Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0686%/8h= −75.2% APRpaid last 24h −0.265%

Price spread now: Gate against Phoenix−0.083%77s7-day average −0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$245as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$960.964% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−1.488%−$149 on $10k

Price spread, last 4 days (all we have)−0.015%−$2 · spread now −0.083%, 7d avg −0.064%

Together, before fees−1.503%−$150 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.064%, so right now this pair is about funding alone: −$21 a day on $10k at the current rate. The two prices were read 77 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	Phoenix PONS	0.5921	0.1472	pay 0.0184% / 1h	8m 14s	$45K	$127K	3x
Short	Gate PONS_USDT	0.5916	0.0786	get 0.0393% / 4h	1h 08m	$5.3M	$6.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Phoenix. 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 PhoenixbpFee GatebpOrdersPrice spread, now −0.083%Rate

Funding earned: −$144.13
Price spread: −0.083% → −0.064%: −$1.9
Slippage, 4 orders: −$74.36
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$242.4
Costs to cover: 0.964%
Break-even: never at this rate

Slippage from Phoenix: live order book, 27 min ago; Gate: 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 Phoenix live order book, 27 min ago	4.55 bp	20.8 bp −$21	67.5 bp −$675	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	1.69 bp	21.6 bp −$22	64.2 bp −$642	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 −0.0030%	1h	0.5913	−0.127%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	+0.297%	$610	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5920	−0.022%	$410K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5916	−0.083%	$22K	$420K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5925	+0.062%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5917	−0.073%	$69K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5921	−0.002%	$29K	$314K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5920	−0.015%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5920	−0.015%	$26K	$581K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5920	−0.014%	$64K	$526K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.5918	−0.049%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0200%	1h	0.5920	−0.021%	$369	—	3x	as long as short
Hyperliquid PONS	+0.0291%	1h	0.5920	−0.008%	$60.1M	$29.5M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0409%	4h	0.5917	−0.066%	$13.4M	$55.3M	20x	as long as short
Aster PONSUSDT	+0.0448%	4h	0.5917	−0.061%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0486%	4h	0.5918	−0.049%	$7.6M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0487%	4h	0.5918	−0.049%	$37.3M	$97.9M	20x	as long as short
Extended PONS-USD	+0.0488%	1h	0.5917	−0.064%	$101K	$807K	5x	as long as short
edgeX PONSUSDC	+0.0497%	4h	0.5920	−0.011%	$20K	$289K	10x	as long as short
Pacifica PONS	+0.0556%	1h	0.5917	−0.073%	$45K	$68K	3x	as long as short
Variational Omni PONS	+0.0564%	4h	0.5916	−0.084%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTM	+0.0600%	4h	0.5919	−0.032%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0639%	1h	0.5918	−0.044%	$87K	$1.9M	3x	as long as short
BingX PONS-USDT	+0.0678%	4h	0.5917	−0.066%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0679%	4h	0.5916	−0.083%	$17.5M	$31.2M	20x	as long as short
Bitget PONSUSDT	+0.0680%	4h	0.5920	−0.010%	$4.7M	$12.2M	20x	as long as short
BloFin PONS-USDT	+0.0728%	4h	0.5917	−0.066%	$1.7M	$941K	20x	as long as short
Gate PONS_USDTshort	+0.0786%	4h	0.5916	−0.083%	$5.3M	$6.3M	20x
Lighter PONS	+0.0888%	1h	0.5923	+0.037%	$1.6M	$832K	3x	as long as short
Phoenix PONSlong	+0.1472%	1h	0.5921	long leg	$45K	$127K	3x