Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h −0.018%

Price spread now: gTrade (Gains Network) against Orderly−0.212%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and gTrade (Gains Network) is 0.212% cheaper against Orderly than usual: you would sell low and buy high (−$21 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	Orderly PERP_PONS_USDC_mythos	0.5898	0.0100	pay 0.0050% / 4h	2h 02m	$2K	$3K	10x
Short	gTrade (Gains Network) PONS/USD	0.5885	L +0.0032% / S −0.0034%	get 0.0004% / 1h	2m 00s	$216K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Orderly. 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 OrderlybpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.212%Rate

Funding earned: −$13.85
Price spread: −0.212% → 0.000%: −$21.18
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee gTrade (Gains Network): 6 bp × 2 orders: −$12
Net: −$53.02
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; gTrade (Gains Network): virtual book (oracle venue), 22 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell gTrade (Gains Network) virtual book (oracle venue), 22 min ago	130.01 bp	2471.2 bp −$2,471	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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/USDshort	L +0.0032% / S −0.0034%	1h	0.5885	−0.212%	$216K	—	150x
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.368%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5890	−0.134%	$21K	$442K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5892	−0.100%	$17.6M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5893	−0.083%	$13.4M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5885	−0.222%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5894	−0.070%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5857	−0.689%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5865	−0.563%	$34K	$339K	5x	as long as short
Orderly PERP_PONS_USDC_mythoslong	+0.0100%	4h	0.5898	long leg	$2K	$3K	10x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5895	−0.046%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5890	−0.134%	$27K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5894	−0.075%	$63K	$506K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5889	−0.151%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5892	−0.106%	$367	—	3x	as long as short
Nado PONS-PERP	+0.0134%	1h	0.5892	−0.096%	$89K	$103K	5x	as long as short
Aster PONSUSDT	+0.0151%	4h	0.5892	−0.107%	$1.1M	$2.2M	20x	as long as short
Extended PONS-USD	+0.0168%	1h	0.5892	−0.092%	$105K	$532K	5x	as long as short
MEXC PONS_USDT	+0.0168%	4h	0.5893	−0.083%	$7.5M	$5.2M	20x	as long as short
BingX PONS-USDT	+0.0168%	4h	0.5891	−0.117%	—	$3.1M	—	as long as short
Binance PONSUSDT	+0.0169%	4h	0.5897	−0.019%	$38.3M	$98.2M	20x	as long as short
edgeX PONSUSDC	+0.0175%	4h	0.5869	−0.494%	$20K	$293K	10x	as long as short
Polymarket Perps PONS-USD	+0.0382%	1h	0.5891	−0.119%	$37K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0409%	4h	0.5885	−0.219%	$1.7M	$963K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5891	−0.110%	$47K	$103K	3x	as long as short
Lighter RH PONS	+0.0496%	1h	0.5892	−0.102%	$417K	$2.7M	3x	as long as short
Hyperliquid PONS	+0.0531%	1h	0.5895	−0.047%	$59.2M	$30.1M	3x	as long as short
Gate PONS_USDT	+0.0738%	4h	0.5884	−0.236%	$5.1M	$6.8M	20x	as long as short
Lighter PONS	+0.0976%	1h	0.5895	−0.051%	$1.7M	$900K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5870	−0.470%	$30K	$86K	3x	as long as short