Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0415%/8h= −45.4% APRpaid last 24h −0.127%

Price spread now: gTrade (Gains Network) against Bybit+0.127%7-day average −0.122% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$4,601as in the Price arb table

costs, in and out, $10k−$4,62646.261% of the position

Long on Bybit Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)−0.169%−$17 on $10k

Price spread, last 4 days (all we have)−0.317%−$32 · spread now +0.127%, 7d avg −0.122%

Together, before fees−0.487%−$49 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.248% dearer against Bybit than usual: you sell high and buy low (spread +0.127% now, against its 7-day average of −0.122%): +$25 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 48 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PONSUSDT	0.5896	0.0447	pay 0.0223% / 4h	49m 41s	$17.6M	$30.7M	20x
Short	gTrade (Gains Network) PONS/USD	0.5903	L +0.0033% / S −0.0032%	get 0.0004% / 1h	49m 41s	$235K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Bybit. 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 BybitbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.127%Rate

Funding earned: −$87.06
Price spread: +0.127% → −0.122%: $24.81
Slippage, 4 orders: −$4,603.13
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee gTrade (Gains Network): 6 bp × 2 orders: −$12
Net: −$4,688.38
Costs to cover: 46.261%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; gTrade (Gains Network): virtual book (oracle venue), 9 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 Bybit live order book, 4 min ago	2.53 bp	17.4 bp −$17	45.9 bp −$459	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 9 min ago	130.00 bp	2471.3 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 −0.0032%	1h	0.5903	+0.127%	$235K	—	150x
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+1.247%	$614	$10K	5.5x	as long as short
Lighter PONS	+0.0096%	1h	0.5907	+0.187%	$1.6M	$880K	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5913	+0.288%	$20K	$435K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5906	+0.170%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5933	+0.619%	$34K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5918	+0.366%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5910	+0.244%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5911	+0.254%	$25K	$524K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5927	+0.531%	$64K	$512K	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	0.5921	+0.424%	$1.6M	$3.2M	20x	as long as short
Variational Omni PONS	+0.0175%	4h	0.5914	+0.313%	$1.4M	$3.9M	—	as long as short
Lighter RH PONS	+0.0208%	1h	0.5901	+0.080%	$403K	$2.4M	3x	as long as short
Aevo PONS-PERP	+0.0208%	1h	0.5912	+0.266%	$368	—	3x	as long as short
Nado PONS-PERP	+0.0273%	1h	0.5909	+0.220%	$69K	$129K	5x	as long as short
OKX PONS-USDT-SWAP	+0.0331%	4h	0.5894	−0.034%	$13.4M	$53.8M	20x	as long as short
Aster PONSUSDT	+0.0386%	4h	0.5901	+0.087%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0442%	4h	0.5900	+0.070%	$4.6M	$11.4M	20x	as long as short
Bybit PONSUSDTlong	+0.0447%	4h	0.5896	long leg	$17.6M	$30.7M	20x
BingX PONS-USDT	+0.0504%	4h	0.5908	+0.204%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0520%	1h	0.5904	+0.144%	$106K	$808K	5x	as long as short
MEXC PONS_USDT	+0.0522%	4h	0.5900	+0.068%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0525%	4h	0.5902	+0.102%	$38.8M	$94.8M	20x	as long as short
edgeX PONSUSDC	+0.0538%	4h	0.5923	+0.456%	$18K	$292K	10x	as long as short
KuCoin PONSUSDTM	+0.0544%	4h	0.5901	+0.093%	$1.6M	$3.7M	20x	as long as short
BloFin PONS-USDT	+0.0764%	4h	0.5918	+0.373%	$1.7M	$951K	20x	as long as short
Hyperliquid PONS	+0.0793%	1h	0.5906	+0.175%	$60.1M	$27.8M	3x	as long as short
Pacifica PONS	+0.0859%	1h	0.5900	+0.072%	$46K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0913%	1h	0.5912	+0.265%	$66K	$1.6M	3x	as long as short
Phoenix PONS	+0.1736%	1h	0.5937	+0.689%	$31K	$104K	3x	as long as short