Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0562%/8h= −61.5% APRpaid last 24h −0.075%

Price spread now: SoDEX against Variational Omni+0.508%7-day average −0.010% · you sell dearer than you buy

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

Long on Variational Omni Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.143%−$14 on $10k

Price spread, last 4 days (all we have)−0.273%−$27 · spread now +0.508%, 7d avg −0.010%

Together, before fees−0.416%+ Points / potential airdropVariational Omni: Active · farm board−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SoDEX is 0.518% dearer against Variational Omni than usual: you sell high and buy low (spread +0.508% now, against its 7-day average of −0.010%): +$52 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 3.1 days. At the pace of the last 4 days (−0.143% in total) that is about 13 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.143% in total (about -14.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PONS	0.6340	0.0662	pay 0.0331% / 4h	1h 56m	$1.6M	$4.3M	—
Short	SoDEX PONS-USD	0.6372	0.0100	get 0.0013% / 1h	56m 36s	$27K	$636K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.508%Rate

Funding earned: −$117.99
Price spread: +0.508% → −0.010%: $51.76
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$74.23
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, just now; SoDEX: live order book, 55 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, just now	5.49 bp	doesn't fit	43.1 bp −$431	doesn't fit	doesn't fit
Sell SoDEX live order book, 55 min ago	0.80 bp	64.0 bp −$64	doesn't fit	doesn't fit	doesn't fit

PONS on 30 exchanges

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 −0.0030%	1h	0.6363	+0.368%	$250K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−6.333%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6378	+0.599%	$24K	$405K	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6362	+0.345%	$32K	$279K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6378	+0.602%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6372	+0.506%	—	$895K	10x	as long as short
SoDEX PONS-USDshort	+0.0100%	1h	0.6372	+0.508%	$27K	$636K	3x
HTX PONS-USDT	+0.0100%	4h	0.6378	+0.601%	$67K	$537K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6371	+0.489%	$1.7M	$3.2M	20x	as long as short
Nado PONS-PERP	+0.0166%	1h	0.6375	+0.553%	$78K	$105K	5x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0240%	1h	0.6374	+0.544%	$397	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0397%	4h	0.6361	+0.331%	$14.5M	$60.4M	20x	as long as short
KuCoin PONSUSDTM	+0.0480%	4h	0.6370	+0.467%	$1.8M	$4.3M	20x	as long as short
Polymarket Perps PONS-USD	+0.0535%	1h	0.6376	+0.561%	$75K	$2.1M	3x	as long as short
Aster PONSUSDT	+0.0548%	4h	0.6370	+0.473%	$1.2M	$2.2M	20x	as long as short
Lighter RH PONS	+0.0568%	1h	0.6369	+0.462%	$450K	$2.6M	3x	as long as short
Pacifica PONS	+0.0616%	1h	0.6367	+0.430%	$47K	$76K	3x	as long as short
Hyperliquid PONS	+0.0630%	1h	0.6370	+0.468%	$65.4M	$31.1M	3x	as long as short
Variational Omni PONSlong	+0.0662%	4h	0.6340	long leg	$1.6M	$4.3M	—
MEXC PONS_USDT	+0.0678%	4h	0.6369	+0.457%	$7.9M	$4.5M	20x	as long as short
edgeX PONSUSDC	+0.0679%	4h	0.6348	+0.131%	$19K	$294K	10x	as long as short
Binance PONSUSDT	+0.0679%	4h	0.6368	+0.449%	$41.8M	$101.3M	20x	as long as short
Extended PONS-USD	+0.0680%	1h	0.6365	+0.393%	$184K	$881K	5x	as long as short
Bitget PONSUSDT	+0.0762%	4h	0.6369	+0.460%	$5.1M	$13.6M	20x	as long as short
BingX PONS-USDT	+0.0802%	4h	0.6358	+0.284%	—	$3.1M	—	as long as short
Bybit PONSUSDT	+0.0845%	4h	0.6365	+0.394%	$19.3M	$32.6M	20x	as long as short
Gate PONS_USDT	+0.0864%	4h	0.6364	+0.378%	$5.5M	$6.4M	20x	as long as short
BloFin PONS-USDT	+0.0919%	4h	0.6376	+0.568%	$1.9M	$1.1M	20x	as long as short
Lighter PONS	+0.0984%	1h	0.6372	+0.503%	$1.8M	$852K	3x	as long as short
Phoenix PONS	+0.1668%	1h	0.6353	+0.200%	$48K	$162K	3x	as long as short