Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1595%/8h= −174.7% APRpaid last 24h −0.383%

Price spread now: Phemex against Phoenix−0.032%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$333as in the Funding arb table

Net, price: spread back to 7d avg − costs−$135as in the Price arb table

costs, in and out, $10k−$1301.303% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−2.025%−$203 on $10k

Price spread, last 3 days (all we have)+0.120%+$12 · spread now −0.032%, 7d avg +0.011%

Together, before fees−1.906%−$191 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$48 a day on $10k at the current rate, and Phemex is 0.042% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.6002	0.1695	pay 0.0212% / 1h	57m 11s	$31K	$98K	3x
Short	Phemex PONSUSDT	0.6000	0.0100	get 0.0050% / 4h	1h 57m	$1.6M	$3.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$335.04
Price spread: −0.032% → +0.011%: −$4.24
Slippage, 4 orders: −$111.35
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$469.64
Costs to cover: 1.303%
Break-even: never at this rate

Slippage from Phoenix: live order book, 44 min ago; Phemex: live order book, 1 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, 44 min ago	3.31 bp	16.5 bp −$16	51.7 bp −$517	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	9.13 bp	45.4 bp −$45	doesn't fit	doesn't fit	doesn't fit

PONS on 29 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	0.5995	−0.119%	$237K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.540%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6000	−0.032%	$20K	$423K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6048	+0.767%	$1.4M	$3.9M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6042	+0.670%	$33K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6007	+0.085%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6008	+0.095%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6000	−0.023%	$26K	$519K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6007	+0.078%	$64K	$508K	20x	as long as short
Phemex PONSUSDTshort	+0.0100%	4h	0.6000	−0.032%	$1.6M	$3.2M	20x

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0120%	1h	0.6000	−0.035%	$421K	$2.5M	3x	as long as short
Lighter PONS	+0.0152%	1h	0.6001	−0.018%	$1.7M	$871K	3x	as long as short
Aevo PONS-PERP	+0.0192%	1h	0.5998	−0.072%	$374	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0272%	4h	0.5998	−0.065%	$13.8M	$54.1M	20x	as long as short
Nado PONS-PERP	+0.0306%	1h	0.5998	−0.071%	$70K	$131K	5x	as long as short
KuCoin PONSUSDTM	+0.0326%	4h	0.6001	−0.010%	$1.7M	$3.6M	20x	as long as short
Bitget PONSUSDT	+0.0372%	4h	0.6002	+0.003%	$4.7M	$11.2M	20x	as long as short
Aster PONSUSDT	+0.0429%	4h	0.5994	−0.132%	$1.1M	$2.0M	20x	as long as short
BingX PONS-USDT	+0.0452%	4h	0.6002	+0.002%	—	$3.0M	—	as long as short
Binance PONSUSDT	+0.0453%	4h	0.6002	−0.004%	$39.2M	$93.6M	20x	as long as short
MEXC PONS_USDT	+0.0454%	4h	0.6001	−0.015%	$7.7M	$4.6M	20x	as long as short
Extended PONS-USD	+0.0456%	1h	0.5997	−0.076%	$249K	$670K	5x	as long as short
edgeX PONSUSDC	+0.0459%	4h	0.6058	+0.927%	$21K	$293K	10x	as long as short
Polymarket Perps PONS-USD	+0.0484%	1h	0.6002	+0.003%	$47K	$1.5M	3x	as long as short
Bybit PONSUSDT	+0.0508%	4h	0.5998	−0.065%	$17.9M	$30.3M	20x	as long as short
Hyperliquid PONS	+0.0575%	1h	0.6003	+0.023%	$61.2M	$27.8M	3x	as long as short
Pacifica PONS	+0.0755%	1h	0.5997	−0.083%	$47K	$72K	3x	as long as short
Gate PONS_USDT	+0.0810%	4h	0.6000	−0.032%	$5.3M	$6.1M	20x	as long as short
Phoenix PONSlong	+0.1695%	1h	0.6002	long leg	$31K	$98K	3x