Funding arb · Price arb /

PONS

all PONS markets

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 Phemex+0.073%7-day average −0.149% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$4,667as in the Price arb table

costs, in and out, $10k−$4,69046.896% of the position

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)−0.017%−$2 on $10k

Price spread, last 3 days (all we have)−0.558%−$56 · spread now +0.073%, 7d avg −0.149%

Together, before fees−0.576%−$58 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.222% dearer against Phemex than usual: you sell high and buy low (spread +0.073% now, against its 7-day average of −0.149%): +$22 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PONSUSDT	0.5888	0.0100	pay 0.0050% / 4h	2h 23m	$1.6M	$3.3M	20x
Short	gTrade (Gains Network) PONS/USD	0.5892	L +0.0032% / S −0.0034%	get 0.0004% / 1h	23m 06s	$216K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Phemex. 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 PhemexbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.073%Rate

Funding earned: −$13.87
Price spread: +0.073% → −0.149%: $22.2
Slippage, 4 orders: −$4,665.6
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 6 bp × 2 orders: −$12
Net: −$4,681.27
Costs to cover: 46.896%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; gTrade (Gains Network): virtual book (oracle venue), 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 Phemex live order book, 6 min ago	2.55 bp	60.3 bp −$60	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 1 min ago	130.01 bp	2471.2 bp −$2,471	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/USDshort	L +0.0032% / S −0.0034%	1h	0.5892	+0.073%	$216K	—	150x
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.537%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5899	+0.187%	$21K	$446K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5900	+0.204%	$89K	$103K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5892	+0.068%	$17.6M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5891	+0.051%	$13.4M	$56.0M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5900	+0.206%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5895	+0.110%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5909	+0.353%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5907	+0.318%	$34K	$332K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5904	+0.275%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5901	+0.226%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5897	+0.153%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5899	+0.183%	$64K	$504K	20x	as long as short
Phemex PONSUSDTlong	+0.0100%	4h	0.5888	long leg	$1.6M	$3.3M	20x
Aevo PONS-PERP	+0.0128%	1h	0.5899	+0.195%	$368	—	3x	as long as short
MEXC PONS_USDT	+0.0180%	4h	0.5895	+0.119%	$7.5M	$5.2M	20x	as long as short
Binance PONSUSDT	+0.0181%	4h	0.5894	+0.102%	$38.3M	$98.4M	20x	as long as short
Extended PONS-USD	+0.0184%	1h	0.5896	+0.140%	$105K	$533K	5x	as long as short
BingX PONS-USDT	+0.0184%	4h	0.5894	+0.102%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0199%	4h	0.5907	+0.331%	$21K	$292K	10x	as long as short
Aster PONSUSDT	+0.0199%	4h	0.5894	+0.096%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0352%	1h	0.5899	+0.192%	$38K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0421%	4h	0.5901	+0.221%	$1.7M	$965K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5900	+0.212%	$47K	$103K	3x	as long as short
Hyperliquid PONS	+0.0495%	1h	0.5896	+0.127%	$59.0M	$30.0M	3x	as long as short
Lighter RH PONS	+0.0608%	1h	0.5899	+0.185%	$404K	$2.6M	3x	as long as short
Gate PONS_USDT	+0.0616%	4h	0.5894	+0.102%	$5.1M	$6.8M	20x	as long as short
Lighter PONS	+0.1032%	1h	0.5898	+0.163%	$1.7M	$882K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5904	+0.272%	$28K	$86K	3x	as long as short