Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1356%/8h= −148.5% APRpaid last 24h +0.080%

Price spread now: Hyperliquid against Gate+0.087%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$770.775% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 7 days+0.035%+$3 · spread now +0.087%, 7d avg +0.052%

Together, before fees+0.034%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.035% dearer against Gate than usual: you sell high and buy low (spread +0.087% now, against its 7-day average of +0.052%): +$3 on $10k if it goes back. Holding the pair costs −$41 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−0.001% in total) that is about 9 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.001% in total (about -0.0% 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	Gate PONS_USDT	0.6086	0.2192	pay 0.1096% / 4h	3m 51s	$5.3M	$6.3M	20x
Short	Hyperliquid PONS	0.6091	0.0836	get 0.0104% / 1h	3m 51s	$62.0M	$29.9M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$284.8
Price spread: +0.087% → +0.052%: $3.47
Slippage, 4 orders: −$53.47
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$358.8
Costs to cover: 0.775%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Hyperliquid: live order book, 10 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 Gate live order book, 4 min ago	2.46 bp	30.3 bp −$30	198.6 bp −$1,986	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.08 bp	10.9 bp −$11	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	−1.914%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6084	−0.035%	$241K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6089	+0.056%	$426K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6092	+0.099%	$20K	$421K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6086	0.000%	$18.3M	$31.3M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6083	−0.049%	$13.9M	$57.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6076	−0.170%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6096	+0.161%	$32K	$357K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6095	+0.143%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6093	+0.108%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USD	+0.0100%	1h	0.6091	+0.081%	$28K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6103	+0.278%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6093	+0.115%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0126%	4h	0.6089	+0.044%	$1.8M	$3.8M	20x	as long as short
Aster PONSUSDT	+0.0151%	4h	0.6090	+0.068%	$1.1M	$2.2M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6093	+0.107%	$380	—	3x	as long as short
Bitget PONSUSDT	+0.0166%	4h	0.6090	+0.059%	$4.7M	$11.7M	20x	as long as short
Nado PONS-PERP	+0.0207%	1h	0.6094	+0.135%	$105K	$116K	5x	as long as short
MEXC PONS_USDT	+0.0292%	4h	0.6089	+0.049%	$8.0M	$4.9M	20x	as long as short
Extended PONS-USD	+0.0296%	1h	0.6091	+0.088%	$252K	$682K	5x	as long as short
Binance PONSUSDT	+0.0297%	4h	0.6089	+0.049%	$39.9M	$98.2M	20x	as long as short
BingX PONS-USDT	+0.0304%	4h	0.6087	+0.016%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0316%	4h	0.6086	+0.001%	$21K	$293K	10x	as long as short
Lighter PONS	+0.0336%	1h	0.6091	+0.082%	$1.7M	$935K	3x	as long as short
BloFin PONS-USDT	+0.0532%	4h	0.6091	+0.082%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0650%	1h	0.6091	+0.087%	$42K	$1.7M	3x	as long as short
Hyperliquid PONSshort	+0.0836%	1h	0.6091	+0.087%	$62.0M	$29.9M	3x
Pacifica PONS	+0.0899%	1h	0.6090	+0.064%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6085	−0.016%	$31K	$102K	3x	as long as short
Gate PONS_USDTlong	+0.2192%	4h	0.6086	long leg	$5.3M	$6.3M	20x