PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.1123%/8h= +122.9% APRnext payment +$1.40 per $10,000 · paid last 24h +0.247%

Price spread now: Phoenix against Polymarket Perps−0.193%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs+$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$610.611% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.481%+$148 on $10k

Price spread, last 4 days (all we have)+0.076%+$8 · spread now −0.193%, 7d avg +0.007%

Together, before fees+1.557%+$156 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.200% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.193% now, against its 7-day average of +0.007%). If the spread goes back, that is −$20 on $10k: about 14 hours of funding at the current rate (+$34 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps PONS-USD	0.6372	0.0545	pay 0.0068% / 1h	18m 46s	$74K	$2.2M	3x
Short	Phoenix PONS	0.6360	0.1668	get 0.0208% / 1h	18m 46s	$48K	$162K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.193%Rate

Funding earned: $235.77
Price spread: −0.193% → +0.007%: −$19.96
Slippage, 4 orders: −$46.13
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $154.67
Costs to cover: 0.611%
Break-even: 2.4 days

Slippage from Polymarket Perps: live order book, 3 min ago; Phoenix: live order book, 27 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, 3 min ago	2.67 bp	11.1 bp −$11	5322.4 bp −$53.2K	doesn't fit	doesn't fit
Sell Phoenix live order book, 27 min ago	4.46 bp	21.0 bp −$21	71.5 bp −$715	doesn't fit	doesn't fit

PONS on 30 exchanges

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	0.6357	−0.238%	$250K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−6.802%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6359	−0.202%	$24K	$407K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6357	−0.236%	$74K	$127K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6368	−0.055%	$32K	$280K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6368	−0.061%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6354	−0.273%	—	$947K	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6368	−0.069%	$27K	$634K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6354	−0.276%	$67K	$532K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6366	−0.093%	$1.7M	$3.2M	20x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0264%	1h	0.6367	−0.076%	$397	—	3x	as long as short
Hyperliquid PONS	+0.0328%	1h	0.6373	+0.013%	$65.4M	$31.1M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0435%	4h	0.6368	−0.061%	$14.5M	$60.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0472%	4h	0.6371	−0.006%	$1.8M	$4.2M	20x	as long as short
Lighter RH PONS	+0.0504%	1h	0.6368	−0.061%	$469K	$2.7M	3x	as long as short
Aster PONSUSDT	+0.0530%	4h	0.6369	−0.047%	$1.2M	$2.2M	20x	as long as short
Polymarket Perps PONS-USDlong	+0.0545%	1h	0.6372	long leg	$74K	$2.2M	3x
Variational Omni PONS	+0.0661%	4h	0.6362	−0.152%	$1.6M	$4.3M	—	as long as short
Lighter PONS	+0.0672%	1h	0.6369	−0.044%	$1.8M	$874K	3x	as long as short
Extended PONS-USD	+0.0704%	1h	0.6367	−0.076%	$180K	$882K	5x	as long as short
Binance PONSUSDT	+0.0707%	4h	0.6373	+0.022%	$42.0M	$102.0M	20x	as long as short
MEXC PONS_USDT	+0.0716%	4h	0.6367	−0.077%	$8.0M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0731%	4h	0.6366	−0.093%	$19K	$294K	10x	as long as short
Bitget PONSUSDT	+0.0756%	4h	0.6374	+0.031%	$5.2M	$13.6M	20x	as long as short
BingX PONS-USDT	+0.0808%	4h	0.6364	−0.124%	—	$3.1M	—	as long as short
Pacifica PONS	+0.0810%	1h	0.6354	−0.285%	$46K	$77K	3x	as long as short
Bybit PONSUSDT	+0.0811%	4h	0.6368	−0.061%	$19.4M	$32.8M	20x	as long as short
BloFin PONS-USDT	+0.0947%	4h	0.6364	−0.124%	$1.9M	$1.1M	20x	as long as short
Gate PONS_USDT	+0.1496%	4h	0.6361	−0.171%	$5.5M	$6.6M	20x	as long as short
Phoenix PONSshort	+0.1668%	1h	0.6360	−0.193%	$48K	$162K	3x