Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0480%/8h= +52.5% APRpaid last 24h +0.076%

Price spread now: Variational Omni against Popdex+0.426%7-day average −0.057% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Popdex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.142%+$14 on $10k

Price spread, last 4 days (all we have)−2.056%−$206 · spread now +0.426%, 7d avg −0.057%

Together, before fees−1.914%+ Points / potential airdropVariational Omni: Active · farm board−$191 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Variational Omni is 0.483% dearer against Popdex than usual: you sell high and buy low: +$48 more if the spread goes back to its 7-day average of −0.057%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.142% in total (about 14.6% 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	Popdex PONSUSDT	0.5887	0.0096	pay 0.0012% / 1h	34m 33s	$21K	$418K	20x
Short	Variational Omni PONS	0.5912	0.0576	get 0.0288% / 4h	2h 34m	$1.4M	$4.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.426%Rate

Funding earned: $100.72
Price spread: +0.426% → −0.057%: $48.34
Slippage, 4 orders: no order book: not counted
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $142.65
Costs to cover: 0.064%
Break-even: from the start

Slippage unknown: Popdex: live order book, 14 min ago; Variational Omni: RFQ quote, 5 min ago. Net counts fees only.

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, 14 min ago	7.57 bp	85.1 bp −$85	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	5.09 bp	doesn't fit	39.0 bp −$390	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 −0.0032%	1h	0.5925	+0.639%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+1.401%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5914	+0.460%	$413K	$2.6M	3x	as long as short
Popdex PONSUSDTlong	+0.0096%	1h	0.5887	long leg	$21K	$418K	20x
Nado PONS-PERP	+0.0100%	1h	0.5890	+0.046%	$69K	$130K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5899	+0.204%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5901	+0.234%	$29K	$334K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5947	+1.016%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5931	+0.749%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5937	+0.841%	$26K	$547K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5946	+1.004%	$64K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5937	+0.849%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5927	+0.682%	$369	—	3x	as long as short
Hyperliquid PONS	+0.0237%	1h	0.5907	+0.343%	$60.1M	$29.2M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0374%	4h	0.5882	−0.085%	$13.3M	$54.4M	20x	as long as short
Aster PONSUSDT	+0.0491%	4h	0.5897	+0.171%	$1.1M	$2.2M	20x	as long as short
Bitget PONSUSDT	+0.0572%	4h	0.5896	+0.156%	$4.7M	$11.8M	20x	as long as short
Variational Omni PONSshort	+0.0576%	4h	0.5912	+0.426%	$1.4M	$4.1M	—
MEXC PONS_USDT	+0.0606%	4h	0.5901	+0.238%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0608%	4h	0.5891	+0.068%	$38.4M	$94.9M	20x	as long as short
Lighter PONS	+0.0608%	1h	0.5913	+0.442%	$1.6M	$886K	3x	as long as short
Extended PONS-USD	+0.0608%	1h	0.5903	+0.267%	$106K	$807K	5x	as long as short
edgeX PONSUSDC	+0.0610%	4h	0.5909	+0.380%	$20K	$295K	10x	as long as short
Pacifica PONS	+0.0715%	1h	0.5904	+0.284%	$46K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0748%	4h	0.5912	+0.428%	$1.6M	$3.8M	20x	as long as short
BingX PONS-USDT	+0.0766%	4h	0.5898	+0.187%	—	$3.0M	—	as long as short
Polymarket Perps PONS-USD	+0.0804%	1h	0.5935	+0.822%	$111K	$1.7M	3x	as long as short
BloFin PONS-USDT	+0.0848%	4h	0.5939	+0.883%	$1.7M	$946K	20x	as long as short
Bybit PONSUSDT	+0.0869%	4h	0.5885	−0.034%	$17.6M	$31.0M	20x	as long as short
Phoenix PONS	+0.1719%	1h	0.5887	−0.003%	$45K	$121K	3x	as long as short