Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0118%/8h= −13.0% APRpaid last 24h +0.074%

Price spread now: Bybit against Nado−0.219%49s7-day average −0.025% · 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—prices read too far apart to compare

costs, in and out, $10k−$1371.370% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.147%+$15 on $10k

Price spread, last 3 days (all we have)−0.002%$0 · spread now −0.219%, 7d avg −0.025%

Together, before fees+0.145%+ Points / potential airdropNado: Active · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bybit is 0.194% cheaper against Nado than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.025%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.147%, so the current rate has only just turned against you. The two prices were read 49 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	Nado PONS-PERP	0.5928	0.0218	pay 0.0027% / 1h	53m 44s	$90K	$103K	5x
Short	Bybit PONSUSDT	0.5915	0.0100	get 0.0050% / 4h	1h 53m	$17.7M	$31.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.219%Rate

Funding earned: −$24.88
Price spread: −0.219% → −0.025%: −$19.4
Slippage, 4 orders: −$125.98
Fee Nado: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$181.26
Costs to cover: 1.370%
Break-even: never at this rate

Slippage from Nado: live order book, 20 min ago; Bybit: 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	16.14 bp	50.1 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.85 bp	15.2 bp −$15	38.4 bp −$384	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 −0.0034%	1h	0.5916	−0.202%	$217K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5920	−0.142%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5929	+0.017%	$21K	$441K	20x	as long as short
Bybit PONSUSDTshort	+0.0100%	4h	0.5915	−0.219%	$17.7M	$31.8M	20x
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5917	−0.186%	$13.4M	$56.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5916	−0.211%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5918	−0.169%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5914	−0.228%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5916	−0.197%	$34K	$342K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5927	−0.015%	$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	0.5925	−0.044%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5919	−0.152%	$27K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5936	+0.135%	$64K	$506K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5915	−0.219%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5921	−0.118%	$369	—	3x	as long as short
Aster PONSUSDT	+0.0147%	4h	0.5921	−0.115%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0172%	4h	0.5914	−0.236%	$7.5M	$4.9M	20x	as long as short
BingX PONS-USDT	+0.0172%	4h	0.5914	−0.236%	—	$3.1M	—	as long as short
Binance PONSUSDT	+0.0172%	4h	0.5917	−0.190%	$38.4M	$98.1M	20x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5916	−0.203%	$106K	$531K	5x	as long as short
edgeX PONSUSDC	+0.0185%	4h	0.5901	−0.462%	$21K	$292K	10x	as long as short
Nado PONS-PERPlong	+0.0218%	1h	0.5928	long leg	$90K	$103K	5x
Lighter RH PONS	+0.0408%	1h	0.5919	−0.157%	$421K	$2.6M	3x	as long as short
BloFin PONS-USDT	+0.0411%	4h	0.5929	+0.017%	$1.7M	$976K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5916	−0.198%	$47K	$103K	3x	as long as short
Polymarket Perps PONS-USD	+0.0532%	1h	0.5929	+0.024%	$37K	$1.8M	3x	as long as short
Hyperliquid PONS	+0.0581%	1h	0.5920	−0.132%	$59.5M	$29.9M	3x	as long as short
Lighter PONS	+0.0816%	1h	0.5919	−0.152%	$1.7M	$981K	3x	as long as short
Gate PONS_USDT	+0.0992%	4h	0.5915	−0.219%	$5.2M	$6.4M	20x	as long as short
Phoenix PONS	+0.1275%	1h	0.5917	−0.182%	$30K	$96K	3x	as long as short