Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0583%/8h= +63.8% APRpaid last 24h +0.091%

Price spread now: Hyperliquid against Variational Omni+0.004%7-day average +0.053% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.198%+$20 on $10k

Price spread, last 7 days+0.072%+$7 · spread now +0.004%, 7d avg +0.053%

Together, before fees+0.270%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.049% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.004% now, against its 7-day average of +0.053%). If the spread goes back, that is −$5 on $10k: about 7 hours of funding at the current rate (+$17 a day). At the pace of the last 3 days (+0.198% in total) that is about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PONS	0.5983	0.0100	pay 0.0050% / 4h	1h 11m	$1.4M	$4.3M	—
Short	Hyperliquid PONS	0.5984	0.0683	get 0.0085% / 1h	11m 39s	$60.5M	$30.2M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.004%Rate

Funding earned: $122.34
Price spread: +0.004% → +0.053%: −$4.9
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $108.44
Costs to cover: 0.090%
Break-even: 0.8 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Hyperliquid: live order book, 12 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 Variational Omni RFQ quote, 3 min ago	4.17 bp	doesn't fit	35.9 bp −$359	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	2.42 bp	13.3 bp −$13	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 −0.0036%	1h	0.5973	−0.174%	$224K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.230%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5984	+0.012%	$21K	$439K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5979	−0.071%	$17.9M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5978	−0.088%	$13.5M	$56.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5982	−0.014%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5982	−0.021%	$4.6M	$11.6M	20x	as long as short
Variational Omni PONSlong	+0.0100%	4h	0.5983	long leg	$1.4M	$4.3M	—
ApeX Omni PONSUSDT	+0.0100%	1h	0.5997	+0.221%	$35K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5986	+0.041%	$3K	$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	0.5990	+0.118%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5979	−0.064%	$27K	$545K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5989	+0.103%	$64K	$506K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5980	−0.054%	$1.7M	$3.3M	20x	as long as short
Aster PONSUSDT	+0.0124%	4h	0.5981	−0.042%	$1.1M	$2.2M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5984	+0.004%	$373	—	3x	as long as short
Binance PONSUSDT	+0.0181%	4h	0.5981	−0.044%	$38.9M	$97.7M	20x	as long as short
MEXC PONS_USDT	+0.0182%	4h	0.5981	−0.038%	$7.7M	$4.9M	20x	as long as short
Extended PONS-USD	+0.0184%	1h	0.5979	−0.073%	$248K	$667K	5x	as long as short
BingX PONS-USDT	+0.0184%	4h	0.5980	−0.054%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0198%	4h	0.5990	+0.113%	$21K	$294K	10x	as long as short
Nado PONS-PERP	+0.0215%	1h	0.5982	−0.021%	$90K	$103K	5x	as long as short
Lighter RH PONS	+0.0272%	1h	0.5982	−0.024%	$422K	$2.7M	3x	as long as short
BloFin PONS-USDT	+0.0423%	4h	0.5988	+0.079%	$1.7M	$981K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5980	−0.049%	$47K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0481%	1h	0.5986	+0.041%	$37K	$1.7M	3x	as long as short
Lighter PONS	+0.0608%	1h	0.5983	−0.003%	$1.7M	$1.0M	3x	as long as short
Hyperliquid PONSshort	+0.0683%	1h	0.5984	+0.004%	$60.5M	$30.2M	3x
Phoenix PONS	+0.1398%	1h	0.5990	+0.111%	$30K	$96K	3x	as long as short
Gate PONS_USDT	+0.1478%	4h	0.5977	−0.104%	$5.2M	$6.5M	20x	as long as short