Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Phemex against Popdex−0.049%7-day average −0.010% · 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−$257as in the Price arb table

costs, in and out, $10k−$2532.528% of the position

Long on Popdex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.019%+$2 on $10k

Price spread, last 3 days (all we have)+0.181%+$18 · spread now −0.049%, 7d avg −0.010%

Together, before fees+0.200%+$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.039% cheaper against Popdex than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex PONSUSDT	0.6120	0.0096	pay 0.0012% / 1h	18m 46s	$20K	$433K	20x
Short	Phemex PONSUSDT	0.6117	0.0100	get 0.0050% / 4h	18m 46s	$1.7M	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.049%Rate

Funding earned: $0.84
Price spread: −0.049% → −0.010%: −$3.91
Slippage, 4 orders: −$234.44
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$255.91
Costs to cover: 2.528%
Break-even: 2139.6 days

Slippage from Popdex: live order book, 60 min ago; Phemex: live order book, 5 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, 60 min ago	10.77 bp	85.9 bp −$86	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	3.27 bp	38.9 bp −$39	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.459%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6111	−0.148%	$242K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6115	−0.082%	$427K	$2.6M	3x	as long as short
Popdex PONSUSDTlong	+0.0096%	1h	0.6120	long leg	$20K	$433K	20x
Nado PONS-PERP	+0.0100%	1h	0.6119	−0.016%	$88K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6112	−0.131%	$18.4M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6111	−0.147%	$14.0M	$58.0M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6129	+0.142%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6131	+0.188%	$34K	$360K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6125	+0.083%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.6122	+0.031%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6117	−0.049%	$28K	$545K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6130	+0.163%	$65K	$510K	20x	as long as short
Phemex PONSUSDTshort	+0.0100%	4h	0.6117	−0.049%	$1.7M	$3.3M	20x
KuCoin PONSUSDTM	+0.0128%	4h	0.6116	−0.060%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0158%	4h	0.6115	−0.083%	$4.7M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6122	+0.033%	$381	—	3x	as long as short
Aster PONSUSDT	+0.0164%	4h	0.6119	−0.022%	$1.1M	$2.2M	20x	as long as short
BingX PONS-USDT	+0.0306%	4h	0.6115	−0.082%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0309%	4h	0.6115	−0.084%	$21K	$293K	10x	as long as short
Binance PONSUSDT	+0.0312%	4h	0.6116	−0.067%	$40.1M	$98.3M	20x	as long as short
MEXC PONS_USDT	+0.0318%	4h	0.6117	−0.049%	$8.0M	$4.9M	20x	as long as short
Extended PONS-USD	+0.0320%	1h	0.6116	−0.067%	$253K	$682K	5x	as long as short
Lighter PONS	+0.0344%	1h	0.6114	−0.098%	$1.7M	$923K	3x	as long as short
BloFin PONS-USDT	+0.0559%	4h	0.6116	−0.065%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0646%	1h	0.6120	−0.007%	$42K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0857%	1h	0.6113	−0.109%	$62.3M	$30.0M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6118	−0.029%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6133	+0.206%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2472%	4h	0.6112	−0.131%	$5.3M	$6.3M	20x	as long as short