Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1194%/8h= −130.7% APRpaid last 24h −0.199%

Price spread now: Gate against Lighter−0.138%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$690.695% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.458%−$46 on $10k

Price spread, last 7 days−0.147%−$15 · spread now −0.138%, 7d avg −0.058%

Together, before fees−0.605%+ Points / potential airdropLighter: Season 3 · farm board−$60 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$36 a day on $10k at the current rate, and Gate is 0.080% cheaper against Lighter than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.058%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.458% in total (about -23.9% 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	Lighter PONS	0.5943	0.1368	pay 0.0171% / 1h	57m 58s	$1.7M	$879K	3x
Short	Gate PONS_USDT	0.5935	0.0174	get 0.0087% / 4h	2h 57m	$5.2M	$6.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Lighter. 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 LighterbpFee GatebpOrdersPrice spread, now −0.138%Rate

Funding earned: −$250.74
Price spread: −0.138% → −0.058%: −$8.02
Slippage, 4 orders: −$54.47
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$328.23
Costs to cover: 0.695%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Gate: live order book, just now.

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 Lighter live order book, 3 min ago	4.27 bp	4.7 bp −$5	9.9 bp −$99	doesn't fit	doesn't fit
Sell Gate live order book, just now	2.53 bp	25.5 bp −$25	61.1 bp −$611	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 +0.0032% / S −0.0032%	1h	0.5941	−0.029%	$213K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	−0.397%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5944	+0.013%	$21K	$461K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5933	−0.172%	$18.1M	$31.4M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5934	−0.155%	$13.6M	$56.4M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5935	−0.140%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5937	−0.101%	$4.6M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5963	+0.326%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5949	+0.094%	$34K	$325K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5948	+0.086%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5951	+0.135%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5938	−0.087%	$27K	$539K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5948	+0.087%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5934	−0.155%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5946	+0.052%	$370	—	3x	as long as short
Gate PONS_USDTshort	+0.0174%	4h	0.5935	−0.138%	$5.2M	$6.7M	20x
MEXC PONS_USDT	+0.0188%	4h	0.5934	−0.155%	$7.8M	$5.1M	20x	as long as short
BingX PONS-USDT	+0.0188%	4h	0.5938	−0.087%	—	$3.1M	—	as long as short
Binance PONSUSDT	+0.0191%	4h	0.5934	−0.160%	$38.7M	$98.4M	20x	as long as short
Extended PONS-USD	+0.0192%	1h	0.5937	−0.099%	$106K	$535K	5x	as long as short
edgeX PONSUSDC	+0.0197%	4h	0.5945	+0.036%	$21K	$294K	10x	as long as short
Lighter RH PONS	+0.0224%	1h	0.5941	−0.039%	$401K	$2.5M	3x	as long as short
Nado PONS-PERP	+0.0251%	1h	0.5949	+0.102%	$84K	$100K	5x	as long as short
Aster PONSUSDT	+0.0267%	4h	0.5941	−0.039%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0395%	1h	0.5946	+0.039%	$39K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0428%	4h	0.5967	+0.400%	$1.7M	$996K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5947	+0.060%	$47K	$102K	3x	as long as short
Hyperliquid PONS	+0.0671%	1h	0.5939	−0.064%	$59.5M	$29.7M	3x	as long as short
Phoenix PONS	+0.1232%	1h	0.5953	+0.158%	$27K	$80K	3x	as long as short
Lighter PONSlong	+0.1368%	1h	0.5943	long leg	$1.7M	$879K	3x