Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1489%/8h= −163.1% APRpaid last 24h −0.353%

Price spread now: OKX against Phoenix−0.198%106s7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$234as 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−$570.572% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.768%−$177 on $10k

Price spread, last 4 days (all we have)−0.183%−$18 · spread now −0.198%, 7d avg −0.026%

Together, before fees−1.952%−$195 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$45 a day on $10k at the current rate, and OKX is 0.172% cheaper against Phoenix than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.026%). Swap the legs. The two prices were read 106 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	0.6064	0.1695	pay 0.0212% / 1h	43m 44s	$31K	$107K	3x
Short	OKX PONS-USDT-SWAP	0.6052	0.0206	get 0.0103% / 4h	2h 43m	$13.9M	$55.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.198%Rate

Funding earned: −$312.73
Price spread: −0.198% → −0.026%: −$17.21
Slippage, 4 orders: −$40.2
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$387.14
Costs to cover: 0.572%
Break-even: never at this rate

Slippage from Phoenix: live order book, 64 min ago; OKX: live order book, 5 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, 64 min ago	3.14 bp	15.7 bp −$16	48.9 bp −$489	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.83 bp	14.4 bp −$14	32.5 bp −$325	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 −0.0033%	1h	0.6035	−0.473%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.558%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6038	−0.429%	$20K	$423K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6019	−0.741%	$1.4M	$4.1M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6030	−0.567%	$33K	$353K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6041	−0.376%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6041	−0.381%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6049	−0.247%	$26K	$530K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6058	−0.096%	$64K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6048	−0.264%	$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
Aevo PONS-PERP	+0.0176%	1h	0.6038	−0.433%	$376	—	3x	as long as short
OKX PONS-USDT-SWAPshort	+0.0206%	4h	0.6052	−0.198%	$13.9M	$55.9M	20x
KuCoin PONSUSDTM	+0.0218%	4h	0.6057	−0.120%	$1.7M	$3.7M	20x	as long as short
Bybit PONSUSDT	+0.0261%	4h	0.6048	−0.264%	$18.2M	$30.9M	20x	as long as short
Nado PONS-PERP	+0.0293%	1h	0.6034	−0.487%	$71K	$132K	5x	as long as short
Bitget PONSUSDT	+0.0294%	4h	0.6058	−0.092%	$4.7M	$11.3M	20x	as long as short
Lighter RH PONS	+0.0304%	1h	0.6058	−0.099%	$423K	$2.5M	3x	as long as short
Aster PONSUSDT	+0.0332%	4h	0.6037	−0.439%	$1.1M	$2.0M	20x	as long as short
Lighter PONS	+0.0336%	1h	0.6057	−0.119%	$1.7M	$883K	3x	as long as short
MEXC PONS_USDT	+0.0390%	4h	0.6060	−0.066%	$7.8M	$4.7M	20x	as long as short
BingX PONS-USDT	+0.0390%	4h	0.6056	−0.132%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0392%	1h	0.6054	−0.157%	$250K	$682K	5x	as long as short
Binance PONSUSDT	+0.0402%	4h	0.6057	−0.115%	$39.7M	$95.9M	20x	as long as short
edgeX PONSUSDC	+0.0411%	4h	0.6023	−0.675%	$21K	$293K	10x	as long as short
BloFin PONS-USDT	+0.0646%	4h	0.6065	+0.016%	$1.8M	$984K	20x	as long as short
Gate PONS_USDT	+0.0688%	4h	0.6044	−0.330%	$5.3M	$6.1M	20x	as long as short
Hyperliquid PONS	+0.0737%	1h	0.6063	−0.012%	$61.7M	$28.7M	3x	as long as short
Polymarket Perps PONS-USD	+0.0791%	1h	0.6036	−0.458%	$46K	$1.6M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6059	−0.078%	$48K	$75K	3x	as long as short
Phoenix PONSlong	+0.1695%	1h	0.6064	long leg	$31K	$107K	3x