Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.115%

Price spread now: Popdex against Gate+0.148%7-day average +0.066% · 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−$177as in the Price arb table

costs, in and out, $10k−$1851.848% of the position

Long on Gate Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.475%−$47 on $10k

Price spread, last 4 days (all we have)−0.129%−$13 · spread now +0.148%, 7d avg +0.066%

Together, before fees−0.603%−$60 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Popdex is 0.082% dearer against Gate than usual: you sell high and buy low (spread +0.148% now, against its 7-day average of +0.066%): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.6 days. At the pace of the last 3 days (−0.475% in total) that is about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PONS_USDT	0.6076	0.0132	pay 0.0066% / 4h	3h 41m	$5.3M	$6.1M	20x
Short	Popdex PONSUSDT	0.6085	0.0096	get 0.0012% / 1h	41m 39s	$20K	$415K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PopdexbpOrdersPrice spread, now +0.148%Rate

Funding earned: −$7.56
Price spread: +0.148% → +0.066%: $8.2
Slippage, 4 orders: −$163.43
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$184.19
Costs to cover: 1.848%
Break-even: never at this rate

Slippage from Gate: live order book, 2 min ago; Popdex: live order book, 32 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, 2 min ago	2.47 bp	29.1 bp −$29	233.4 bp −$2,334	doesn't fit	doesn't fit
Sell Popdex live order book, 32 min ago	3.69 bp	70.4 bp −$70	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	0.6073	−0.051%	$241K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.753%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6082	+0.107%	$431K	$2.6M	3x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.6085	+0.148%	$20K	$415K	20x
Variational Omni PONS	+0.0100%	4h	0.6070	−0.106%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6068	−0.127%	$33K	$357K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6088	+0.204%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6079	+0.043%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6083	+0.123%	$28K	$553K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6087	+0.186%	$65K	$510K	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	0.6086	+0.165%	$1.7M	$3.3M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0110%	4h	0.6085	+0.148%	$13.8M	$57.4M	20x	as long as short
Gate PONS_USDTlong	+0.0132%	4h	0.6076	long leg	$5.3M	$6.1M	20x
Aevo PONS-PERP	+0.0160%	1h	0.6080	+0.060%	$379	—	3x	as long as short
KuCoin PONSUSDTM	+0.0164%	4h	0.6081	+0.079%	$1.8M	$3.8M	20x	as long as short
Bitget PONSUSDT	+0.0204%	4h	0.6086	+0.161%	$4.7M	$11.6M	20x	as long as short
Aster PONSUSDT	+0.0216%	4h	0.6074	−0.025%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0326%	4h	0.6084	+0.132%	$7.9M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0328%	1h	0.6083	+0.111%	$252K	$683K	5x	as long as short
Binance PONSUSDT	+0.0333%	4h	0.6089	+0.213%	$39.8M	$97.6M	20x	as long as short
edgeX PONSUSDC	+0.0333%	4h	0.6078	+0.025%	$21K	$292K	10x	as long as short
Lighter PONS	+0.0448%	1h	0.6084	+0.132%	$1.7M	$896K	3x	as long as short
BloFin PONS-USDT	+0.0568%	4h	0.6081	+0.082%	$1.7M	$1.0M	20x	as long as short
Nado PONS-PERP	+0.0582%	1h	0.6085	+0.155%	$105K	$116K	5x	as long as short
Bybit PONSUSDT	+0.0660%	4h	0.6082	+0.099%	$18.2M	$31.1M	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6084	+0.130%	$48K	$87K	3x	as long as short
BingX PONS-USDT	+0.0740%	4h	0.6085	+0.148%	—	$3.1M	—	as long as short
Polymarket Perps PONS-USD	+0.0794%	1h	0.6077	+0.012%	$42K	$1.6M	3x	as long as short
Hyperliquid PONS	+0.0940%	1h	0.6085	+0.154%	$61.9M	$29.8M	3x	as long as short
Phoenix PONS	+0.1608%	1h	0.6060	−0.270%	$31K	$113K	3x	as long as short