Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0694%/8h= −75.9% APRpaid last 24h −0.046%

Price spread now: Gate against Hyperliquid−0.010%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$720.725% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$6 on $10k

Price spread, last 7 days−0.021%−$2 · spread now −0.010%, 7d avg −0.051%

Together, before fees+0.043%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.041% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.010% now, against its 7-day average of −0.051%): +$4 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 5 hours. Mind the row above: over the last 7 days funding on this pair paid +0.065%, 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 0.065% in total (about 3.4% 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	Hyperliquid PONS	0.5917	0.0794	pay 0.0099% / 1h	52m 01s	$60.2M	$27.8M	3x
Short	Gate PONS_USDT	0.5916	0.0100	get 0.0050% / 4h	52m 01s	$5.2M	$6.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Hyperliquid. 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 HyperliquidbpFee GatebpOrdersPrice spread, now −0.010%Rate

Funding earned: −$145.64
Price spread: −0.010% → −0.051%: $4.07
Slippage, 4 orders: −$48.46
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$214.03
Costs to cover: 0.725%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Gate: live order book, 1 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 Hyperliquid live order book, 12 min ago	2.10 bp	14.2 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.54 bp	19.8 bp −$20	62.3 bp −$623	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 +0.0033% / S −0.0032%	1h	0.5906	−0.176%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.894%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5911	−0.095%	$21K	$434K	20x	as long as short
Gate PONS_USDTshort	+0.0100%	4h	0.5916	−0.010%	$5.2M	$6.2M	20x
ApeX Omni PONSUSDT	+0.0100%	1h	0.5932	+0.264%	$34K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5920	+0.051%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5916	−0.003%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5913	−0.069%	$25K	$524K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5924	+0.128%	$64K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5923	+0.108%	$1.6M	$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 PONS	+0.0120%	1h	0.5914	−0.051%	$1.6M	$877K	3x	as long as short
Variational Omni PONS	+0.0189%	4h	0.5947	+0.514%	$1.4M	$3.9M	—	as long as short
Aevo PONS-PERP	+0.0216%	1h	0.5911	−0.086%	$368	—	3x	as long as short
Nado PONS-PERP	+0.0317%	1h	0.5907	−0.162%	$69K	$129K	5x	as long as short
OKX PONS-USDT-SWAP	+0.0334%	4h	0.5917	+0.007%	$13.5M	$54.1M	20x	as long as short
Lighter RH PONS	+0.0336%	1h	0.5913	−0.061%	$404K	$2.4M	3x	as long as short
Aster PONSUSDT	+0.0393%	4h	0.5910	−0.116%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0442%	4h	0.5920	+0.057%	$4.6M	$11.4M	20x	as long as short
Bybit PONSUSDT	+0.0449%	4h	0.5918	+0.024%	$17.7M	$30.7M	20x	as long as short
BingX PONS-USDT	+0.0504%	4h	0.5921	+0.074%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0528%	1h	0.5916	−0.003%	$106K	$808K	5x	as long as short
MEXC PONS_USDT	+0.0528%	4h	0.5916	−0.010%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0529%	4h	0.5917	+0.012%	$38.9M	$94.8M	20x	as long as short
edgeX PONSUSDC	+0.0532%	4h	0.5937	+0.345%	$18K	$292K	10x	as long as short
KuCoin PONSUSDTM	+0.0536%	4h	0.5915	−0.029%	$1.6M	$3.7M	20x	as long as short
BloFin PONS-USDT	+0.0770%	4h	0.5931	+0.243%	$1.7M	$954K	20x	as long as short
Hyperliquid PONSlong	+0.0794%	1h	0.5917	long leg	$60.2M	$27.8M	3x
Pacifica PONS	+0.0859%	1h	0.5913	−0.059%	$47K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0905%	1h	0.5911	−0.093%	$66K	$1.6M	3x	as long as short
Phoenix PONS	+0.1736%	1h	0.5937	+0.338%	$31K	$104K	3x	as long as short