Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0820%/8h= −89.8% APRpaid last 24h −0.318%

Price spread now: KuCoin against Phoenix−0.029%48s7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$275as 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−$960.963% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−1.788%−$179 on $10k

Price spread, last 4 days (all we have)+0.065%+$7 · spread now −0.029%, 7d avg −0.026%

Together, before fees−1.723%−$172 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: −$25 a day on $10k at the current rate. The two prices were read 48 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	0.5912	0.1472	pay 0.0184% / 1h	46m 34s	$45K	$127K	3x
Short	KuCoin PONSUSDTM	0.5910	0.0652	get 0.0326% / 4h	1h 46m	$1.6M	$3.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$172.27
Price spread: −0.029% → −0.026%: −$0.25
Slippage, 4 orders: −$77.26
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$268.78
Costs to cover: 0.963%
Break-even: never at this rate

Slippage from Phoenix: live order book, 54 min ago; KuCoin: live order book, 11 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, 54 min ago	4.06 bp	19.1 bp −$19	61.3 bp −$613	doesn't fit	doesn't fit
Sell KuCoin live order book, 11 min ago	2.29 bp	26.4 bp −$26	115.5 bp −$1,155	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 +0.0033% / S −0.0032%	1h	0.5903	−0.145%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.976%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5908	−0.066%	$404K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5907	−0.081%	$21K	$420K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5915	+0.058%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5915	+0.054%	$69K	$131K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5908	−0.066%	$29K	$320K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5909	−0.039%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5910	−0.022%	$25K	$586K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5918	+0.101%	$64K	$525K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.5912	+0.003%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0224%	1h	0.5913	+0.012%	$368	—	3x	as long as short
Gate PONS_USDT	+0.0272%	4h	0.5907	−0.081%	$5.3M	$6.3M	20x	as long as short
Hyperliquid PONS	+0.0296%	1h	0.5907	−0.076%	$60.0M	$29.6M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0413%	4h	0.5906	−0.098%	$13.4M	$55.7M	20x	as long as short
Polymarket Perps PONS-USD	+0.0450%	1h	0.5907	−0.074%	$91K	$1.9M	3x	as long as short
Aster PONSUSDT	+0.0466%	4h	0.5907	−0.076%	$1.1M	$2.2M	20x	as long as short
Extended PONS-USD	+0.0552%	1h	0.5906	−0.097%	$101K	$811K	5x	as long as short
MEXC PONS_USDT	+0.0552%	4h	0.5907	−0.081%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0554%	4h	0.5907	−0.088%	$37.1M	$98.6M	20x	as long as short
Pacifica PONS	+0.0556%	1h	0.5908	−0.062%	$45K	$68K	3x	as long as short
edgeX PONSUSDC	+0.0571%	4h	0.5914	+0.040%	$20K	$295K	10x	as long as short
Variational Omni PONS	+0.0644%	4h	0.5912	−0.005%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTMshort	+0.0652%	4h	0.5910	−0.029%	$1.6M	$3.8M	20x
Bitget PONSUSDT	+0.0660%	4h	0.5907	−0.074%	$4.7M	$12.2M	20x	as long as short
BloFin PONS-USDT	+0.0794%	4h	0.5912	+0.003%	$1.7M	$958K	20x	as long as short
Lighter PONS	+0.0800%	1h	0.5910	−0.027%	$1.6M	$828K	3x	as long as short
BingX PONS-USDT	+0.0806%	4h	0.5902	−0.166%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0816%	4h	0.5905	−0.115%	$17.6M	$31.4M	20x	as long as short
Phoenix PONSlong	+0.1472%	1h	0.5912	long leg	$45K	$127K	3x