Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0081%/8h= +8.9% APRpaid last 24h −0.046%

Price spread now: Gate against Hyperliquid−0.172%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

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

Long on Hyperliquid Short on Gate

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+0.084%+$8 · spread now −0.172%, 7d avg −0.051%

Together, before fees+0.164%+ Points / potential airdropHyperliquid: Season 2 · farm board+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.121% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.172% now, against its 7-day average of −0.051%). If the spread goes back, that is −$12 on $10k: about 5.0 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.081% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PONS	0.6045	0.0729	pay 0.0091% / 1h	52m 17s	$61.5M	$28.7M	3x
Short	Gate PONS_USDT	0.6035	0.0810	get 0.0405% / 4h	2h 52m	$5.3M	$6.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Hyperliquid. 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 HyperliquidbpFee GatebpOrdersPrice spread, now −0.172%Rate

Funding earned: $17.02
Price spread: −0.172% → −0.051%: −$12.1
Slippage, 4 orders: −$51.82
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$70.9
Costs to cover: 0.758%
Break-even: 36.2 days

Slippage from Hyperliquid: live order book, 11 min ago; Gate: live order book, 1 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 Hyperliquid live order book, 11 min ago	3.46 bp	13.5 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.49 bp	29.8 bp −$30	79.3 bp −$793	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	−0.196%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.256%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6049	+0.060%	$18K	$422K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5976	−1.155%	$1.4M	$4.1M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6016	−0.491%	$33K	$353K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6047	+0.022%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6048	+0.046%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6048	+0.043%	$26K	$530K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6030	−0.251%	$64K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6024	−0.354%	$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	−0.092%	$376	—	3x	as long as short
Lighter RH PONS	+0.0176%	1h	0.6036	−0.155%	$424K	$2.5M	3x	as long as short
Lighter PONS	+0.0200%	1h	0.6036	−0.155%	$1.7M	$881K	3x	as long as short
OKX PONS-USDT-SWAP	+0.0231%	4h	0.6042	−0.056%	$13.9M	$55.8M	20x	as long as short
KuCoin PONSUSDTM	+0.0234%	4h	0.6044	−0.031%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0292%	4h	0.6049	+0.065%	$4.7M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0314%	4h	0.6040	−0.085%	$1.1M	$2.0M	20x	as long as short
Extended PONS-USD	+0.0376%	1h	0.6042	−0.048%	$249K	$682K	5x	as long as short
Bybit PONSUSDT	+0.0377%	4h	0.6038	−0.122%	$18.2M	$30.8M	20x	as long as short
MEXC PONS_USDT	+0.0378%	4h	0.6046	+0.010%	$7.8M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0380%	4h	0.6042	−0.056%	$39.7M	$96.1M	20x	as long as short
edgeX PONSUSDC	+0.0403%	4h	0.6016	−0.486%	$21K	$291K	10x	as long as short
Nado PONS-PERP	+0.0434%	1h	0.6048	+0.043%	$71K	$132K	5x	as long as short
BingX PONS-USDT	+0.0434%	4h	0.6042	−0.056%	—	$3.1M	—	as long as short
BloFin PONS-USDT	+0.0620%	4h	0.6022	−0.387%	$1.8M	$982K	20x	as long as short
Hyperliquid PONSlong	+0.0729%	1h	0.6045	long leg	$61.5M	$28.7M	3x
Gate PONS_USDTshort	+0.0810%	4h	0.6035	−0.172%	$5.3M	$6.1M	20x
Polymarket Perps PONS-USD	+0.0841%	1h	0.6046	+0.005%	$46K	$1.6M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6039	−0.104%	$48K	$78K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6016	−0.486%	$31K	$107K	3x	as long as short