Last updated: August 25, 2026
Pionex’s current Arbitrage product is documented as pairing spot exposure with an opposing perpetual-futures position, not a user-selected quarterly or dated futures contract. The live product screen remains the authority for available pairs and structure.
Perpetual versus quarterly futures
| Feature | Perpetual futures | Quarterly futures |
|---|---|---|
| Expiry | No scheduled expiry | Settles on a dated expiry |
| Price alignment | Recurring funding mechanism | Convergence toward spot at expiry |
| Return source | Funding plus basis and execution effects | Basis convergence plus execution effects |
| Current Pionex managed product | Documented structure | No user selector documented |
Why the distinction matters
A spot-perpetual hedge can remain open without rolling an expiring contract, but funding is variable. A dated-futures strategy has expiry and roll decisions that the current managed Pionex product does not expose as user parameters.
Arbitrage still has risk
- Funding can decline or become negative.
- The spot and futures legs can execute at different prices.
- Liquidity and basis can change.
- Automatic adjustments can affect the hedge.
- Counterparty and platform risk remain.
Before allocating funds
- Confirm the current product and pair.
- Check minimum, quota and account eligibility.
- Review funding history rather than one displayed rate.
- Read redemption and settlement rules.
- Understand auto-reinvestment and rebalancing.
- Set a maximum allocation independently of the minimum.
Read Pionex’s current Arbitrage guide.
Frequently asked questions
Does Pionex Arbitrage use quarterly futures?
The current Pionex Arbitrage documentation describes spot exposure paired with an opposing perpetual-futures position, not a user-selected quarterly contract.
Why does the product use perpetual futures?
Perpetual contracts do not expire and use funding payments to help align contract and spot prices. That supports a continuing hedged structure.
Can you choose a dated expiry inside the product?
Do not assume so. Use only the products and controls shown in the live Arbitrage interface. The current guide does not document a quarterly-contract selector.
What is the difference between funding and quarterly basis?
Perpetuals exchange recurring funding, while dated futures converge toward spot at expiry and can trade at a premium or discount before settlement.
Is spot-perpetual arbitrage risk-free?
No. Funding can fall or reverse, and basis, execution, liquidity, counterparty, platform and forced-adjustment risks remain.
What happens if funding becomes negative?
The short perpetual leg may pay funding instead of receiving it. Current product automation and exit rules determine how the position responds.
What should you check before purchase?
Check the current product type, pair, displayed rate, minimum, quota, funding history, auto-reinvestment, redemption rules, fees and account eligibility.
Arbitrage reduces some directional exposure but does not eliminate loss or platform risk.
