Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1020%/8h= −111.7% APRpaid last 24h −0.259%

Price spread now: BingX against Phoenix−0.407%64s7-day average +0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$191as 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−$520.519% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.386%−$139 on $10k

Price spread, last 3 days (all we have)+0.425%+$43 · spread now −0.407%, 7d avg +0.027%

Together, before fees−0.961%−$96 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and BingX is 0.435% cheaper against Phoenix than usual: you would sell low and buy high (−$43 if the spread goes back to its 7-day average of +0.027%). Swap the legs. The two prices were read 64 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	Phoenix PONS	0.6136	0.1608	pay 0.0201% / 1h	6m 08s	$32K	$113K	3x
Short	BingX PONS-USDT	0.6111	0.0588	get 0.0294% / 4h	3h 06m	—	$3.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Phoenix. 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 PhoenixbpFee BingXbpOrdersPrice spread, now −0.407%Rate

Funding earned: −$214.19
Price spread: −0.407% → +0.027%: −$43.48
Slippage, 4 orders: −$34.94
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$309.61
Costs to cover: 0.519%
Break-even: never at this rate

Slippage from Phoenix: live order book, 42 min ago; BingX: live order book, 14 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 Phoenix live order book, 42 min ago	3.14 bp	15.7 bp −$16	48.9 bp −$489	doesn't fit	doesn't fit
Sell BingX live order book, 14 min ago	0.82 bp	10.1 bp −$10	38.0 bp −$380	150.5 bp −$15.0K	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 −0.0033%	1h	0.6102	−0.552%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.713%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6119	−0.277%	$20K	$414K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6105	−0.499%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6122	−0.222%	$34K	$356K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6115	−0.339%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6113	−0.370%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6109	−0.437%	$26K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6118	−0.298%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6107	−0.473%	$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
Lighter RH PONS	+0.0160%	1h	0.6111	−0.409%	$433K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.6111	−0.404%	$381	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0214%	4h	0.6104	−0.522%	$14.0M	$56.4M	20x	as long as short
KuCoin PONSUSDTM	+0.0224%	4h	0.6105	−0.504%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0282%	4h	0.6104	−0.525%	$4.8M	$11.3M	20x	as long as short
Aster PONSUSDT	+0.0342%	4h	0.6119	−0.278%	$1.1M	$2.0M	20x	as long as short
Extended PONS-USD	+0.0392%	1h	0.6109	−0.438%	$253K	$677K	5x	as long as short
edgeX PONSUSDC	+0.0393%	4h	0.6136	−0.006%	$21K	$292K	10x	as long as short
MEXC PONS_USDT	+0.0394%	4h	0.6111	−0.407%	$8.0M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0394%	4h	0.6111	−0.403%	$40.2M	$96.0M	20x	as long as short
Lighter PONS	+0.0480%	1h	0.6111	−0.409%	$1.7M	$946K	3x	as long as short
BingX PONS-USDTshort	+0.0588%	4h	0.6111	−0.407%	—	$3.1M	—
Nado PONS-PERP	+0.0589%	1h	0.6120	−0.265%	$106K	$115K	5x	as long as short
Bybit PONSUSDT	+0.0607%	4h	0.6104	−0.522%	$18.4M	$30.8M	20x	as long as short
BloFin PONS-USDT	+0.0634%	4h	0.6147	+0.179%	$1.8M	$999K	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6124	−0.188%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USD	+0.0801%	1h	0.6117	−0.306%	$45K	$1.6M	3x	as long as short
Hyperliquid PONS	+0.0864%	1h	0.6116	−0.326%	$62.2M	$28.9M	3x	as long as short
Gate PONS_USDT	+0.1530%	4h	0.6104	−0.522%	$5.3M	$6.2M	20x	as long as short
Phoenix PONSlong	+0.1608%	1h	0.6136	long leg	$32K	$113K	3x