Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0386%/8h= −42.3% APRpaid last 24h +0.057%

Price spread now: Lighter RH against Gate−0.085%7-day average +0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$580.583% of the position

Long on Gate Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.090%−$9 on $10k

Price spread, last 7 days+0.103%+$10 · spread now −0.085%, 7d avg +0.037%

Together, before fees+0.013%+ Points / potential airdropLighter RH: Points live · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Lighter RH is 0.122% cheaper against Gate than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.037%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.090% in total (about -4.7% 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	Gate PONS_USDT	0.6027	0.0530	pay 0.0265% / 4h	2h 29m	$5.3M	$6.1M	20x
Short	Lighter RH PONS	0.6022	0.0144	get 0.0018% / 1h	29m 18s	$424K	$2.5M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$81.06
Price spread: −0.085% → +0.037%: −$12.15
Slippage, 4 orders: −$43.34
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$151.55
Costs to cover: 0.583%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Lighter RH: live order book, 4 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, 4 min ago	1.66 bp	20.9 bp −$21	172.6 bp −$1,726	doesn't fit	doesn't fit
Sell Lighter RH live order book, 4 min ago	4.65 bp	8.7 bp −$9	60.5 bp −$605	doesn't fit	doesn't fit

PONS on 29 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	0.6010	−0.274%	$238K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.954%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6026	−0.017%	$20K	$423K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6043	+0.258%	$1.4M	$4.0M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6038	+0.184%	$33K	$354K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6027	−0.003%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6028	+0.022%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6013	−0.234%	$26K	$518K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6034	+0.113%	$64K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6015	−0.199%	$1.7M	$3.2M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONSshort	+0.0144%	1h	0.6022	−0.085%	$424K	$2.5M	3x
Aevo PONS-PERP	+0.0184%	1h	0.6025	−0.041%	$375	—	3x	as long as short
KuCoin PONSUSDTM	+0.0210%	4h	0.6026	−0.020%	$1.7M	$3.7M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0220%	4h	0.6015	−0.199%	$13.8M	$54.9M	20x	as long as short
Bybit PONSUSDT	+0.0238%	4h	0.6010	−0.282%	$18.0M	$30.5M	20x	as long as short
Nado PONS-PERP	+0.0246%	1h	0.6031	+0.066%	$71K	$131K	5x	as long as short
Lighter PONS	+0.0272%	1h	0.6015	−0.199%	$1.7M	$884K	3x	as long as short
Bitget PONSUSDT	+0.0302%	4h	0.6020	−0.114%	$4.7M	$11.3M	20x	as long as short
Aster PONSUSDT	+0.0369%	4h	0.6036	+0.147%	$1.1M	$2.0M	20x	as long as short
BingX PONS-USDT	+0.0390%	4h	0.6017	−0.166%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0408%	1h	0.6023	−0.062%	$249K	$674K	5x	as long as short
MEXC PONS_USDT	+0.0408%	4h	0.6024	−0.050%	$7.7M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0409%	4h	0.6015	−0.199%	$39.4M	$95.1M	20x	as long as short
edgeX PONSUSDC	+0.0414%	4h	0.6038	+0.186%	$21K	$294K	10x	as long as short
Gate PONS_USDTlong	+0.0530%	4h	0.6027	long leg	$5.3M	$6.1M	20x
Hyperliquid PONS	+0.0683%	1h	0.6028	+0.017%	$61.3M	$28.2M	3x	as long as short
Polymarket Perps PONS-USD	+0.0738%	1h	0.6027	+0.003%	$45K	$1.5M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6032	+0.077%	$48K	$75K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6041	+0.227%	$31K	$107K	3x	as long as short