Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.2286%/8h= +250.3% APRpaid last 24h +0.023%

Price spread now: Gate against Nado−0.004%7-day average −0.058% · 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−$157as in the Price arb table

costs, in and out, $10k−$1621.624% of the position

Long on Nado Short on Gate

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)−0.207%−$21 · spread now −0.004%, 7d avg −0.058%

Together, before fees+0.008%+ Points / potential airdropNado: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$69 a day on $10k at the current rate, and Gate is 0.055% dearer against Nado than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.058%.

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 24.7% 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	Nado PONS-PERP	0.6114	0.0100	pay 0.0012% / 1h	24m 50s	$88K	$107K	5x
Short	Gate PONS_USDT	0.6114	0.2386	get 0.1193% / 4h	24m 50s	$5.4M	$6.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Nado. 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 NadobpFee GatebpOrdersPrice spread, now −0.004%Rate

Funding earned: $480.06
Price spread: −0.004% → −0.058%: $5.46
Slippage, 4 orders: −$147.44
Fee Nado: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $323.08
Costs to cover: 1.624%
Break-even: 2.3 days

Slippage from Nado: live order book, 44 min ago; Gate: live order book, 3 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, 44 min ago	17.17 bp	54.8 bp −$55	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	0.82 bp	24.0 bp −$24	59.1 bp −$591	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	−2.367%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6109	−0.086%	$242K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6115	+0.012%	$429K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6117	+0.045%	$20K	$435K	20x	as long as short
Nado PONS-PERPlong	+0.0100%	1h	0.6114	long leg	$88K	$107K	5x
Bybit PONSUSDT	+0.0100%	4h	0.6119	+0.078%	$18.4M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6120	+0.094%	$13.9M	$58.1M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6129	+0.246%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6144	+0.485%	$34K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6120	+0.094%	$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	0.6119	+0.083%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6118	+0.053%	$28K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6129	+0.240%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6116	+0.029%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0122%	4h	0.6117	+0.048%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0146%	4h	0.6120	+0.099%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6116	+0.026%	$381	—	3x	as long as short
Aster PONSUSDT	+0.0162%	4h	0.6115	+0.012%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0288%	1h	0.6118	+0.058%	$1.7M	$923K	3x	as long as short
MEXC PONS_USDT	+0.0300%	4h	0.6120	+0.094%	$8.1M	$4.9M	20x	as long as short
Extended PONS-USD	+0.0304%	1h	0.6120	+0.091%	$253K	$682K	5x	as long as short
BingX PONS-USDT	+0.0304%	4h	0.6118	+0.062%	—	$3.0M	—	as long as short
Binance PONSUSDT	+0.0306%	4h	0.6122	+0.119%	$40.2M	$98.6M	20x	as long as short
edgeX PONSUSDC	+0.0308%	4h	0.6133	+0.305%	$21K	$292K	10x	as long as short
BloFin PONS-USDT	+0.0546%	4h	0.6114	−0.004%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0658%	1h	0.6118	+0.055%	$42K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0870%	1h	0.6119	+0.086%	$62.3M	$30.0M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6114	+0.003%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6121	+0.104%	$31K	$102K	3x	as long as short
Gate PONS_USDTshort	+0.2386%	4h	0.6114	−0.004%	$5.4M	$6.3M	20x