PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0764%/8h= −83.6% APRnext payment −$0.95 per $10,000 · paid last 24h −0.220%

Price spread now: Hyperliquid against Phoenix−0.159%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−1.603%−$160 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$23 a day on $10k at the current rate, and Hyperliquid is 0.159% cheaper against Phoenix than usual: you would sell low and buy high (−$16 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.5992	0.1398	pay 0.0175% / 1h	38m 51s	$30K	$96K	3x
Short	Hyperliquid PONS	0.5982	0.0634	get 0.0079% / 1h	38m 51s	$60.3M	$29.9M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.159%Rate

Funding earned: −$160.4
Price spread: −0.159% → 0.000%: −$15.85
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$192.26
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Hyperliquid: live order book, 5 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 Phoenix no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 5 min ago	0.08 bp	14.4 bp −$14	doesn't fit	doesn't fit	doesn't fit

Phoenix: 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 +0.0032% / S −0.0034%	1h	0.5978	−0.231%	$219K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5920	−1.208%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5986	−0.100%	$16K	$433K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5970	−0.367%	$17.8M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5969	−0.384%	$13.5M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5980	−0.207%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5978	−0.230%	$4.7M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5973	−0.312%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5981	−0.182%	$35K	$345K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5988	−0.060%	$3K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5989	−0.055%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5982	−0.167%	$27K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5992	+0.002%	$64K	$506K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5978	−0.234%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5981	−0.178%	$373	—	3x	as long as short
Aster PONSUSDT	+0.0161%	4h	0.5979	−0.215%	$1.1M	$2.2M	20x	as long as short
BingX PONS-USDT	+0.0174%	4h	0.5972	−0.334%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0178%	4h	0.5981	−0.183%	$21K	$292K	10x	as long as short
MEXC PONS_USDT	+0.0182%	4h	0.5979	−0.217%	$7.7M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0182%	4h	0.5975	−0.279%	$38.9M	$97.7M	20x	as long as short
Extended PONS-USD	+0.0184%	1h	0.5978	−0.234%	$248K	$667K	5x	as long as short
Nado PONS-PERP	+0.0236%	1h	0.5986	−0.097%	$91K	$103K	5x	as long as short
BloFin PONS-USDT	+0.0422%	4h	0.5982	−0.167%	$1.7M	$984K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5986	−0.098%	$47K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0508%	1h	0.5986	−0.097%	$37K	$1.7M	3x	as long as short
Lighter RH PONS	+0.0592%	1h	0.5987	−0.083%	$424K	$2.6M	3x	as long as short
Hyperliquid PONSshort	+0.0634%	1h	0.5982	−0.159%	$60.3M	$29.9M	3x
Lighter PONS	+0.0888%	1h	0.5983	−0.150%	$1.7M	$985K	3x	as long as short
Phoenix PONSlong	+0.1398%	1h	0.5992	long leg	$30K	$96K	3x
Gate PONS_USDT	+0.1406%	4h	0.5974	−0.300%	$5.2M	$6.5M	20x	as long as short