Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1514%/8h= +165.8% APRpaid last 24h −0.023%

Price spread now: Nado against Gate+0.315%7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1461.455% of the position

Long on Gate Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.216%−$22 on $10k

Price spread, last 3 days (all we have)−0.104%−$10 · spread now +0.315%, 7d avg +0.058%

Together, before fees−0.319%+ Points / potential airdropNado: Active · farm board−$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$45 a day on $10k at the current rate, and Nado is 0.256% dearer against Gate than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of +0.058%. Mind the row above: over the last 3 days funding on this pair cost −0.216%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.216% in total (about -24.5% 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	0.6037	−0.1104	get 0.0552% / 4h	3h 55m	$5.3M	$6.1M	20x
Short	Nado PONS-PERP	0.6056	0.0410	get 0.0051% / 1h	55m 12s	$105K	$116K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.315%Rate

Funding earned: $317.97
Price spread: +0.315% → +0.058%: $25.63
Slippage, 4 orders: −$130.54
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Nado: 0 bp × 2 orders: $0
Net: $198.05
Costs to cover: 1.455%
Break-even: 2.6 days

Slippage from Gate: live order book, 3 min ago; Nado: live order book, 8 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	1.65 bp	26.7 bp −$27	209.0 bp −$2,090	doesn't fit	doesn't fit
Sell Nado live order book, 8 min ago	13.85 bp	50.3 bp −$50	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
Gate PONS_USDTlong	−0.1104%	4h	0.6037	long leg	$5.3M	$6.1M	20x
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6041	+0.066%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.118%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6046	+0.149%	$423K	$2.5M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6051	+0.232%	$20K	$417K	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6046	+0.149%	$13.7M	$57.2M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6066	+0.475%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6071	+0.565%	$33K	$357K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6052	+0.247%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6054	+0.273%	—	$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	0.6046	+0.141%	$27K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6058	+0.348%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6054	+0.282%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0150%	4h	0.6046	+0.151%	$1.7M	$3.8M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6053	+0.260%	$377	—	3x	as long as short
Aster PONSUSDT	+0.0160%	4h	0.6046	+0.154%	$1.1M	$2.2M	20x	as long as short
Bitget PONSUSDT	+0.0186%	4h	0.6049	+0.204%	$4.7M	$11.7M	20x	as long as short
Lighter PONS	+0.0200%	1h	0.6047	+0.166%	$1.7M	$894K	3x	as long as short
Binance PONSUSDT	+0.0302%	4h	0.6049	+0.199%	$39.6M	$97.9M	20x	as long as short
MEXC PONS_USDT	+0.0302%	4h	0.6048	+0.182%	$7.9M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0304%	1h	0.6045	+0.130%	$250K	$679K	5x	as long as short
edgeX PONSUSDC	+0.0317%	4h	0.6066	+0.483%	$21K	$292K	10x	as long as short
Nado PONS-PERPshort	+0.0410%	1h	0.6056	+0.315%	$105K	$116K	5x
BloFin PONS-USDT	+0.0542%	4h	0.6051	+0.232%	$1.7M	$1.0M	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6054	+0.277%	$48K	$96K	3x	as long as short
Bybit PONSUSDT	+0.0721%	4h	0.6045	+0.133%	$18.2M	$31.3M	20x	as long as short
Polymarket Perps PONS-USD	+0.0808%	1h	0.6049	+0.194%	$42K	$1.6M	3x	as long as short
BingX PONS-USDT	+0.0916%	4h	0.6051	+0.232%	—	$3.1M	—	as long as short
Hyperliquid PONS	+0.1108%	1h	0.6050	+0.224%	$61.6M	$30.0M	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6073	+0.601%	$31K	$113K	3x	as long as short