Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0151%/8h= −16.5% APRpaid last 24h +0.034%

Price spread now: Bitget against Nado−0.193%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$148as in the Price arb table

costs, in and out, $10k−$1281.283% of the position

Long on Nado Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropNado: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bitget is 0.193% cheaper against Nado than usual: you would sell low and buy high (−$19 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PONS-PERP	0.5949	0.0251	pay 0.0031% / 1h	58m 18s	$84K	$100K	5x
Short	Bitget PONSUSDT	0.5938	0.0100	get 0.0050% / 4h	2h 58m	$4.6M	$11.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Nado. 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 NadobpFee BitgetbpOrdersPrice spread, now −0.193%Rate

Funding earned: −$31.67
Price spread: −0.193% → 0.000%: −$19.26
Slippage, 4 orders: −$116.32
Fee Nado: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$179.24
Costs to cover: 1.283%
Break-even: never at this rate

Slippage from Nado: live order book, 20 min ago; Bitget: live order book, 5 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 Nado live order book, 20 min ago	19.48 bp	46.9 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	0.92 bp	17.3 bp −$17	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 +0.0032% / S −0.0032%	1h	0.5941	−0.131%	$213K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	−0.498%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5944	−0.088%	$21K	$461K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5938	−0.189%	$18.1M	$31.4M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5936	−0.223%	$13.6M	$56.4M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5945	−0.072%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDTshort	+0.0100%	4h	0.5938	−0.193%	$4.6M	$11.6M	20x
Variational Omni PONS	+0.0100%	4h	0.5963	+0.224%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5949	−0.008%	$34K	$325K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5948	−0.016%	$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	+0.033%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5938	−0.189%	$27K	$539K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5948	−0.014%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5934	−0.256%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5946	−0.049%	$370	—	3x	as long as short
Gate PONS_USDT	+0.0174%	4h	0.5944	−0.088%	$5.2M	$6.7M	20x	as long as short
BingX PONS-USDT	+0.0187%	4h	0.5941	−0.139%	—	$3.1M	—	as long as short
MEXC PONS_USDT	+0.0188%	4h	0.5945	−0.072%	$7.8M	$5.1M	20x	as long as short
Binance PONSUSDT	+0.0191%	4h	0.5937	−0.206%	$38.7M	$98.4M	20x	as long as short
Extended PONS-USD	+0.0192%	1h	0.5945	−0.076%	$107K	$535K	5x	as long as short
edgeX PONSUSDC	+0.0197%	4h	0.5945	−0.066%	$21K	$294K	10x	as long as short
Lighter RH PONS	+0.0224%	1h	0.5941	−0.140%	$401K	$2.5M	3x	as long as short
Nado PONS-PERPlong	+0.0251%	1h	0.5949	long leg	$84K	$100K	5x
Aster PONSUSDT	+0.0267%	4h	0.5948	−0.014%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0395%	1h	0.5946	−0.063%	$39K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0428%	4h	0.5967	+0.298%	$1.7M	$996K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5947	−0.042%	$47K	$102K	3x	as long as short
Hyperliquid PONS	+0.0723%	1h	0.5949	−0.003%	$59.5M	$29.7M	3x	as long as short
Phoenix PONS	+0.1232%	1h	0.5953	+0.056%	$27K	$80K	3x	as long as short
Lighter PONS	+0.1368%	1h	0.5943	−0.102%	$1.7M	$879K	3x	as long as short