Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0294%/8h= +32.2% APRpaid last 24h +0.086%

Price spread now: Bitget against Popdex−0.082%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$242as in the Price arb table

costs, in and out, $10k−$2322.316% of the position

Long on Popdex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.394%+$39 on $10k

Price spread, last 4 days (all we have)+0.123%+$12 · spread now −0.082%, 7d avg +0.020%

Together, before fees+0.517%+$52 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.102% cheaper against Popdex than usual: you would sell low and buy high (spread −0.082% now, against its 7-day average of +0.020%). If the spread goes back, that is −$10 on $10k: about 28 hours of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex PONSUSDT	0.5957	0.0096	pay 0.0012% / 1h	33m 00s	$21K	$424K	20x
Short	Bitget PONSUSDT	0.5952	0.0390	get 0.0195% / 4h	1h 33m	$4.6M	$11.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Popdex. 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 PopdexbpFee BitgetbpOrdersPrice spread, now −0.082%Rate

Funding earned: $61.74
Price spread: −0.082% → +0.020%: −$10.24
Slippage, 4 orders: −$213.2
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$180.1
Costs to cover: 2.316%
Break-even: 27.4 days

Slippage from Popdex: live order book, 31 min ago; Bitget: 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 Popdex live order book, 31 min ago	5.44 bp	102.3 bp −$102	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	2.68 bp	18.3 bp −$18	doesn't fit	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	0.5945	−0.196%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.210%	$614	$10K	5.5x	as long as short
Popdex PONSUSDTlong	+0.0096%	1h	0.5957	long leg	$21K	$424K	20x
ApeX Omni PONSUSDT	+0.0100%	1h	0.5958	+0.010%	$33K	$352K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5961	+0.062%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5952	−0.091%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5957	0.000%	$26K	$518K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5969	+0.200%	$64K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5958	+0.017%	$1.6M	$3.2M	20x	as long as short
Variational Omni PONS	+0.0142%	4h	0.5965	+0.140%	$1.4M	$3.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0168%	1h	0.5957	+0.003%	$418K	$2.5M	3x	as long as short
Nado PONS-PERP	+0.0185%	1h	0.5957	+0.001%	$70K	$129K	5x	as long as short
Lighter PONS	+0.0200%	1h	0.5957	+0.007%	$1.6M	$875K	3x	as long as short
Aevo PONS-PERP	+0.0200%	1h	0.5953	−0.070%	$371	—	3x	as long as short
Gate PONS_USDT	+0.0234%	4h	0.5957	0.000%	$5.2M	$6.2M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0283%	4h	0.5950	−0.118%	$13.6M	$53.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0374%	4h	0.5959	+0.030%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDTshort	+0.0390%	4h	0.5952	−0.082%	$4.6M	$11.3M	20x
Aster PONSUSDT	+0.0397%	4h	0.5952	−0.076%	$1.1M	$2.1M	20x	as long as short
Extended PONS-USD	+0.0464%	1h	0.5954	−0.045%	$246K	$670K	5x	as long as short
Binance PONSUSDT	+0.0467%	4h	0.5956	−0.017%	$39.0M	$93.9M	20x	as long as short
BingX PONS-USDT	+0.0470%	4h	0.5960	+0.050%	—	$3.0M	—	as long as short
MEXC PONS_USDT	+0.0472%	4h	0.5959	+0.034%	$7.6M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0475%	4h	0.5954	−0.057%	$18K	$293K	10x	as long as short
Bybit PONSUSDT	+0.0503%	4h	0.5953	−0.067%	$17.8M	$30.4M	20x	as long as short
Hyperliquid PONS	+0.0681%	1h	0.5957	+0.005%	$60.7M	$27.8M	3x	as long as short
BloFin PONS-USDT	+0.0707%	4h	0.5958	+0.017%	$1.7M	$948K	20x	as long as short
Pacifica PONS	+0.0755%	1h	0.5951	−0.098%	$47K	$72K	3x	as long as short
Polymarket Perps PONS-USD	+0.0797%	1h	0.5957	+0.005%	$48K	$1.6M	3x	as long as short
Phoenix PONS	+0.1639%	1h	0.5952	−0.084%	$31K	$98K	3x	as long as short