Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0071%/8h= −7.8% APRpaid last 24h −0.020%

Price spread now: gTrade (Gains Network) against Orderly−0.106%63s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and gTrade (Gains Network) is 0.106% cheaper against Orderly than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PONS_USDC_mythos	0.6218	0.0100	pay 0.0050% / 4h	37m 18s	$2K	$4K	10x
Short	gTrade (Gains Network) PONS/USD	0.6211	L +0.0032% / S −0.0029%	get 0.0004% / 1h	37m 18s	$236K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Orderly. 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 OrderlybpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.106%Rate

Funding earned: −$14.94
Price spread: −0.106% → 0.000%: −$10.65
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee gTrade (Gains Network): 6 bp × 2 orders: −$12
Net: −$43.59
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; gTrade (Gains Network): virtual book (oracle venue), 2 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell gTrade (Gains Network) virtual book (oracle venue), 2 min ago	130.01 bp	2471.2 bp −$2,471	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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/USDshort	L +0.0032% / S −0.0029%	1h	0.6211	−0.106%	$236K	—	150x
Popdex PONSUSDT	+0.0096%	1h	0.6216	−0.024%	$22K	$454K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6217	−0.008%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6285	+1.087%	$31K	$303K	5x	as long as short
Orderly PERP_PONS_USDC_mythoslong	+0.0100%	4h	0.6218	long leg	$2K	$4K	10x
SunX PONS-USDT	+0.0100%	4h	0.6219	+0.023%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6220	+0.040%	$27K	$628K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6221	+0.051%	$67K	$536K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6207	−0.169%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.6218	0.000%	$387	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PONS-USDT-SWAP	+0.0433%	4h	0.6217	−0.008%	$14.1M	$60.3M	20x	as long as short
Variational Omni PONS	+0.0520%	4h	0.6292	+1.203%	$1.5M	$4.2M	—	as long as short
Aster PONSUSDT	+0.0525%	4h	0.6211	−0.101%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0560%	4h	0.6217	−0.010%	$1.6M	$3.9M	20x	as long as short
Pacifica PONS	+0.0572%	1h	0.6208	−0.155%	$47K	$69K	3x	as long as short
Extended PONS-USD	+0.0600%	1h	0.6217	−0.010%	$105K	$818K	5x	as long as short
MEXC PONS_USDT	+0.0600%	4h	0.6220	+0.040%	$7.8M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0601%	4h	0.6212	−0.080%	$40.9M	$103.2M	20x	as long as short
edgeX PONSUSDC	+0.0627%	4h	0.6228	+0.168%	$21K	$290K	10x	as long as short
Lighter RH PONS	+0.0656%	1h	0.6217	−0.016%	$441K	$2.6M	3x	as long as short
BingX PONS-USDT	+0.0668%	4h	0.6222	+0.072%	—	$3.1M	—	as long as short
Bybit PONSUSDT	+0.0685%	4h	0.6217	−0.008%	$18.8M	$32.5M	20x	as long as short
Bitget PONSUSDT	+0.0706%	4h	0.6222	+0.077%	$4.9M	$12.8M	20x	as long as short
Hyperliquid PONS	+0.0771%	1h	0.6219	+0.021%	$63.3M	$30.2M	3x	as long as short
Lighter PONS	+0.0840%	1h	0.6219	+0.024%	$1.7M	$847K	3x	as long as short
BloFin PONS-USDT	+0.0841%	4h	0.6224	+0.105%	$1.8M	$1.0M	20x	as long as short
Gate PONS_USDT	+0.0880%	4h	0.6218	+0.008%	$5.5M	$6.4M	20x	as long as short
Injective PONS/USDC PERP	+0.1069%	1h	0.5938	−4.487%	$610	$10K	5.5x	as long as short
Polymarket Perps PONS-USD	+0.1298%	1h	0.6215	−0.043%	$68K	$2.2M	3x	as long as short
Phoenix PONS	+0.1405%	1h	0.6231	+0.214%	$47K	$127K	3x	as long as short