Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0022%/8h= +2.4% APRpaid last 24h +0.301%

Price spread now: Phoenix against Gate−0.023%7-day average +0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs+$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$940.936% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.404%+$140 on $10k

Price spread, last 4 days (all we have)+0.507%+$51 · spread now −0.023%, 7d avg +0.064%

Together, before fees+1.910%+$191 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.086% cheaper against Gate than usual: you would sell low and buy high (spread −0.023% now, against its 7-day average of +0.064%). If the spread goes back, that is −$9 on $10k: about 13 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+1.404% in total) that is about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PONS_USDT	0.6217	0.1692	pay 0.0846% / 4h	3h 51m	$5.4M	$6.3M	20x
Short	Phoenix PONS	0.6216	0.1714	get 0.0214% / 1h	51m 31s	$47K	$159K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.023%Rate

Funding earned: $4.62
Price spread: −0.023% → +0.064%: −$8.65
Slippage, 4 orders: −$71.55
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$97.58
Costs to cover: 0.936%
Break-even: 155.0 days

Slippage from Gate: live order book, 2 min ago; Phoenix: live order book, 39 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, 2 min ago	4.03 bp	27.9 bp −$28	97.7 bp −$977	doesn't fit	doesn't fit
Sell Phoenix live order book, 39 min ago	4.41 bp	20.9 bp −$21	71.3 bp −$713	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	0.6214	−0.045%	$243K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−4.480%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6224	+0.113%	$23K	$436K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6223	+0.098%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6214	−0.048%	$31K	$294K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6212	−0.072%	$73K	$2.3M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6222	+0.074%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6202	−0.243%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6224	+0.113%	$26K	$613K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6247	+0.486%	$66K	$534K	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	0.6221	+0.064%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.6221	+0.068%	$388	—	3x	as long as short
Lighter RH PONS	+0.0264%	1h	0.6221	+0.068%	$420K	$2.7M	3x	as long as short
Hyperliquid PONS	+0.0264%	1h	0.6223	+0.092%	$63.7M	$30.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0385%	4h	0.6219	+0.032%	$14.1M	$61.0M	20x	as long as short
Aster PONSUSDT	+0.0439%	4h	0.6224	+0.113%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0482%	4h	0.6223	+0.090%	$1.6M	$4.0M	20x	as long as short
Variational Omni PONS	+0.0516%	4h	0.6215	−0.025%	$1.6M	$4.3M	—	as long as short
Extended PONS-USD	+0.0616%	1h	0.6217	+0.007%	$104K	$825K	5x	as long as short
MEXC PONS_USDT	+0.0618%	4h	0.6222	+0.080%	$7.9M	$4.6M	20x	as long as short
edgeX PONSUSDC	+0.0621%	4h	0.6216	−0.022%	$20K	$291K	10x	as long as short
Binance PONSUSDT	+0.0622%	4h	0.6225	+0.129%	$40.7M	$104.4M	20x	as long as short
Bitget PONSUSDT	+0.0688%	4h	0.6225	+0.125%	$5.0M	$13.1M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6221	+0.062%	$47K	$77K	3x	as long as short
BloFin PONS-USDT	+0.0862%	4h	0.6229	+0.193%	$1.8M	$1.1M	20x	as long as short
Lighter PONS	+0.1080%	1h	0.6223	+0.105%	$1.7M	$867K	3x	as long as short
Bybit PONSUSDT	+0.1330%	4h	0.6223	+0.097%	$18.7M	$32.9M	20x	as long as short
Gate PONS_USDTlong	+0.1692%	4h	0.6217	long leg	$5.4M	$6.3M	20x
Phoenix PONSshort	+0.1714%	1h	0.6216	−0.023%	$47K	$159K	3x
BingX PONS-USDT	+0.2020%	4h	0.6218	+0.016%	—	$3.3M	—	as long as short