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: SunX against Phoenix−0.432%7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$485as in the Funding arb table

Net, price: spread back to 7d avg − costs−$330as in the Price arb table

costs, in and out, $10k−$2812.814% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−2.041%−$204 on $10k

Price spread, last 3 days (all we have)+0.521%+$52 · spread now −0.432%, 7d avg +0.053%

Together, before fees−1.520%−$152 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 SunX is 0.485% cheaper against Phoenix than usual: you would sell low and buy high (−$49 if the spread goes back to its 7-day average of +0.053%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.6060	0.1695	pay 0.0212% / 1h	58m 34s	$31K	$98K	3x
Short	SunX PONS-USDT	0.6034	0.0100	get 0.0050% / 4h	1h 58m	—	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.432%Rate

Funding earned: −$335.04
Price spread: −0.432% → +0.053%: −$48.51
Slippage, 4 orders: −$266.35
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$664.9
Costs to cover: 2.814%
Break-even: never at this rate

Slippage from Phoenix: live order book, 43 min ago; SunX: live order book, 6 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, 43 min ago	3.31 bp	16.5 bp −$16	51.7 bp −$517	doesn't fit	doesn't fit
Sell SunX live order book, 6 min ago	104.44 bp	124.9 bp −$125	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	0.6026	−0.576%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.502%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6029	−0.520%	$20K	$423K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6048	−0.207%	$1.4M	$3.9M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6068	+0.129%	$33K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6045	−0.256%	$2K	$3K	10x	as long as short
SunX PONS-USDTshort	+0.0100%	4h	0.6034	−0.432%	—	$1.3M	10x
SoDEX PONS-USD	+0.0100%	1h	0.6036	−0.404%	$26K	$519K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6058	−0.040%	$64K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6037	−0.388%	$1.6M	$3.2M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps PONS-USD	+0.0106%	1h	0.6037	−0.383%	$48K	$1.5M	3x	as long as short
Lighter RH PONS	+0.0136%	1h	0.6033	−0.452%	$424K	$2.5M	3x	as long as short
Lighter PONS	+0.0176%	1h	0.6038	−0.371%	$1.7M	$871K	3x	as long as short
Aevo PONS-PERP	+0.0192%	1h	0.6037	−0.383%	$376	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0270%	4h	0.6018	−0.701%	$13.8M	$54.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0320%	4h	0.6033	−0.460%	$1.7M	$3.6M	20x	as long as short
Bitget PONSUSDT	+0.0372%	4h	0.6029	−0.521%	$4.7M	$11.2M	20x	as long as short
Aster PONSUSDT	+0.0429%	4h	0.6033	−0.453%	$1.1M	$2.0M	20x	as long as short
BingX PONS-USDT	+0.0438%	4h	0.6028	−0.536%	—	$3.0M	—	as long as short
MEXC PONS_USDT	+0.0454%	4h	0.6031	−0.487%	$7.7M	$4.6M	20x	as long as short
Binance PONSUSDT	+0.0455%	4h	0.6030	−0.503%	$39.4M	$93.6M	20x	as long as short
Extended PONS-USD	+0.0456%	1h	0.6029	−0.527%	$250K	$670K	5x	as long as short
edgeX PONSUSDC	+0.0459%	4h	0.6058	−0.049%	$21K	$293K	10x	as long as short
Bybit PONSUSDT	+0.0533%	4h	0.6026	−0.569%	$18.0M	$30.3M	20x	as long as short
Hyperliquid PONS	+0.0593%	1h	0.6041	−0.327%	$61.6M	$27.8M	3x	as long as short
Pacifica PONS	+0.0755%	1h	0.6032	−0.465%	$48K	$72K	3x	as long as short
Gate PONS_USDT	+0.0856%	4h	0.6029	−0.520%	$5.3M	$6.1M	20x	as long as short
Nado PONS-PERP	+0.1018%	1h	0.6038	−0.371%	$71K	$131K	5x	as long as short
Phoenix PONSlong	+0.1695%	1h	0.6060	long leg	$31K	$98K	3x