Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1595%/8h= +174.7% APRpaid last 24h +0.383%

Price spread now: Phoenix against Phemex+0.857%73s7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs+$89as 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−$1131.135% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+2.025%+$203 on $10k

Price spread, last 3 days (all we have)−0.945%−$94 · spread now +0.857%, 7d avg −0.011%

Together, before fees+1.080%+$108 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$48 a day on $10k at the current rate, and Phoenix is 0.868% dearer against Phemex than usual: you sell high and buy low: +$87 more if the spread goes back to its 7-day average of −0.011%. The two prices were read 73 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	Phemex PONSUSDT	0.6009	0.0100	pay 0.0050% / 4h	1h 58m	$1.6M	$3.2M	20x
Short	Phoenix PONS	0.6060	0.1695	get 0.0212% / 1h	58m 06s	$31K	$98K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Phemex. 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 PhemexbpFee PhoenixbpOrdersPrice spread, now +0.857%Rate

Funding earned: $335.04
Price spread: +0.857% → −0.011%: $86.78
Slippage, 4 orders: −$94.5
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $308.33
Costs to cover: 1.135%
Break-even: 0.6 days

Slippage from Phemex: live order book, 6 min ago; Phoenix: live order book, 43 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 Phemex live order book, 6 min ago	1.65 bp	43.9 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 43 min ago	3.31 bp	16.6 bp −$17	54.4 bp −$544	doesn't fit	doesn't fit

PONS on 29 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	0.6015	+0.093%	$238K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.657%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6029	+0.333%	$20K	$423K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6048	+0.648%	$1.4M	$3.9M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6068	+0.987%	$33K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6026	+0.276%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6024	+0.253%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6019	+0.166%	$26K	$518K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6039	+0.496%	$64K	$508K	20x	as long as short
Phemex PONSUSDTlong	+0.0100%	4h	0.6009	long leg	$1.6M	$3.2M	20x

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0128%	1h	0.6022	+0.215%	$423K	$2.5M	3x	as long as short
Lighter PONS	+0.0152%	1h	0.6024	+0.250%	$1.7M	$871K	3x	as long as short
Aevo PONS-PERP	+0.0192%	1h	0.6019	+0.175%	$375	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0270%	4h	0.6004	−0.083%	$13.8M	$54.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0320%	4h	0.6009	−0.002%	$1.7M	$3.6M	20x	as long as short
Bitget PONSUSDT	+0.0372%	4h	0.6011	+0.030%	$4.7M	$11.2M	20x	as long as short
Aster PONSUSDT	+0.0429%	4h	0.6019	+0.165%	$1.1M	$2.0M	20x	as long as short
BingX PONS-USDT	+0.0438%	4h	0.6009	0.000%	—	$3.0M	—	as long as short
MEXC PONS_USDT	+0.0454%	4h	0.6014	+0.083%	$7.7M	$4.6M	20x	as long as short
Binance PONSUSDT	+0.0455%	4h	0.6008	−0.013%	$39.3M	$93.6M	20x	as long as short
Extended PONS-USD	+0.0456%	1h	0.6006	−0.052%	$249K	$670K	5x	as long as short
edgeX PONSUSDC	+0.0459%	4h	0.6058	+0.808%	$21K	$293K	10x	as long as short
Bybit PONSUSDT	+0.0533%	4h	0.6004	−0.083%	$17.9M	$30.3M	20x	as long as short
Nado PONS-PERP	+0.0541%	1h	0.6029	+0.333%	$71K	$131K	5x	as long as short
Hyperliquid PONS	+0.0559%	1h	0.6012	+0.048%	$61.3M	$27.8M	3x	as long as short
Polymarket Perps PONS-USD	+0.0593%	1h	0.6027	+0.291%	$48K	$1.5M	3x	as long as short
Pacifica PONS	+0.0755%	1h	0.6032	+0.388%	$48K	$72K	3x	as long as short
Gate PONS_USDT	+0.0856%	4h	0.6010	+0.017%	$5.3M	$6.1M	20x	as long as short
Phoenix PONSshort	+0.1695%	1h	0.6060	+0.857%	$31K	$98K	3x