Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0561%/8h= −61.4% APRpaid last 24h −0.048%

Price spread now: Nado against Bybit−0.024%7-day average +0.024% · 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−$133as in the Price arb table

costs, in and out, $10k−$1281.283% of the position

Long on Bybit Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.147%−$15 on $10k

Price spread, last 4 days (all we have)+0.625%+$63 · spread now −0.024%, 7d avg +0.024%

Together, before fees+0.478%+ Points / potential airdropNado: Active · farm board+$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Nado is 0.048% cheaper against Bybit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.024%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.147% in total (about -15.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PONSUSDT	0.6151	0.0661	pay 0.0330% / 4h	1m 23s	$18.4M	$33.1M	20x
Short	Nado PONS-PERP	0.6150	0.0100	get 0.0012% / 1h	1m 23s	$72K	$130K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.024%Rate

Funding earned: −$117.77
Price spread: −0.024% → +0.024%: −$4.76
Slippage, 4 orders: −$117.31
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Nado: 0 bp × 2 orders: $0
Net: −$250.84
Costs to cover: 1.283%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Nado: live order book, 27 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, 2 min ago	2.43 bp	15.0 bp −$15	34.9 bp −$349	doesn't fit	doesn't fit
Sell Nado live order book, 27 min ago	14.91 bp	54.3 bp −$54	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/USD	L +0.0032% / S −0.0030%	1h	0.6145	−0.093%	$240K	—	150x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6154	+0.049%	$23K	$456K	20x	as long as short
Nado PONS-PERPshort	+0.0100%	1h	0.6150	−0.024%	$72K	$130K	5x
ApeX Omni PONSUSDT	+0.0100%	1h	0.6164	+0.213%	$30K	$299K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6165	+0.224%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6154	+0.044%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6158	+0.106%	$26K	$638K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6170	+0.304%	$66K	$535K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6164	+0.211%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.6159	+0.138%	$384	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PONS_USDT	+0.0354%	4h	0.6150	−0.016%	$5.5M	$6.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0388%	4h	0.6152	+0.016%	$13.9M	$60.6M	20x	as long as short
Lighter RH PONS	+0.0432%	1h	0.6159	+0.130%	$427K	$2.7M	3x	as long as short
Aster PONSUSDT	+0.0439%	4h	0.6157	+0.096%	$1.1M	$2.3M	20x	as long as short
Lighter PONS	+0.0480%	1h	0.6159	+0.130%	$1.7M	$859K	3x	as long as short
KuCoin PONSUSDTM	+0.0486%	4h	0.6152	+0.016%	$1.6M	$4.1M	20x	as long as short
Variational Omni PONS	+0.0488%	4h	0.6153	+0.035%	$1.5M	$4.2M	—	as long as short
Hyperliquid PONS	+0.0497%	1h	0.6149	−0.037%	$62.8M	$30.5M	3x	as long as short
Pacifica PONS	+0.0572%	1h	0.6151	−0.001%	$46K	$77K	3x	as long as short
MEXC PONS_USDT	+0.0596%	4h	0.6152	+0.016%	$7.8M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0596%	4h	0.6155	+0.065%	$40.0M	$105.2M	20x	as long as short
Extended PONS-USD	+0.0600%	1h	0.6153	+0.025%	$103K	$827K	5x	as long as short
edgeX PONSUSDC	+0.0603%	4h	0.6164	+0.206%	$20K	$292K	10x	as long as short
BingX PONS-USDT	+0.0654%	4h	0.6155	+0.065%	—	$3.2M	—	as long as short
Bybit PONSUSDTlong	+0.0661%	4h	0.6151	long leg	$18.4M	$33.1M	20x
Bitget PONSUSDT	+0.0682%	4h	0.6152	+0.023%	$4.9M	$13.0M	20x	as long as short
BloFin PONS-USDT	+0.0829%	4h	0.6172	+0.341%	$1.7M	$1.1M	20x	as long as short
Polymarket Perps PONS-USD	+0.0973%	1h	0.6142	−0.138%	$72K	$2.3M	3x	as long as short
Injective PONS/USDC PERP	+0.1069%	1h	0.5938	−3.455%	$610	$10K	5.5x	as long as short
Phoenix PONS	+0.1405%	1h	0.6162	+0.179%	$47K	$127K	3x	as long as short