Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0158%/8h= −17.3% APRpaid last 24h −0.177%

Price spread now: gTrade (Gains Network) against BingX−0.102%46s7-day average −0.171% · 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—prices read too far apart to compare

costs, in and out, $10k−$4,61446.140% of the position

Long on BingX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)−0.176%−$18 on $10k

Price spread, last 3 days (all we have)−0.098%−$10 · spread now −0.102%, 7d avg −0.171%

Together, before fees−0.274%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.070% dearer against BingX than usual: you sell high and buy low (spread −0.102% now, against its 7-day average of −0.171%): +$7 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 35 hours. At the pace of the last 1 day (−0.176% in total) that is about 11 hours. The two prices were read 46 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	BingX PONS-USDT	0.5985	0.0192	pay 0.0096% / 4h	1h 16m	—	$3.1M	—
Short	gTrade (Gains Network) PONS/USD	0.5979	L +0.0033% / S −0.0034%	get 0.0004% / 1h	16m 36s	$219K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against BingX. 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 BingXbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.102%Rate

Funding earned: −$33.12
Price spread: −0.102% → −0.171%: $6.97
Slippage, 4 orders: −$4,592.03
Fee BingX: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 6 bp × 2 orders: −$12
Net: −$4,640.19
Costs to cover: 46.140%
Break-even: never at this rate

Slippage from BingX: live order book, 8 min ago; gTrade (Gains Network): virtual book (oracle venue), 2 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 BingX live order book, 8 min ago	2.50 bp	10.4 bp −$10	20.5 bp −$205	284.0 bp −$28.4K	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 2 min ago	130.01 bp	2470.8 bp −$2,471	doesn't fit	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/USDshort	L +0.0033% / S −0.0034%	1h	0.5979	−0.102%	$219K	—	150x
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.259%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5989	+0.067%	$20K	$438K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5984	−0.017%	$17.9M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5985	0.000%	$13.5M	$56.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5987	+0.025%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5990	+0.080%	$4.7M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5988	+0.046%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5993	+0.129%	$35K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5996	+0.187%	$3K	$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	0.5997	+0.199%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5988	+0.048%	$27K	$545K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5998	+0.216%	$64K	$506K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5989	+0.067%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5992	+0.117%	$373	—	3x	as long as short
Aster PONSUSDT	+0.0137%	4h	0.5988	+0.042%	$1.1M	$2.2M	20x	as long as short
Extended PONS-USD	+0.0184%	1h	0.5985	+0.006%	$248K	$667K	5x	as long as short
Binance PONSUSDT	+0.0185%	4h	0.5987	+0.028%	$38.9M	$97.7M	20x	as long as short
MEXC PONS_USDT	+0.0186%	4h	0.5986	+0.017%	$7.8M	$4.9M	20x	as long as short
BingX PONS-USDTlong	+0.0192%	4h	0.5985	long leg	—	$3.1M	—
edgeX PONSUSDC	+0.0192%	4h	0.5985	−0.004%	$21K	$293K	10x	as long as short
Nado PONS-PERP	+0.0225%	1h	0.5993	+0.132%	$91K	$103K	5x	as long as short
Lighter RH PONS	+0.0320%	1h	0.5987	+0.027%	$423K	$2.7M	3x	as long as short
BloFin PONS-USDT	+0.0427%	4h	0.5992	+0.117%	$1.7M	$982K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5986	+0.015%	$47K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0487%	1h	0.5989	+0.062%	$37K	$1.7M	3x	as long as short
Lighter PONS	+0.0664%	1h	0.5986	+0.017%	$1.7M	$999K	3x	as long as short
Hyperliquid PONS	+0.0685%	1h	0.5985	+0.003%	$60.5M	$30.2M	3x	as long as short
Phoenix PONS	+0.1398%	1h	0.5991	+0.102%	$30K	$96K	3x	as long as short
Gate PONS_USDT	+0.1402%	4h	0.5985	0.000%	$5.2M	$6.5M	20x	as long as short