Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.070%

Price spread now: Popdex against Variational Omni+0.821%7-day average +0.060% · you sell dearer than you buy

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

Long on Variational Omni Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.132%−$13 on $10k

Price spread, last 4 days (all we have)−0.044%−$4 · spread now +0.821%, 7d avg +0.060%

Together, before fees−0.176%+ Points / potential airdropVariational Omni: Active · farm board−$18 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: Popdex is 0.762% dearer against Variational Omni than usual: you sell high and buy low, +$76 on $10k if it goes back to its 7-day average of +0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PONS	0.6026	0.0100	pay 0.0050% / 4h	2h 22m	$1.4M	$4.0M	—
Short	Popdex PONSUSDT	0.6075	0.0096	get 0.0012% / 1h	22m 03s	$20K	$423K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.821%Rate

Funding earned: −$0.84
Price spread: +0.821% → +0.060%: $76.16
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: $68.92
Costs to cover: 0.064%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Popdex: live order book, 47 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, 2 min ago	4.95 bp	doesn't fit	44.5 bp −$445	doesn't fit	doesn't fit
Sell Popdex live order book, 47 min ago	6.52 bp	97.1 bp −$97	doesn't fit	doesn't fit	doesn't fit

PONS on 29 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	0.6061	+0.597%	$240K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.929%	$614	$10K	5.5x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.6075	+0.821%	$20K	$423K	20x
Variational Omni PONSlong	+0.0100%	4h	0.6026	long leg	$1.4M	$4.0M	—
ApeX Omni PONSUSDT	+0.0100%	1h	0.6065	+0.657%	$33K	$354K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6076	+0.845%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6074	+0.811%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6070	+0.747%	$26K	$518K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6095	+1.150%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6063	+0.622%	$1.7M	$3.2M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0184%	1h	0.6073	+0.797%	$378	—	3x	as long as short
Lighter RH PONS	+0.0208%	1h	0.6070	+0.738%	$428K	$2.5M	3x	as long as short
Nado PONS-PERP	+0.0215%	1h	0.6072	+0.773%	$71K	$131K	5x	as long as short
KuCoin PONSUSDTM	+0.0230%	4h	0.6070	+0.747%	$1.7M	$3.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0240%	4h	0.6072	+0.772%	$13.9M	$55.3M	20x	as long as short
Lighter PONS	+0.0272%	1h	0.6071	+0.758%	$1.7M	$885K	3x	as long as short
Bybit PONSUSDT	+0.0285%	4h	0.6069	+0.722%	$18.2M	$30.5M	20x	as long as short
Bitget PONSUSDT	+0.0314%	4h	0.6073	+0.793%	$4.7M	$11.3M	20x	as long as short
BingX PONS-USDT	+0.0388%	4h	0.6072	+0.772%	—	$3.0M	—	as long as short
Aster PONSUSDT	+0.0392%	4h	0.6073	+0.785%	$1.1M	$2.0M	20x	as long as short
Extended PONS-USD	+0.0416%	1h	0.6073	+0.794%	$250K	$672K	5x	as long as short
edgeX PONSUSDC	+0.0416%	4h	0.6024	−0.029%	$21K	$291K	10x	as long as short
MEXC PONS_USDT	+0.0418%	4h	0.6074	+0.805%	$7.8M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0419%	4h	0.6075	+0.821%	$39.8M	$94.8M	20x	as long as short
Gate PONS_USDT	+0.0544%	4h	0.6060	+0.572%	$5.3M	$6.1M	20x	as long as short
Hyperliquid PONS	+0.0685%	1h	0.6071	+0.757%	$61.8M	$28.0M	3x	as long as short
Polymarket Perps PONS-USD	+0.0751%	1h	0.6076	+0.841%	$46K	$1.5M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6068	+0.700%	$48K	$75K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6031	+0.099%	$31K	$107K	3x	as long as short