Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0172%/8h= +18.8% APRpaid last 24h +0.238%

Price spread now: Lighter against Orderly−0.053%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding pays, the price is against you. Lighter is 0.053% cheaper against Orderly than usual: you would sell low and buy high (spread −0.053% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 25 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PONS_USDC_mythos	0.6026	0.0100	pay 0.0050% / 4h	2h 45m	$2K	$3K	10x
Short	Lighter PONS	0.6023	0.0272	get 0.0034% / 1h	45m 57s	$1.7M	$883K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now −0.053%Rate

Funding earned: $36.12
Price spread: −0.053% → 0.000%: −$5.31
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $24.81
Costs to cover: 0.060%
Break-even: 2.2 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 6 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 6 min ago	3.06 bp	7.4 bp −$7	15.2 bp −$152	doesn't fit	doesn't fit

Orderly: 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
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6014	−0.204%	$238K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.939%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6020	−0.101%	$20K	$423K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6019	−0.117%	$1.4M	$4.1M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6065	+0.639%	$33K	$353K	5x	as long as short
Orderly PERP_PONS_USDC_mythoslong	+0.0100%	4h	0.6026	long leg	$2K	$3K	10x
SunX PONS-USDT	+0.0100%	4h	0.6022	−0.065%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6022	−0.071%	$26K	$530K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6037	+0.176%	$64K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6024	−0.035%	$1.7M	$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
Aevo PONS-PERP	+0.0184%	1h	0.6022	−0.065%	$375	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0209%	4h	0.6016	−0.168%	$13.8M	$55.5M	20x	as long as short
KuCoin PONSUSDTM	+0.0218%	4h	0.6019	−0.121%	$1.7M	$3.7M	20x	as long as short
Lighter PONSshort	+0.0272%	1h	0.6023	−0.053%	$1.7M	$883K	3x
Lighter RH PONS	+0.0280%	1h	0.6023	−0.053%	$420K	$2.5M	3x	as long as short
Bitget PONSUSDT	+0.0290%	4h	0.6022	−0.066%	$4.7M	$11.3M	20x	as long as short
Bybit PONSUSDT	+0.0296%	4h	0.6018	−0.134%	$18.1M	$30.8M	20x	as long as short
Nado PONS-PERP	+0.0311%	1h	0.6022	−0.075%	$71K	$132K	5x	as long as short
Aster PONSUSDT	+0.0333%	4h	0.6019	−0.115%	$1.1M	$2.0M	20x	as long as short
BingX PONS-USDT	+0.0386%	4h	0.6022	−0.068%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0392%	1h	0.6018	−0.127%	$249K	$682K	5x	as long as short
Binance PONSUSDT	+0.0394%	4h	0.6020	−0.101%	$39.5M	$95.9M	20x	as long as short
MEXC PONS_USDT	+0.0404%	4h	0.6018	−0.134%	$7.8M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0416%	4h	0.6065	+0.649%	$21K	$293K	10x	as long as short
BloFin PONS-USDT	+0.0646%	4h	0.6065	+0.646%	$1.8M	$984K	20x	as long as short
Hyperliquid PONS	+0.0697%	1h	0.6024	−0.029%	$61.3M	$28.7M	3x	as long as short
Gate PONS_USDT	+0.0734%	4h	0.6022	−0.068%	$5.3M	$6.1M	20x	as long as short
Polymarket Perps PONS-USD	+0.0766%	1h	0.6019	−0.111%	$46K	$1.6M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6021	−0.079%	$47K	$75K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6064	+0.629%	$31K	$107K	3x	as long as short