Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0646%/8h= +70.7% APRpaid last 24h +0.115%

Price spread now: Gate against Popdex−0.017%7-day average −0.067% · 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−$236as in the Price arb table

costs, in and out, $10k−$2412.411% of the position

Long on Popdex Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.474%+$47 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now −0.017%, 7d avg −0.067%

Together, before fees+0.459%+$46 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Gate is 0.050% dearer against Popdex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.067%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex PONSUSDT	0.6059	0.0096	pay 0.0012% / 1h	7m 36s	$20K	$422K	20x
Short	Gate PONS_USDT	0.6058	0.0742	get 0.0371% / 4h	2h 07m	$5.3M	$6.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Popdex. 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 PopdexbpFee GatebpOrdersPrice spread, now −0.017%Rate

Funding earned: $135.66
Price spread: −0.017% → −0.067%: $5.04
Slippage, 4 orders: −$219.71
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$100.41
Costs to cover: 2.411%
Break-even: 12.2 days

Slippage from Popdex: live order book, 61 min ago; Gate: live order book, 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 Popdex live order book, 61 min ago	6.52 bp	96.3 bp −$96	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	4.12 bp	26.7 bp −$27	73.7 bp −$737	doesn't fit	doesn't fit

PONS on 29 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 +0.0033% / S −0.0033%	1h	0.6043	−0.272%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.477%	$614	$10K	5.5x	as long as short
Popdex PONSUSDTlong	+0.0096%	1h	0.6059	long leg	$20K	$422K	20x
Variational Omni PONS	+0.0100%	4h	0.6037	−0.356%	$1.4M	$4.0M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6047	−0.193%	$33K	$352K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6051	−0.137%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6056	−0.045%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6056	−0.043%	$26K	$521K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6069	+0.158%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6058	−0.017%	$1.7M	$3.2M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0168%	1h	0.6072	+0.223%	$426K	$2.5M	3x	as long as short
Aevo PONS-PERP	+0.0192%	1h	0.6045	−0.223%	$377	—	3x	as long as short
Lighter PONS	+0.0216%	1h	0.6069	+0.165%	$1.7M	$888K	3x	as long as short
OKX PONS-USDT-SWAP	+0.0261%	4h	0.6057	−0.033%	$13.9M	$55.0M	20x	as long as short
Nado PONS-PERP	+0.0261%	1h	0.6040	−0.314%	$71K	$131K	5x	as long as short
KuCoin PONSUSDTM	+0.0264%	4h	0.6074	+0.246%	$1.7M	$3.6M	20x	as long as short
Bitget PONSUSDT	+0.0356%	4h	0.6064	+0.079%	$4.7M	$11.3M	20x	as long as short
Bybit PONSUSDT	+0.0409%	4h	0.6058	−0.017%	$18.1M	$30.5M	20x	as long as short
BingX PONS-USDT	+0.0414%	4h	0.6062	+0.050%	—	$3.0M	—	as long as short
Aster PONSUSDT	+0.0419%	4h	0.6066	+0.120%	$1.1M	$2.0M	20x	as long as short
MEXC PONS_USDT	+0.0430%	4h	0.6064	+0.083%	$7.8M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0432%	1h	0.6062	+0.044%	$250K	$670K	5x	as long as short
Binance PONSUSDT	+0.0435%	4h	0.6070	+0.182%	$39.8M	$94.5M	20x	as long as short
edgeX PONSUSDC	+0.0453%	4h	0.6051	−0.126%	$21K	$292K	10x	as long as short
Hyperliquid PONS	+0.0709%	1h	0.6077	+0.300%	$61.9M	$27.7M	3x	as long as short
Gate PONS_USDTshort	+0.0742%	4h	0.6058	−0.017%	$5.3M	$6.2M	20x
Polymarket Perps PONS-USD	+0.0768%	1h	0.6045	−0.228%	$47K	$1.5M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6070	+0.180%	$48K	$75K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6057	−0.035%	$31K	$107K	3x	as long as short