	1h	0.6058	+0.218%	$61.7M	$30.0M	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6073	+0.468%	$31K	$113K	3x	as long as short