Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0424%/8h= +46.4% APRpaid last 24h −0.007%

Price spread now: Gate against Extended−0.094%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$110as in the Price arb table

costs, in and out, $10k−$1041.037% of the position

Long on Extended Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.090%+$9 on $10k

Price spread, last 4 days (all we have)−0.010%−$1 · spread now −0.094%, 7d avg −0.031%

Together, before fees+0.080%+ Points / potential airdropExtended: Active · farm board+$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.063% cheaper against Extended than usual: you would sell low and buy high (spread −0.094% now, against its 7-day average of −0.031%). If the spread goes back, that is −$6 on $10k: about 12 hours of funding at the current rate (+$13 a day). At the pace of the last 7 days (+0.090% in total) that is about 4.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.090% in total (about 4.7% 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	Extended PONS-USD	0.6186	0.0616	pay 0.0077% / 1h	48m 43s	$104K	$828K	5x
Short	Gate PONS_USDT	0.6180	0.1040	get 0.0520% / 4h	3h 48m	$5.4M	$6.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Extended. 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 ExtendedbpFee GatebpOrdersPrice spread, now −0.094%Rate

Funding earned: $89.04
Price spread: −0.094% → −0.031%: −$6.32
Slippage, 4 orders: −$83.72
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$21
Costs to cover: 1.037%
Break-even: 8.7 days

Slippage from Extended: live order book, 49 min ago; Gate: live order book, 4 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 Extended live order book, 49 min ago	10.96 bp	25.5 bp −$25	181.4 bp −$1,814	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	4.03 bp	24.0 bp −$24	60.3 bp −$603	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	0.6180	−0.099%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−3.998%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6194	+0.132%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6186	+0.004%	$72K	$129K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6214	+0.455%	$31K	$294K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6179	−0.102%	$72K	$2.3M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6191	+0.087%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6186	+0.001%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6181	−0.070%	$26K	$614K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6194	+0.132%	$66K	$528K	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	0.6181	−0.078%	$1.7M	$3.2M	20x	as long as short
Lighter RH PONS	+0.0176%	1h	0.6185	−0.021%	$421K	$2.7M	3x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.6187	+0.019%	$385	—	3x	as long as short
Hyperliquid PONS	+0.0332%	1h	0.6179	−0.117%	$63.2M	$30.8M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0380%	4h	0.6195	+0.148%	$14.0M	$60.8M	20x	as long as short
Aster PONSUSDT	+0.0429%	4h	0.6181	−0.074%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0480%	4h	0.6183	−0.044%	$1.6M	$4.0M	20x	as long as short
Variational Omni PONS	+0.0532%	4h	0.6223	+0.600%	$1.6M	$4.3M	—	as long as short
Extended PONS-USDlong	+0.0616%	1h	0.6186	long leg	$104K	$828K	5x
Binance PONSUSDT	+0.0617%	4h	0.6186	−0.003%	$40.5M	$104.4M	20x	as long as short
MEXC PONS_USDT	+0.0618%	4h	0.6189	+0.051%	$7.9M	$4.6M	20x	as long as short
edgeX PONSUSDC	+0.0621%	4h	0.6216	+0.482%	$20K	$291K	10x	as long as short
Bitget PONSUSDT	+0.0690%	4h	0.6182	−0.067%	$4.9M	$13.2M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6185	−0.016%	$47K	$77K	3x	as long as short
BloFin PONS-USDT	+0.0859%	4h	0.6201	+0.245%	$1.8M	$1.1M	20x	as long as short
Lighter PONS	+0.0952%	1h	0.6186	+0.009%	$1.7M	$867K	3x	as long as short
Bybit PONSUSDT	+0.1015%	4h	0.6188	+0.035%	$18.7M	$33.1M	20x	as long as short
Gate PONS_USDTshort	+0.1040%	4h	0.6180	−0.094%	$5.4M	$6.3M	20x
BingX PONS-USDT	+0.1230%	4h	0.6178	−0.127%	—	$3.3M	—	as long as short
Phoenix PONS	+0.1714%	1h	0.6194	+0.126%	$47K	$159K	3x	as long as short