Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1372%/8h= −150.3% APRpaid last 24h −0.398%

Price spread now: HTX against Phoenix−0.071%72s7-day average +0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$559as 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−$3523.523% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−2.071%−$207 on $10k

Price spread, last 4 days (all we have)+0.103%+$10 · spread now −0.071%, 7d avg +0.041%

Together, before fees−1.968%−$197 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$41 a day on $10k at the current rate, and HTX is 0.112% cheaper against Phoenix than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.041%). Swap the legs. The two prices were read 72 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	0.5934	0.1472	pay 0.0184% / 1h	59m 33s	$45K	$127K	3x
Short	HTX PONS-USDT	0.5930	0.0100	get 0.0050% / 4h	59m 33s	$65K	$526K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$288.19
Price spread: −0.071% → +0.041%: −$11.22
Slippage, 4 orders: −$333.31
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$651.72
Costs to cover: 3.523%
Break-even: never at this rate

Slippage from Phoenix: live order book, 36 min ago; HTX: live order book, 44 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, 36 min ago	4.55 bp	20.8 bp −$21	67.5 bp −$675	doesn't fit	doesn't fit
Sell HTX live order book, 44 min ago	33.76 bp	171.9 bp −$172	doesn't fit	doesn't fit	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 +0.0032% / S −0.0030%	1h	0.5919	−0.258%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	+0.071%	$610	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5918	−0.270%	$410K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5917	−0.292%	$22K	$420K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5926	−0.136%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5922	−0.207%	$69K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5918	−0.278%	$29K	$308K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5923	−0.195%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5924	−0.174%	$26K	$581K	3x	as long as short
HTX PONS-USDTshort	+0.0100%	4h	0.5930	−0.071%	$65K	$526K	20x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.5923	−0.190%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0200%	1h	0.5919	−0.250%	$369	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0402%	4h	0.5916	−0.308%	$13.4M	$55.1M	20x	as long as short
Aster PONSUSDT	+0.0440%	4h	0.5918	−0.275%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0468%	4h	0.5921	−0.224%	$7.6M	$4.6M	20x	as long as short
Binance PONSUSDT	+0.0470%	4h	0.5918	−0.280%	$37.3M	$97.8M	20x	as long as short
Extended PONS-USD	+0.0472%	1h	0.5917	−0.286%	$101K	$806K	5x	as long as short
edgeX PONSUSDC	+0.0498%	4h	0.5922	−0.213%	$20K	$291K	10x	as long as short
Variational Omni PONS	+0.0529%	4h	0.5918	−0.267%	$1.4M	$4.1M	—	as long as short
Gate PONS_USDT	+0.0534%	4h	0.5920	−0.241%	$5.3M	$6.2M	20x	as long as short
Pacifica PONS	+0.0556%	1h	0.5919	−0.266%	$45K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0578%	4h	0.5919	−0.256%	$1.6M	$3.8M	20x	as long as short
Bybit PONSUSDT	+0.0614%	4h	0.5914	−0.342%	$17.5M	$31.2M	20x	as long as short
BingX PONS-USDT	+0.0650%	4h	0.5916	−0.308%	—	$3.0M	—	as long as short
Polymarket Perps PONS-USD	+0.0660%	1h	0.5927	−0.123%	$85K	$1.9M	3x	as long as short
Bitget PONSUSDT	+0.0676%	4h	0.5920	−0.243%	$4.7M	$12.2M	20x	as long as short
BloFin PONS-USDT	+0.0712%	4h	0.5922	−0.207%	$1.7M	$940K	20x	as long as short
Lighter PONS	+0.0856%	1h	0.5922	−0.201%	$1.6M	$791K	3x	as long as short
Hyperliquid PONS	+0.1009%	1h	0.5919	−0.264%	$60.1M	$29.5M	3x	as long as short
Phoenix PONSlong	+0.1472%	1h	0.5934	long leg	$45K	$127K	3x