Last updated: August 26, 2026
A displayed -433% APR did not mean the legacy Pionex Spot-Futures Arbitrage Bot removed 433% of your capital in one day. APR annualized a short-term funding rate. The actual funding payment depended on position notional, the settlement rate and the bot’s futures side.
Why the funding result could turn negative
The legacy strategy paired a spot holding with a short perpetual-futures position. When funding was positive, the short side could receive funding. When funding turned negative, the short side could pay the long side instead.
APR versus the actual payment
| Number | Meaning |
|---|---|
| Funding rate | Rate applied for one settlement interval |
| Funding payment | Position notional multiplied by that interval’s rate |
| Displayed APR | A recent rate projected over a year |
A sharp temporary funding rate can therefore produce a dramatic annualized figure without creating the same percentage loss immediately. It is still a real cost for the settlement interval and should not be ignored.
The product is historical
Pionex discontinued the Spot-Futures Arbitrage Bot on February 15, 2024. Existing orders were scheduled for closure. Use this page to understand an old funding record, not to configure a current bot.
See Pionex’s official Arbitrage Bot delisting notice.
Frequently asked questions
Did -433% APR mean you lost 433% in one day?
No. APR annualizes a recent rate. The actual funding payment depended on the position notional and funding rate for the relevant settlement interval.
Why could the legacy arbitrage bot have negative funding income?
The legacy strategy held spot and shorted perpetual futures. When the funding rate turned negative, the short side could pay the long side.
How was a funding payment calculated?
At a basic level it used position notional multiplied by the funding rate. The sign and settlement timing determined whether the position paid or received funding.
Why could the displayed APR become extremely negative?
Annualizing a sharp short-term funding rate can create a very large negative percentage even when the single settlement payment is much smaller.
Would positive funding later cancel the loss?
It might offset part of it, but there was no guarantee. Funding rates could stay negative, change quickly or alternate between positive and negative.
Can you create this Spot-Futures Arbitrage Bot now?
No. Pionex discontinued the legacy Spot-Futures Arbitrage Bot on February 15, 2024. Do not use its old interface instructions for current products.
What records should you check for a historical result?
Check the bot’s funding records, position notional, settlement timestamps, trading fees, opening and closing spread, and final realized result.
Annualized rates can change rapidly and do not guarantee future income or cost.
