Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0694%/8h= +76.0% APRpaid last 24h +0.160%

Price spread now: Hyperliquid against SunX−0.025%7-day average −0.031% · you buy dearer than you sell

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

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.466%+$47 on $10k

Price spread, last 4 days (all we have)−0.492%−$49 · spread now −0.025%, 7d avg −0.031%

Together, before fees−0.026%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.031%, so right now this pair is about funding alone: +$21 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.466% in total (about 24.3% 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	SunX PONS-USDT	0.5919	0.0100	pay 0.0050% / 4h	50m 35s	—	$1.3M	10x
Short	Hyperliquid PONS	0.5918	0.0794	get 0.0099% / 1h	50m 35s	$60.3M	$27.8M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against SunX. 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 SunXbpFee HyperliquidbpOrdersPrice spread, now −0.025%Rate

Funding earned: $145.67
Price spread: −0.025% → −0.031%: $0.52
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $129.19
Costs to cover: 0.170%
Break-even: 0.8 days

Slippage unknown: SunX: live order book, 3 min ago; Hyperliquid: live order book, 3 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 SunX live order book, 3 min ago	105.66 bp	124.1 bp −$124	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	0.08 bp	9.2 bp −$9	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 −0.0032%	1h	0.5907	−0.198%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.850%	$614	$10K	5.5x	as long as short
Lighter PONS	+0.0096%	1h	0.5916	−0.063%	$1.6M	$880K	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5913	−0.105%	$20K	$435K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5913	−0.105%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5933	+0.225%	$34K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5919	+0.003%	$2K	$3K	10x	as long as short
SunX PONS-USDTlong	+0.0100%	4h	0.5919	long leg	—	$1.3M	10x
SoDEX PONS-USD	+0.0100%	1h	0.5917	−0.044%	$26K	$524K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5916	−0.052%	$64K	$512K	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	0.5925	+0.098%	$1.6M	$3.2M	20x	as long as short
Variational Omni PONS	+0.0175%	4h	0.5914	−0.080%	$1.4M	$3.9M	—	as long as short
Aevo PONS-PERP	+0.0216%	1h	0.5914	−0.086%	$368	—	3x	as long as short
Lighter RH PONS	+0.0280%	1h	0.5915	−0.073%	$404K	$2.4M	3x	as long as short
Nado PONS-PERP	+0.0286%	1h	0.5919	−0.009%	$69K	$129K	5x	as long as short
OKX PONS-USDT-SWAP	+0.0335%	4h	0.5912	−0.122%	$13.4M	$53.9M	20x	as long as short
Aster PONSUSDT	+0.0387%	4h	0.5911	−0.142%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0444%	4h	0.5909	−0.172%	$4.6M	$11.4M	20x	as long as short
Bybit PONSUSDT	+0.0447%	4h	0.5908	−0.189%	$17.6M	$30.7M	20x	as long as short
BingX PONS-USDT	+0.0504%	4h	0.5911	−0.139%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0520%	1h	0.5909	−0.164%	$106K	$808K	5x	as long as short
MEXC PONS_USDT	+0.0522%	4h	0.5912	−0.122%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0524%	4h	0.5913	−0.105%	$38.9M	$94.8M	20x	as long as short
edgeX PONSUSDC	+0.0538%	4h	0.5923	+0.062%	$18K	$292K	10x	as long as short
KuCoin PONSUSDTM	+0.0544%	4h	0.5910	−0.162%	$1.6M	$3.7M	20x	as long as short
BloFin PONS-USDT	+0.0764%	4h	0.5918	−0.020%	$1.7M	$951K	20x	as long as short
Hyperliquid PONSshort	+0.0794%	1h	0.5918	−0.025%	$60.3M	$27.8M	3x
Pacifica PONS	+0.0859%	1h	0.5913	−0.109%	$47K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0909%	1h	0.5916	−0.051%	$67K	$1.6M	3x	as long as short
Phoenix PONS	+0.1736%	1h	0.5937	+0.294%	$31K	$104K	3x	as long as short