Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0071%/8h= −7.8% APRpaid last 24h +0.046%

Price spread now: Hyperliquid against Gate+0.225%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$760.758% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.081%−$8 on $10k

Price spread, last 7 days−0.137%−$14 · spread now +0.225%, 7d avg +0.051%

Together, before fees−0.218%+ Points / potential airdropHyperliquid: Season 2 · farm board−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.174% dearer against Gate than usual: you sell high and buy low (spread +0.225% now, against its 7-day average of +0.051%): +$17 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PONS_USDT	0.6039	0.0810	pay 0.0405% / 4h	2h 52m	$5.3M	$6.1M	20x
Short	Hyperliquid PONS	0.6053	0.0739	get 0.0092% / 1h	52m 12s	$61.6M	$28.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.225%Rate

Funding earned: −$14.94
Price spread: +0.225% → +0.051%: $17.42
Slippage, 4 orders: −$51.82
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$73.35
Costs to cover: 0.758%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; Hyperliquid: live order book, 11 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 Gate live order book, 1 min ago	2.49 bp	24.5 bp −$24	257.5 bp −$2,575	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	3.46 bp	8.0 bp −$8	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 +0.0033% / S −0.0033%	1h	0.6034	−0.090%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.151%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6049	+0.166%	$18K	$422K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5976	−1.050%	$1.4M	$4.1M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6016	−0.386%	$33K	$353K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6047	+0.128%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6048	+0.152%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6048	+0.149%	$26K	$530K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6060	+0.343%	$64K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6041	+0.033%	$1.7M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0176%	1h	0.6040	+0.014%	$376	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0231%	4h	0.6050	+0.182%	$13.9M	$55.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0234%	4h	0.6044	+0.084%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0292%	4h	0.6053	+0.235%	$4.7M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0314%	4h	0.6043	+0.059%	$1.1M	$2.0M	20x	as long as short
Lighter PONS	+0.0320%	1h	0.6046	+0.111%	$1.7M	$881K	3x	as long as short
Lighter RH PONS	+0.0368%	1h	0.6046	+0.116%	$421K	$2.5M	3x	as long as short
Extended PONS-USD	+0.0376%	1h	0.6042	+0.058%	$249K	$682K	5x	as long as short
Bybit PONSUSDT	+0.0377%	4h	0.6046	+0.116%	$18.2M	$30.8M	20x	as long as short
MEXC PONS_USDT	+0.0378%	4h	0.6049	+0.166%	$7.8M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0380%	4h	0.6048	+0.149%	$39.7M	$96.1M	20x	as long as short
edgeX PONSUSDC	+0.0403%	4h	0.6016	−0.380%	$21K	$291K	10x	as long as short
BingX PONS-USDT	+0.0404%	4h	0.6053	+0.232%	—	$3.1M	—	as long as short
Nado PONS-PERP	+0.0434%	1h	0.6048	+0.149%	$71K	$132K	5x	as long as short
BloFin PONS-USDT	+0.0620%	4h	0.6022	−0.282%	$1.8M	$982K	20x	as long as short
Hyperliquid PONSshort	+0.0739%	1h	0.6053	+0.225%	$61.6M	$28.7M	3x
Gate PONS_USDTlong	+0.0810%	4h	0.6039	long leg	$5.3M	$6.1M	20x
Polymarket Perps PONS-USD	+0.0841%	1h	0.6046	+0.111%	$46K	$1.6M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6039	+0.002%	$48K	$78K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6016	−0.381%	$31K	$107K	3x	as long as short