Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.048%

Price spread now: Nado against Bitget−0.184%7-day average −0.032% · 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−$155as in the Price arb table

costs, in and out, $10k−$1401.403% of the position

Long on Bitget Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.231%−$23 on $10k

Price spread, last 3 days (all we have)+0.232%+$23 · spread now −0.184%, 7d avg −0.032%

Together, before fees+0.002%+ Points / potential airdropNado: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Nado is 0.152% cheaper against Bitget than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.032%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PONSUSDT	0.6140	0.0146	pay 0.0073% / 4h	26m 56s	$4.8M	$11.7M	20x
Short	Nado PONS-PERP	0.6129	0.0100	get 0.0012% / 1h	26m 56s	$88K	$107K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Bitget. 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 BitgetbpFee NadobpOrdersPrice spread, now −0.184%Rate

Funding earned: −$9.66
Price spread: −0.184% → −0.032%: −$15.18
Slippage, 4 orders: −$128.27
Fee Bitget: 6 bp × 2 orders: −$12
Fee Nado: 0 bp × 2 orders: $0
Net: −$165.11
Costs to cover: 1.403%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Nado: live order book, 42 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 Bitget live order book, 2 min ago	2.78 bp	19.9 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 42 min ago	17.17 bp	50.3 bp −$50	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.782%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6126	−0.235%	$242K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6136	−0.070%	$430K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6123	−0.282%	$20K	$438K	20x	as long as short
Nado PONS-PERPshort	+0.0100%	1h	0.6129	−0.184%	$88K	$107K	5x
Bybit PONSUSDT	+0.0100%	4h	0.6134	−0.103%	$18.5M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6138	−0.037%	$14.0M	$58.3M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6124	−0.261%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6144	+0.059%	$34K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6134	−0.098%	$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	0.6121	−0.319%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6135	−0.080%	$28K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6131	−0.145%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6140	−0.005%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0116%	4h	0.6135	−0.088%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDTlong	+0.0146%	4h	0.6140	long leg	$4.8M	$11.7M	20x
Aevo PONS-PERP	+0.0160%	1h	0.6130	−0.164%	$382	—	3x	as long as short
Aster PONSUSDT	+0.0164%	4h	0.6124	−0.272%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0296%	1h	0.6137	−0.054%	$1.7M	$923K	3x	as long as short
Extended PONS-USD	+0.0304%	1h	0.6139	−0.025%	$253K	$682K	5x	as long as short
MEXC PONS_USDT	+0.0304%	4h	0.6137	−0.054%	$8.1M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0306%	4h	0.6142	+0.021%	$40.2M	$98.7M	20x	as long as short
BingX PONS-USDT	+0.0308%	4h	0.6136	−0.070%	—	$3.0M	—	as long as short
edgeX PONSUSDC	+0.0308%	4h	0.6133	−0.121%	$21K	$292K	10x	as long as short
BloFin PONS-USDT	+0.0546%	4h	0.6140	−0.005%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0666%	1h	0.6134	−0.099%	$42K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0882%	1h	0.6140	−0.003%	$62.4M	$30.5M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6110	−0.498%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6125	−0.246%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2348%	4h	0.6129	−0.184%	$5.4M	$6.3M	20x	as long as short