Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0257%/8h= −28.2% APRpaid last 24h −0.104%

Price spread now: gTrade (Gains Network) against Bitget−0.697%45s7-day average −0.179% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$4,62846.279% of the position

Long on Bitget Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)−0.144%−$14 on $10k

Price spread, last 3 days (all we have)+0.461%+$46 · spread now −0.697%, 7d avg −0.179%

Together, before fees+0.317%+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and gTrade (Gains Network) is 0.519% cheaper against Bitget than usual: you would sell low and buy high (−$52 if the spread goes back to its 7-day average of −0.179%). Swap the legs. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PONSUSDT	0.6018	0.0290	pay 0.0145% / 4h	2h 53m	$4.7M	$11.4M	20x
Short	gTrade (Gains Network) PONS/USD	0.5976	L +0.0033% / S −0.0033%	get 0.0004% / 1h	53m 41s	$237K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 BitgetbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.697%Rate

Funding earned: −$54.05
Price spread: −0.697% → −0.179%: −$51.85
Slippage, 4 orders: −$4,603.86
Fee Bitget: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 6 bp × 2 orders: −$12
Net: −$4,733.77
Costs to cover: 46.279%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; gTrade (Gains Network): virtual book (oracle venue), 15 min ago.

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 Bitget live order book, 5 min ago	2.90 bp	22.2 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 15 min ago	130.01 bp	2471.0 bp −$2,471	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/USDshort	L +0.0033% / S −0.0033%	1h	0.5976	−0.697%	$237K	—	150x
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.801%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6011	−0.113%	$423K	$2.5M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6021	+0.055%	$17K	$421K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5976	−0.700%	$1.4M	$4.1M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6016	−0.033%	$33K	$353K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5982	−0.598%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5987	−0.513%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5986	−0.528%	$26K	$532K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5987	−0.512%	$64K	$510K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6002	−0.261%	$1.7M	$3.2M	20x	as long as short
Lighter PONS	+0.0136%	1h	0.6010	−0.128%	$1.7M	$881K	3x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.5981	−0.607%	$373	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0231%	4h	0.6018	+0.005%	$13.8M	$55.6M	20x	as long as short
KuCoin PONSUSDTM	+0.0236%	4h	0.6012	−0.100%	$1.7M	$3.7M	20x	as long as short
Aster PONSUSDT	+0.0283%	4h	0.6001	−0.269%	$1.1M	$2.0M	20x	as long as short
Bitget PONSUSDTlong	+0.0290%	4h	0.6018	long leg	$4.7M	$11.4M	20x
MEXC PONS_USDT	+0.0372%	4h	0.6011	−0.111%	$7.8M	$4.7M	20x	as long as short
Bybit PONSUSDT	+0.0374%	4h	0.6016	−0.028%	$18.1M	$30.8M	20x	as long as short
Extended PONS-USD	+0.0376%	1h	0.6014	−0.055%	$248K	$682K	5x	as long as short
Nado PONS-PERP	+0.0377%	1h	0.5984	−0.560%	$103K	$115K	5x	as long as short
Binance PONSUSDT	+0.0380%	4h	0.6018	+0.006%	$39.5M	$96.0M	20x	as long as short
edgeX PONSUSDC	+0.0403%	4h	0.6016	−0.028%	$21K	$291K	10x	as long as short
BingX PONS-USDT	+0.0434%	4h	0.6018	+0.005%	—	$3.1M	—	as long as short
BloFin PONS-USDT	+0.0619%	4h	0.5985	−0.543%	$1.8M	$980K	20x	as long as short
Hyperliquid PONS	+0.0643%	1h	0.6013	−0.071%	$61.1M	$28.6M	3x	as long as short
Polymarket Perps PONS-USD	+0.0688%	1h	0.5982	−0.600%	$46K	$1.6M	3x	as long as short
Gate PONS_USDT	+0.0796%	4h	0.6012	−0.095%	$5.3M	$6.1M	20x	as long as short
Pacifica PONS	+0.0869%	1h	0.6012	−0.094%	$47K	$78K	3x	as long as short
Phoenix PONS	+0.1608%	1h	0.6036	+0.307%	$31K	$107K	3x	as long as short