Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1109%/8h= −121.4% APRpaid last 24h +0.300%

Price spread now: Phoenix against Gate+0.320%92s7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs+$77as in the Funding arb table

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

costs, in and out, $10k−$830.834% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.601%+$160 on $10k

Price spread, last 3 days (all we have)−0.241%−$24 · spread now +0.320%, 7d avg +0.055%

Together, before fees+1.359%+$136 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.265% dearer against Gate than usual: you sell high and buy low (spread +0.320% now, against its 7-day average of +0.055%): +$27 on $10k if it goes back. Holding the pair costs −$33 a day in funding at the current rate, which eats that in about 19 hours. Mind the row above: over the last 7 days funding on this pair paid +1.601%, so the current rate has only just turned against you. The two prices were read 92 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	Gate PONS_USDT	0.6089	0.2416	pay 0.1208% / 4h	11m 53s	$5.3M	$6.3M	20x
Short	Phoenix PONS	0.6109	0.1307	get 0.0163% / 1h	11m 53s	$31K	$102K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.320%Rate

Funding earned: −$232.85
Price spread: +0.320% → +0.055%: $26.51
Slippage, 4 orders: −$61.41
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$289.75
Costs to cover: 0.834%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; Phoenix: live order book, 41 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	2.46 bp	30.3 bp −$30	145.9 bp −$1,459	doesn't fit	doesn't fit
Sell Phoenix live order book, 41 min ago	4.06 bp	19.2 bp −$19	64.7 bp −$647	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−1.963%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6089	−0.002%	$241K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6097	+0.130%	$425K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6100	+0.181%	$20K	$429K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6090	+0.016%	$18.3M	$31.4M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6096	+0.115%	$13.9M	$57.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6104	+0.248%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6116	+0.437%	$33K	$360K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6104	+0.246%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6105	+0.269%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USD	+0.0100%	1h	0.6090	+0.016%	$28K	$544K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6108	+0.315%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6093	+0.066%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0128%	4h	0.6092	+0.046%	$1.7M	$3.7M	20x	as long as short
Aster PONSUSDT	+0.0142%	4h	0.6090	+0.011%	$1.1M	$2.2M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6092	+0.049%	$380	—	3x	as long as short
Bitget PONSUSDT	+0.0162%	4h	0.6097	+0.130%	$4.7M	$11.7M	20x	as long as short
Nado PONS-PERP	+0.0180%	1h	0.6093	+0.074%	$105K	$116K	5x	as long as short
Extended PONS-USD	+0.0296%	1h	0.6087	−0.025%	$252K	$682K	5x	as long as short
Binance PONSUSDT	+0.0298%	4h	0.6092	+0.049%	$39.9M	$98.4M	20x	as long as short
MEXC PONS_USDT	+0.0298%	4h	0.6091	+0.033%	$8.0M	$4.9M	20x	as long as short
BingX PONS-USDT	+0.0312%	4h	0.6098	+0.148%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0315%	4h	0.6102	+0.208%	$21K	$294K	10x	as long as short
Lighter PONS	+0.0328%	1h	0.6099	+0.158%	$1.7M	$931K	3x	as long as short
BloFin PONS-USDT	+0.0539%	4h	0.6102	+0.213%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0647%	1h	0.6098	+0.148%	$42K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0844%	1h	0.6094	+0.085%	$62.0M	$30.1M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6095	+0.092%	$48K	$96K	3x	as long as short
Phoenix PONSshort	+0.1307%	1h	0.6109	+0.320%	$31K	$102K	3x
Gate PONS_USDTlong	+0.2416%	4h	0.6089	long leg	$5.3M	$6.3M	20x