Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0875%/8h= −95.8% APRpaid last 24h −0.299%

Price spread now: edgeX against Phoenix−0.173%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$227as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$690.692% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.576%−$158 on $10k

Price spread, last 4 days (all we have)+0.266%+$27 · spread now −0.173%, 7d avg −0.006%

Together, before fees−1.311%+ Points / potential airdropedgeX: Active · farm board−$131 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and edgeX is 0.167% cheaper against Phoenix than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.006%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.6328	0.1439	pay 0.0180% / 1h	48m 37s	$48K	$153K	3x
Short	edgeX PONSUSDC	0.6317	0.0564	get 0.0282% / 4h	48m 37s	$18K	$295K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.173%Rate

Funding earned: −$183.68
Price spread: −0.173% → −0.006%: −$16.69
Slippage, 4 orders: −$53.18
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$269.55
Costs to cover: 0.692%
Break-even: never at this rate

Slippage from Phoenix: live order book, 51 min ago; edgeX: live order book, 57 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, 51 min ago	2.99 bp	15.2 bp −$15	46.7 bp −$467	doesn't fit	doesn't fit
Sell edgeX live order book, 57 min ago	11.06 bp	19.4 bp −$19	doesn't fit	doesn't fit	doesn't fit

PONS on 30 exchanges

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 +0.0031% / S −0.0029%	1h	0.6283	−0.712%	$247K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−6.149%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6323	−0.073%	$21K	$396K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6324	−0.057%	$77K	$92K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6319	−0.130%	$32K	$285K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6293	−0.539%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6299	−0.457%	—	$827K	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6299	−0.454%	$27K	$595K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6312	−0.243%	$65K	$549K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6292	−0.563%	$1.7M	$3.2M	20x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0216%	1h	0.6254	−1.161%	$390	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0261%	4h	0.6313	−0.231%	$14.0M	$59.3M	20x	as long as short
Aster PONSUSDT	+0.0405%	4h	0.6314	−0.208%	$1.2M	$2.1M	20x	as long as short
Hyperliquid PONS	+0.0427%	1h	0.6312	−0.253%	$64.6M	$29.4M	3x	as long as short
Lighter RH PONS	+0.0480%	1h	0.6310	−0.278%	$458K	$2.6M	3x	as long as short
Pacifica PONS	+0.0517%	1h	0.6319	−0.139%	$46K	$73K	3x	as long as short
KuCoin PONSUSDTM	+0.0520%	4h	0.6321	−0.098%	$1.8M	$4.3M	20x	as long as short
Binance PONSUSDT	+0.0544%	4h	0.6325	−0.041%	$40.8M	$98.1M	20x	as long as short
MEXC PONS_USDT	+0.0550%	4h	0.6310	−0.278%	$7.7M	$4.5M	20x	as long as short
Extended PONS-USD	+0.0552%	1h	0.6316	−0.182%	$181K	$849K	5x	as long as short
edgeX PONSUSDCshort	+0.0564%	4h	0.6317	−0.173%	$18K	$295K	10x
Variational Omni PONS	+0.0573%	4h	0.6319	−0.139%	$1.5M	$3.8M	—	as long as short
Gate PONS_USDT	+0.0578%	4h	0.6313	−0.231%	$5.4M	$6.5M	20x	as long as short
Polymarket Perps PONS-USD	+0.0606%	1h	0.6317	−0.164%	$103K	$2.0M	3x	as long as short
Bitget PONSUSDT	+0.0682%	4h	0.6320	−0.126%	$5.0M	$13.1M	20x	as long as short
BingX PONS-USDT	+0.0712%	4h	0.6314	−0.215%	—	$3.1M	—	as long as short
Bybit PONSUSDT	+0.0748%	4h	0.6316	−0.183%	$19.0M	$31.4M	20x	as long as short
Lighter PONS	+0.0784%	1h	0.6312	−0.242%	$1.8M	$848K	3x	as long as short
BloFin PONS-USDT	+0.0790%	4h	0.6295	−0.515%	$1.8M	$1.1M	20x	as long as short
Phoenix PONSlong	+0.1439%	1h	0.6328	long leg	$48K	$153K	3x