Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.079%

Price spread now: Bybit against Nado−0.141%7-day average −0.026% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$146as in the Price arb table

costs, in and out, $10k−$1351.348% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.142%+$14 on $10k

Price spread, last 3 days (all we have)+0.033%+$3 · spread now −0.141%, 7d avg −0.026%

Together, before fees+0.175%+ Points / potential airdropNado: Active · farm board+$18 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.115% cheaper against Nado than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PONS-PERP	0.6120	0.0100	pay 0.0012% / 1h	23m 52s	$88K	$107K	5x
Short	Bybit PONSUSDT	0.6111	0.0100	get 0.0050% / 4h	23m 52s	$18.4M	$31.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Nado. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 NadobpFee BybitbpOrdersPrice spread, now −0.141%Rate

Funding earned: $0
Price spread: −0.141% → −0.026%: −$11.53
Slippage, 4 orders: −$123.79
Fee Nado: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$146.31
Costs to cover: 1.348%
Break-even: 7516035568416881.0 days

Slippage from Nado: live order book, 45 min ago; Bybit: live order book, 5 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 Nado live order book, 45 min ago	17.17 bp	54.8 bp −$55	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.82 bp	14.5 bp −$15	37.8 bp −$378	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.454%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6110	−0.162%	$242K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6113	−0.110%	$428K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6119	−0.011%	$20K	$435K	20x	as long as short
Nado PONS-PERPlong	+0.0100%	1h	0.6120	long leg	$88K	$107K	5x
Bybit PONSUSDTshort	+0.0100%	4h	0.6111	−0.141%	$18.4M	$31.6M	20x
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6111	−0.141%	$13.9M	$58.0M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6129	+0.158%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6144	+0.396%	$34K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6124	+0.071%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.6123	+0.061%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6116	−0.066%	$28K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6137	+0.279%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6119	−0.011%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0126%	4h	0.6114	−0.089%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0148%	4h	0.6110	−0.161%	$4.7M	$11.7M	20x	as long as short
Aster PONSUSDT	+0.0158%	4h	0.6114	−0.097%	$1.1M	$2.2M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6117	−0.052%	$381	—	3x	as long as short
Lighter PONS	+0.0296%	1h	0.6111	−0.143%	$1.7M	$923K	3x	as long as short
Extended PONS-USD	+0.0304%	1h	0.6114	−0.086%	$253K	$682K	5x	as long as short
MEXC PONS_USDT	+0.0304%	4h	0.6114	−0.092%	$8.1M	$4.9M	20x	as long as short
BingX PONS-USDT	+0.0304%	4h	0.6110	−0.158%	—	$3.0M	—	as long as short
Binance PONSUSDT	+0.0306%	4h	0.6113	−0.105%	$40.1M	$98.7M	20x	as long as short
edgeX PONSUSDC	+0.0308%	4h	0.6133	+0.216%	$21K	$292K	10x	as long as short
BloFin PONS-USDT	+0.0546%	4h	0.6114	−0.092%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0655%	1h	0.6119	−0.014%	$42K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0864%	1h	0.6109	−0.166%	$62.2M	$30.0M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6121	+0.023%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6121	+0.015%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2402%	4h	0.6107	−0.207%	$5.3M	$6.3M	20x	as long as short