Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1477%/8h= −161.7% APRpaid last 24h −0.135%

Price spread now: Injective against Gate−2.602%99s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Gate Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$44 a day on $10k at the current rate, and Injective is 2.602% cheaper against Gate than usual: you would sell low and buy high (−$260 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PONS_USDT	0.6129	0.1510	pay 0.0755% / 4h	3h 07m	$5.4M	$6.2M	20x
Short	Injective PONS/USDC PERP	0.5969	0.0033	get 0.0004% / 1h	7m 34s	$614	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −2.602%Rate

Funding earned: −$310.1
Price spread: −2.602% → 0.000%: −$260.24
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$585.36
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 1 min ago; Injective: no order-book sample. Net counts fees only.

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, 1 min ago	4.08 bp	24.4 bp −$24	184.3 bp −$1,843	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 +0.0033% / S −0.0033%	1h	0.6123	−0.103%	$242K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0033%	1h	0.5969	−2.602%	$614	$10K	5.5x
Popdex PONSUSDT	+0.0096%	1h	0.6140	+0.179%	$21K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6118	−0.180%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6111	−0.289%	$33K	$356K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6141	+0.194%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6134	+0.088%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6132	+0.057%	$26K	$542K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6147	+0.287%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6128	−0.016%	$1.7M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0160%	1h	0.6132	+0.047%	$434K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.6135	+0.091%	$382	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0216%	4h	0.6137	+0.131%	$14.1M	$56.7M	20x	as long as short
KuCoin PONSUSDTM	+0.0228%	4h	0.6131	+0.029%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0280%	4h	0.6142	+0.212%	$4.8M	$11.3M	20x	as long as short
Aster PONSUSDT	+0.0335%	4h	0.6127	−0.026%	$1.1M	$2.0M	20x	as long as short
Binance PONSUSDT	+0.0394%	4h	0.6135	+0.101%	$40.4M	$96.0M	20x	as long as short
MEXC PONS_USDT	+0.0396%	4h	0.6136	+0.114%	$8.0M	$4.9M	20x	as long as short
edgeX PONSUSDC	+0.0398%	4h	0.6124	−0.088%	$21K	$291K	10x	as long as short
Extended PONS-USD	+0.0400%	1h	0.6134	+0.085%	$253K	$677K	5x	as long as short
Lighter PONS	+0.0496%	1h	0.6132	+0.046%	$1.7M	$943K	3x	as long as short
BingX PONS-USDT	+0.0588%	4h	0.6143	+0.228%	—	$3.1M	—	as long as short
Nado PONS-PERP	+0.0589%	1h	0.6124	−0.078%	$106K	$115K	5x	as long as short
BloFin PONS-USDT	+0.0629%	4h	0.6135	+0.098%	$1.8M	$997K	20x	as long as short
Bybit PONSUSDT	+0.0633%	4h	0.6135	+0.098%	$18.5M	$30.8M	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6133	+0.072%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USD	+0.0801%	1h	0.6131	+0.031%	$45K	$1.6M	3x	as long as short
Hyperliquid PONS	+0.0870%	1h	0.6133	+0.067%	$62.4M	$28.8M	3x	as long as short
Gate PONS_USDTlong	+0.1510%	4h	0.6129	long leg	$5.4M	$6.2M	20x
Phoenix PONS	+0.1608%	1h	0.6136	+0.114%	$32K	$113K	3x	as long as short