Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1508%/8h= +165.1% APRpaid last 24h +0.387%

Price spread now: Phoenix against SunX+0.371%69s7-day average −0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2812.806% of the position

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+2.035%+$204 on $10k

Price spread, last 3 days (all we have)−0.540%−$54 · spread now +0.371%, 7d avg −0.052%

Together, before fees+1.495%+$149 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$45 a day on $10k at the current rate, and Phoenix is 0.423% dearer against SunX than usual: you sell high and buy low: +$42 more if the spread goes back to its 7-day average of −0.052%. The two prices were read 69 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PONS-USDT	0.6113	0.0100	pay 0.0050% / 4h	3h 05m	—	$1.3M	10x
Short	Phoenix PONS	0.6136	0.1608	get 0.0201% / 1h	5m 52s	$32K	$113K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.371%Rate

Funding earned: $316.67
Price spread: +0.371% → −0.052%: $42.34
Slippage, 4 orders: −$265.62
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $78.4
Costs to cover: 2.806%
Break-even: 5.3 days

Slippage from SunX: live order book, 8 min ago; Phoenix: live order book, 42 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 SunX live order book, 8 min ago	105.11 bp	123.9 bp −$124	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 42 min ago	3.14 bp	15.9 bp −$16	51.5 bp −$515	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	0.6102	−0.183%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.352%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6119	+0.093%	$20K	$414K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6105	−0.130%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6122	+0.149%	$34K	$356K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6115	+0.031%	$2K	$3K	10x	as long as short
SunX PONS-USDTlong	+0.0100%	4h	0.6113	long leg	—	$1.3M	10x
SoDEX PONS-USD	+0.0100%	1h	0.6109	−0.067%	$26K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6118	+0.072%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6107	−0.103%	$1.7M	$3.2M	20x	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	+0.0160%	1h	0.6111	−0.039%	$433K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.6111	−0.035%	$381	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0214%	4h	0.6086	−0.447%	$14.0M	$56.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0224%	4h	0.6092	−0.344%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0282%	4h	0.6085	−0.461%	$4.8M	$11.3M	20x	as long as short
Aster PONSUSDT	+0.0342%	4h	0.6106	−0.125%	$1.1M	$2.0M	20x	as long as short
Extended PONS-USD	+0.0392%	1h	0.6092	−0.346%	$253K	$677K	5x	as long as short
edgeX PONSUSDC	+0.0393%	4h	0.6136	+0.366%	$21K	$292K	10x	as long as short
MEXC PONS_USDT	+0.0394%	4h	0.6086	−0.447%	$7.9M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0394%	4h	0.6088	−0.414%	$40.1M	$96.1M	20x	as long as short
Lighter PONS	+0.0480%	1h	0.6111	−0.039%	$1.7M	$946K	3x	as long as short
BingX PONS-USDT	+0.0588%	4h	0.6087	−0.430%	—	$3.1M	—	as long as short
Nado PONS-PERP	+0.0589%	1h	0.6120	+0.105%	$106K	$115K	5x	as long as short
Bybit PONSUSDT	+0.0607%	4h	0.6086	−0.447%	$18.4M	$30.8M	20x	as long as short
BloFin PONS-USDT	+0.0634%	4h	0.6147	+0.551%	$1.8M	$999K	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6124	+0.183%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USD	+0.0801%	1h	0.6117	+0.064%	$45K	$1.6M	3x	as long as short
Hyperliquid PONS	+0.0858%	1h	0.6087	−0.427%	$61.9M	$28.9M	3x	as long as short
Gate PONS_USDT	+0.1530%	4h	0.6082	−0.512%	$5.3M	$6.2M	20x	as long as short
Phoenix PONSshort	+0.1608%	1h	0.6136	+0.371%	$32K	$113K	3x