Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.087%

Price spread now: Phemex against Variational Omni+0.156%7-day average −0.005% · you sell dearer than you buy

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

Long on Variational Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.113%−$11 on $10k

Price spread, last 3 days (all we have)+0.056%+$6 · spread now +0.156%, 7d avg −0.005%

Together, before fees−0.057%+ Points / potential airdropVariational Omni: Active · farm board−$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.160% dearer against Variational Omni than usual: you sell high and buy low, +$16 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PONS	0.5875	0.0100	pay 0.0050% / 4h	2h 09m	$1.3M	$4.3M	—
Short	Phemex PONSUSDT	0.5884	0.0100	get 0.0050% / 4h	2h 09m	$1.6M	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.156%Rate

Funding earned: $0
Price spread: +0.156% → −0.005%: $16.04
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: $4.04
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Phemex: live order book, 4 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, 4 min ago	5.09 bp	doesn't fit	40.7 bp −$407	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.70 bp	32.1 bp −$32	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 +0.0032% / S −0.0034%	1h	0.5879	+0.077%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.762%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5879	+0.071%	$21K	$443K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5886	+0.190%	$17.6M	$31.9M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5884	+0.156%	$13.4M	$56.0M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5881	+0.105%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5888	+0.224%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONSlong	+0.0100%	4h	0.5875	long leg	$1.3M	$4.3M	—
ApeX Omni PONSUSDT	+0.0100%	1h	0.5909	+0.583%	$34K	$336K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5888	+0.217%	$2K	$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	0.5883	+0.137%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5886	+0.191%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5892	+0.287%	$63K	$505K	20x	as long as short
Phemex PONSUSDTshort	+0.0100%	4h	0.5884	+0.156%	$1.6M	$3.3M	20x
Nado PONS-PERP	+0.0115%	1h	0.5881	+0.105%	$89K	$103K	5x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5884	+0.155%	$367	—	3x	as long as short
Aster PONSUSDT	+0.0161%	4h	0.5884	+0.147%	$1.1M	$2.2M	20x	as long as short
Extended PONS-USD	+0.0168%	1h	0.5885	+0.168%	$105K	$533K	5x	as long as short
MEXC PONS_USDT	+0.0170%	4h	0.5885	+0.173%	$7.5M	$5.2M	20x	as long as short
Binance PONSUSDT	+0.0170%	4h	0.5885	+0.171%	$38.3M	$98.3M	20x	as long as short
BingX PONS-USDT	+0.0182%	4h	0.5884	+0.156%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0194%	4h	0.5909	+0.574%	$21K	$294K	10x	as long as short
Polymarket Perps PONS-USD	+0.0363%	1h	0.5882	+0.118%	$37K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0410%	4h	0.5881	+0.105%	$1.7M	$963K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5887	+0.205%	$47K	$103K	3x	as long as short
Lighter RH PONS	+0.0504%	1h	0.5885	+0.178%	$415K	$2.6M	3x	as long as short
Hyperliquid PONS	+0.0506%	1h	0.5888	+0.222%	$59.0M	$30.0M	3x	as long as short
Gate PONS_USDT	+0.0742%	4h	0.5881	+0.105%	$5.1M	$6.8M	20x	as long as short
Lighter PONS	+0.0968%	1h	0.5891	+0.270%	$1.7M	$900K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5887	+0.214%	$30K	$86K	3x	as long as short