Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0578%/8h= −63.3% APRpaid last 24h +0.124%

Price spread now: Lighter against Gate+0.107%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$640.644% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.387%+$39 on $10k

Price spread, last 7 days−0.138%−$14 · spread now +0.107%, 7d avg +0.052%

Together, before fees+0.248%+ Points / potential airdropLighter: Season 3 · farm board+$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.055% dearer against Gate than usual: you sell high and buy low (spread +0.107% now, against its 7-day average of +0.052%): +$5 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 8 hours. Mind the row above: over the last 7 days funding on this pair paid +0.387%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.387% in total (about 20.2% 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	0.6053	0.0826	pay 0.0413% / 4h	2h 00m	$5.3M	$6.2M	20x
Short	Lighter PONS	0.6059	0.0248	get 0.0031% / 1h	0m 41s	$1.7M	$889K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.107%Rate

Funding earned: −$121.38
Price spread: +0.107% → +0.052%: $5.5
Slippage, 4 orders: −$49.38
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$180.26
Costs to cover: 0.644%
Break-even: never at this rate

Slippage from Gate: live order book, 3 min ago; Lighter: live order book, 6 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, 3 min ago	0.83 bp	32.3 bp −$32	232.5 bp −$2,325	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	2.89 bp	6.0 bp −$6	13.4 bp −$134	doesn't fit	doesn't fit

PONS on 29 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	0.6039	−0.236%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.379%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6053	0.000%	$20K	$422K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6048	−0.084%	$1.4M	$3.9M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6070	+0.284%	$33K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6057	+0.059%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6053	−0.007%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6052	−0.008%	$26K	$520K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6067	+0.228%	$65K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6054	+0.017%	$1.7M	$3.2M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0192%	1h	0.6049	−0.058%	$377	—	3x	as long as short
Lighter RH PONS	+0.0200%	1h	0.6061	+0.126%	$426K	$2.5M	3x	as long as short
Lighter PONSshort	+0.0248%	1h	0.6059	+0.107%	$1.7M	$889K	3x
OKX PONS-USDT-SWAP	+0.0258%	4h	0.6058	+0.083%	$13.9M	$54.6M	20x	as long as short
Nado PONS-PERP	+0.0282%	1h	0.6058	+0.090%	$71K	$131K	5x	as long as short
KuCoin PONSUSDTM	+0.0306%	4h	0.6061	+0.132%	$1.7M	$3.6M	20x	as long as short
Bitget PONSUSDT	+0.0364%	4h	0.6061	+0.132%	$4.7M	$11.2M	20x	as long as short
BingX PONS-USDT	+0.0438%	4h	0.6063	+0.165%	—	$3.0M	—	as long as short
Aster PONSUSDT	+0.0438%	4h	0.6056	+0.044%	$1.1M	$2.0M	20x	as long as short
edgeX PONSUSDC	+0.0448%	4h	0.6061	+0.133%	$21K	$293K	10x	as long as short
Binance PONSUSDT	+0.0453%	4h	0.6061	+0.139%	$39.6M	$93.7M	20x	as long as short
MEXC PONS_USDT	+0.0454%	4h	0.6062	+0.149%	$7.8M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0456%	1h	0.6055	+0.028%	$250K	$670K	5x	as long as short
Bybit PONSUSDT	+0.0496%	4h	0.6058	+0.083%	$18.1M	$30.3M	20x	as long as short
Hyperliquid PONS	+0.0723%	1h	0.6062	+0.154%	$61.8M	$27.8M	3x	as long as short
Polymarket Perps PONS-USD	+0.0781%	1h	0.6051	−0.028%	$48K	$1.5M	3x	as long as short
Gate PONS_USDTlong	+0.0826%	4h	0.6053	long leg	$5.3M	$6.2M	20x
Pacifica PONS	+0.0869%	1h	0.6061	+0.133%	$48K	$75K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6060	+0.124%	$31K	$107K	3x	as long as short