Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0444%/8h= +48.6% APRpaid last 24h +0.149%

Price spread now: Lighter RH against Orderly−0.069%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 RH

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 RH: Points live · farm boardneeds both histories

Funding pays, the price is against you. Lighter RH is 0.069% cheaper against Orderly than usual: you would sell low and buy high (spread −0.069% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 12 hours of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PONS_USDC_mythos	0.6080	0.0100	pay 0.0050% / 4h	16m 17s	$2K	$3K	10x
Short	Lighter RH PONS	0.6076	0.0544	get 0.0068% / 1h	16m 17s	$415K	$2.5M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.069%Rate

Funding earned: $93.24
Price spread: −0.069% → 0.000%: −$6.91
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $80.33
Costs to cover: 0.060%
Break-even: 1.0 days

Slippage unknown: Orderly: no order-book sample; Lighter RH: live order book, 2 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 RH live order book, 2 min ago	3.05 bp	10.1 bp −$10	63.3 bp −$633	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 −0.0032%	1h	0.6060	−0.325%	$241K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.821%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6074	−0.102%	$21K	$435K	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6054	−0.436%	$35K	$348K	5x	as long as short
Orderly PERP_PONS_USDC_mythoslong	+0.0100%	4h	0.6080	long leg	$2K	$3K	10x
SunX PONS-USDT	+0.0100%	4h	0.6077	−0.049%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6075	−0.086%	$26K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6094	+0.227%	$66K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6065	−0.250%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.6078	−0.036%	$379	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PONS	+0.0241%	4h	0.6050	−0.490%	$1.4M	$4.0M	—	as long as short
Nado PONS-PERP	+0.0307%	1h	0.6074	−0.102%	$71K	$129K	5x	as long as short
OKX PONS-USDT-SWAP	+0.0335%	4h	0.6070	−0.168%	$13.8M	$55.8M	20x	as long as short
Gate PONS_USDT	+0.0382%	4h	0.6068	−0.201%	$5.3M	$6.3M	20x	as long as short
Lighter PONS	+0.0424%	1h	0.6075	−0.084%	$1.7M	$885K	3x	as long as short
Bitget PONSUSDT	+0.0482%	4h	0.6076	−0.067%	$4.7M	$11.5M	20x	as long as short
Bybit PONSUSDT	+0.0483%	4h	0.6073	−0.118%	$18.1M	$30.8M	20x	as long as short
Aster PONSUSDT	+0.0493%	4h	0.6076	−0.068%	$1.1M	$2.1M	20x	as long as short
Lighter RH PONSshort	+0.0544%	1h	0.6076	−0.069%	$415K	$2.5M	3x
BingX PONS-USDT	+0.0578%	4h	0.6076	−0.069%	—	$3.0M	—	as long as short
MEXC PONS_USDT	+0.0606%	4h	0.6074	−0.102%	$7.7M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0607%	4h	0.6076	−0.069%	$39.7M	$95.2M	20x	as long as short
Extended PONS-USD	+0.0608%	1h	0.6074	−0.096%	$108K	$813K	5x	as long as short
edgeX PONSUSDC	+0.0613%	4h	0.6064	−0.271%	$18K	$293K	10x	as long as short
KuCoin PONSUSDTM	+0.0676%	4h	0.6074	−0.109%	$1.7M	$3.8M	20x	as long as short
Hyperliquid PONS	+0.0817%	1h	0.6076	−0.076%	$62.1M	$28.3M	3x	as long as short
BloFin PONS-USDT	+0.0847%	4h	0.6080	−0.003%	$1.7M	$965K	20x	as long as short
Pacifica PONS	+0.0859%	1h	0.6072	−0.128%	$48K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0897%	1h	0.6075	−0.087%	$73K	$1.6M	3x	as long as short
Phoenix PONS	+0.1736%	1h	0.6074	−0.100%	$31K	$104K	3x	as long as short