Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0477%/8h= +52.2% APRpaid last 24h +0.075%

Price spread now: Variational Omni against SoDEX+0.761%7-day average +0.003% · you sell dearer than you buy

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

Long on SoDEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.144%+$14 on $10k

Price spread, last 4 days (all we have)−1.079%−$108 · spread now +0.761%, 7d avg +0.003%

Together, before fees−0.935%+ Points / potential airdropVariational Omni: Active · farm board−$94 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 0.758% dearer against SoDEX than usual: you sell high and buy low: +$76 more if the spread goes back to its 7-day average of +0.003%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.144% in total (about 15.0% 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	SoDEX PONS-USD	0.6184	0.0100	pay 0.0013% / 1h	32m 30s	$26K	$622K	3x
Short	Variational Omni PONS	0.6231	0.0577	get 0.0288% / 4h	3h 32m	$1.6M	$4.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against SoDEX. 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 SoDEXbpFee Variational OmnibpOrdersPrice spread, now +0.761%Rate

Funding earned: $100.13
Price spread: +0.761% → +0.003%: $75.85
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $167.97
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SoDEX: live order book, 1 min ago; Variational Omni: RFQ quote, 2 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 SoDEX live order book, 1 min ago	0.81 bp	59.7 bp −$60	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	4.83 bp	doesn't fit	38.7 bp −$387	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 +0.0032% / S −0.0030%	1h	0.6178	−0.108%	$241K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−3.976%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6180	−0.071%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6171	−0.214%	$72K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6239	+0.878%	$31K	$291K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6177	−0.128%	$72K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6192	+0.120%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6184	−0.002%	—	$1.2M	10x	as long as short
SoDEX PONS-USDlong	+0.0100%	1h	0.6184	long leg	$26K	$622K	3x
HTX PONS-USDT	+0.0100%	4h	0.6197	+0.209%	$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	0.6185	+0.010%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6188	+0.050%	$385	—	3x	as long as short
Hyperliquid PONS	+0.0304%	1h	0.6181	−0.049%	$63.3M	$30.7M	3x	as long as short
Lighter RH PONS	+0.0376%	1h	0.6183	−0.023%	$418K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0408%	4h	0.6161	−0.378%	$14.2M	$60.4M	20x	as long as short
Aster PONSUSDT	+0.0428%	4h	0.6177	−0.114%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0474%	4h	0.6182	−0.040%	$1.6M	$4.1M	20x	as long as short
Variational Omni PONSshort	+0.0577%	4h	0.6231	+0.761%	$1.6M	$4.4M	—
Lighter PONS	+0.0584%	1h	0.6185	+0.016%	$1.7M	$868K	3x	as long as short
Binance PONSUSDT	+0.0634%	4h	0.6179	−0.087%	$40.5M	$104.2M	20x	as long as short
MEXC PONS_USDT	+0.0638%	4h	0.6180	−0.071%	$7.9M	$4.7M	20x	as long as short
Extended PONS-USD	+0.0640%	1h	0.6176	−0.135%	$104K	$827K	5x	as long as short
edgeX PONSUSDC	+0.0651%	4h	0.6214	+0.471%	$20K	$292K	10x	as long as short
Bitget PONSUSDT	+0.0718%	4h	0.6182	−0.039%	$5.0M	$13.2M	20x	as long as short
Gate PONS_USDT	+0.0728%	4h	0.6180	−0.071%	$5.4M	$6.4M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6178	−0.101%	$46K	$77K	3x	as long as short
BloFin PONS-USDT	+0.0879%	4h	0.6191	+0.107%	$1.8M	$1.1M	20x	as long as short
Bybit PONSUSDT	+0.1034%	4h	0.6178	−0.103%	$18.6M	$33.1M	20x	as long as short
BingX PONS-USDT	+0.1064%	4h	0.6174	−0.168%	—	$3.2M	—	as long as short
Phoenix PONS	+0.1714%	1h	0.6208	+0.388%	$47K	$159K	3x	as long as short