Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0798%/8h= −87.4% APRpaid last 24h −0.042%

Price spread now: Nado against Bybit−0.269%7-day average +0.022% · 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−$162as in the Price arb table

costs, in and out, $10k−$1331.326% of the position

Long on Bybit Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.179%−$18 on $10k

Price spread, last 4 days (all we have)+0.584%+$58 · spread now −0.269%, 7d avg +0.022%

Together, before fees+0.405%+ Points / potential airdropNado: Active · farm board+$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Nado is 0.290% cheaper against Bybit than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of +0.022%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.179% in total (about -18.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PONSUSDT	0.6231	0.0898	pay 0.0449% / 4h	3h 27m	$18.8M	$33.2M	20x
Short	Nado PONS-PERP	0.6214	0.0100	get 0.0012% / 1h	27m 47s	$72K	$130K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Bybit. 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 BybitbpFee NadobpOrdersPrice spread, now −0.269%Rate

Funding earned: −$167.61
Price spread: −0.269% → +0.022%: −$29.04
Slippage, 4 orders: −$121.57
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Nado: 0 bp × 2 orders: $0
Net: −$329.22
Costs to cover: 1.326%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Nado: live order book, 61 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 Bybit live order book, 1 min ago	2.41 bp	19.6 bp −$20	49.9 bp −$499	doesn't fit	doesn't fit
Sell Nado live order book, 61 min ago	14.91 bp	54.3 bp −$54	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/USD	L +0.0032% / S −0.0030%	1h	0.6207	−0.390%	$243K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−4.694%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6216	−0.241%	$23K	$437K	20x	as long as short
Nado PONS-PERPshort	+0.0100%	1h	0.6214	−0.269%	$72K	$130K	5x
ApeX Omni PONSUSDT	+0.0100%	1h	0.6210	−0.334%	$31K	$289K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6209	−0.353%	$73K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6230	−0.013%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6212	−0.310%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6221	−0.152%	$26K	$631K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6218	−0.212%	$66K	$527K	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	0.6227	−0.064%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6226	−0.088%	$388	—	3x	as long as short
Hyperliquid PONS	+0.0305%	1h	0.6238	+0.108%	$63.9M	$30.7M	3x	as long as short
Lighter RH PONS	+0.0328%	1h	0.6224	−0.116%	$421K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0420%	4h	0.6232	+0.016%	$14.3M	$60.7M	20x	as long as short
Aster PONSUSDT	+0.0445%	4h	0.6218	−0.206%	$1.1M	$2.3M	20x	as long as short
Lighter PONS	+0.0464%	1h	0.6221	−0.167%	$1.7M	$869K	3x	as long as short
KuCoin PONSUSDTM	+0.0470%	4h	0.6237	+0.088%	$1.7M	$4.1M	20x	as long as short
Variational Omni PONS	+0.0560%	4h	0.6185	−0.739%	$1.6M	$4.5M	—	as long as short
edgeX PONSUSDC	+0.0634%	4h	0.6196	−0.563%	$20K	$293K	10x	as long as short
MEXC PONS_USDT	+0.0640%	4h	0.6235	+0.064%	$8.0M	$4.7M	20x	as long as short
Extended PONS-USD	+0.0648%	1h	0.6231	−0.002%	$105K	$823K	5x	as long as short
Binance PONSUSDT	+0.0651%	4h	0.6232	+0.020%	$40.8M	$104.4M	20x	as long as short
Bitget PONSUSDT	+0.0722%	4h	0.6237	+0.090%	$5.0M	$13.2M	20x	as long as short
Gate PONS_USDT	+0.0826%	4h	0.6221	−0.160%	$5.4M	$6.4M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6217	−0.220%	$47K	$78K	3x	as long as short
BloFin PONS-USDT	+0.0881%	4h	0.6244	+0.209%	$1.8M	$1.1M	20x	as long as short
Bybit PONSUSDTlong	+0.0898%	4h	0.6231	long leg	$18.8M	$33.2M	20x
BingX PONS-USDT	+0.0936%	4h	0.6234	+0.048%	—	$3.2M	—	as long as short
Phoenix PONS	+0.1714%	1h	0.6199	−0.515%	$47K	$159K	3x	as long as short