Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0779%/8h= +85.3% APRpaid last 24h +0.023%

Price spread now: BloFin against Polymarket Perps+0.357%45s7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1as 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−$410.411% of the position

Long on Polymarket Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.397%+$40 on $10k

Price spread, last 4 days (all we have)+0.165%+$17 · spread now +0.357%, 7d avg +0.034%

Together, before fees+0.562%+$56 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and BloFin is 0.322% dearer against Polymarket Perps than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of +0.034%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.397% in total (about 20.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps PONS-USD	0.6169	0.0100	pay 0.0013% / 1h	31m 48s	$72K	$2.2M	3x
Short	BloFin PONS-USDT	0.6191	0.0879	get 0.0440% / 4h	3h 31m	$1.8M	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Polymarket Perps. 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 Polymarket PerpsbpFee BloFinbpOrdersPrice spread, now +0.357%Rate

Funding earned: $163.67
Price spread: +0.357% → +0.034%: $32.23
Slippage, 4 orders: −$21.1
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: $154.8
Costs to cover: 0.411%
Break-even: 0.4 days

Slippage from Polymarket Perps: live order book, 32 min ago; BloFin: 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 Polymarket Perps live order book, 32 min ago	0.81 bp	8.7 bp −$9	9.0 bp −$90	doesn't fit	doesn't fit
Sell BloFin live order book, 1 min ago	1.62 bp	15.6 bp −$16	34.9 bp −$349	102.4 bp −$10.2K	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 +0.0032% / S −0.0030%	1h	0.6168	−0.013%	$241K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−3.736%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6180	+0.178%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6171	+0.035%	$72K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6239	+1.130%	$31K	$291K	5x	as long as short
Polymarket Perps PONS-USDlong	+0.0100%	1h	0.6169	long leg	$72K	$2.2M	3x
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6179	+0.167%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6182	+0.207%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6180	+0.172%	$26K	$622K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6195	+0.426%	$66K	$527K	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	0.6178	+0.146%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6175	+0.103%	$385	—	3x	as long as short
Hyperliquid PONS	+0.0310%	1h	0.6183	+0.235%	$63.3M	$30.7M	3x	as long as short
Lighter RH PONS	+0.0376%	1h	0.6182	+0.214%	$418K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0408%	4h	0.6187	+0.292%	$14.2M	$60.7M	20x	as long as short
Aster PONSUSDT	+0.0428%	4h	0.6177	+0.133%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0474%	4h	0.6181	+0.195%	$1.7M	$4.1M	20x	as long as short
Lighter PONS	+0.0544%	1h	0.6183	+0.232%	$1.7M	$868K	3x	as long as short
Variational Omni PONS	+0.0577%	4h	0.6231	+1.013%	$1.6M	$4.4M	—	as long as short
Extended PONS-USD	+0.0632%	1h	0.6180	+0.175%	$104K	$827K	5x	as long as short
Binance PONSUSDT	+0.0634%	4h	0.6188	+0.302%	$40.5M	$104.3M	20x	as long as short
MEXC PONS_USDT	+0.0638%	4h	0.6185	+0.259%	$7.9M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0651%	4h	0.6214	+0.722%	$20K	$292K	10x	as long as short
Bitget PONSUSDT	+0.0718%	4h	0.6192	+0.371%	$5.0M	$13.2M	20x	as long as short
Gate PONS_USDT	+0.0728%	4h	0.6182	+0.211%	$5.4M	$6.4M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6178	+0.149%	$46K	$77K	3x	as long as short
BloFin PONS-USDTshort	+0.0879%	4h	0.6191	+0.357%	$1.8M	$1.1M	20x
Bybit PONSUSDT	+0.1034%	4h	0.6187	+0.292%	$18.7M	$33.1M	20x	as long as short
BingX PONS-USDT	+0.1064%	4h	0.6184	+0.243%	—	$3.2M	—	as long as short
Phoenix PONS	+0.1714%	1h	0.6208	+0.639%	$47K	$159K	3x	as long as short