Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0679%/8h= −74.4% APRpaid last 24h −0.127%

Price spread now: gTrade (Gains Network) against Bybit−0.150%7-day average −0.120% · 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−$4,627as in the Price arb table

costs, in and out, $10k−$4,62446.241% of the position

Long on Bybit Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)−0.171%−$17 on $10k

Price spread, last 3 days (all we have)−0.035%−$3 · spread now −0.150%, 7d avg −0.120%

Together, before fees−0.206%−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and gTrade (Gains Network) is 0.030% cheaper against Bybit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.120%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PONSUSDT	0.6127	0.0712	pay 0.0356% / 4h	3h 28m	$18.4M	$30.9M	20x
Short	gTrade (Gains Network) PONS/USD	0.6118	L +0.0033% / S −0.0033%	get 0.0004% / 1h	28m 21s	$242K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Bybit. 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 BybitbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.150%Rate

Funding earned: −$142.69
Price spread: −0.150% → −0.120%: −$2.98
Slippage, 4 orders: −$4,601.1
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee gTrade (Gains Network): 6 bp × 2 orders: −$12
Net: −$4,769.76
Costs to cover: 46.241%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; gTrade (Gains Network): virtual book (oracle venue), 46 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 Bybit live order book, 5 min ago	0.82 bp	19.0 bp −$19	39.6 bp −$396	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 46 min ago	130.01 bp	2471.1 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 −0.0033%	1h	0.6118	−0.150%	$242K	—	150x
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.571%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6124	−0.049%	$433K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6129	+0.033%	$20K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6105	−0.366%	$1.4M	$4.1M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6102	−0.408%	$33K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6135	+0.127%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6130	+0.052%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6127	+0.002%	$28K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6122	−0.083%	$65K	$510K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6106	−0.343%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0168%	1h	0.6130	+0.049%	$382	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0172%	4h	0.6127	0.000%	$14.0M	$57.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0190%	4h	0.6126	−0.016%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0242%	4h	0.6131	+0.073%	$4.8M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0268%	4h	0.6125	−0.035%	$1.1M	$2.1M	20x	as long as short
edgeX PONSUSDC	+0.0344%	4h	0.6106	−0.343%	$21K	$294K	10x	as long as short
MEXC PONS_USDT	+0.0352%	4h	0.6129	+0.033%	$8.0M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0358%	4h	0.6128	+0.016%	$40.2M	$96.7M	20x	as long as short
Extended PONS-USD	+0.0360%	1h	0.6127	−0.005%	$253K	$679K	5x	as long as short
Lighter PONS	+0.0472%	1h	0.6124	−0.049%	$1.7M	$926K	3x	as long as short
BloFin PONS-USDT	+0.0593%	4h	0.6107	−0.326%	$1.8M	$1.0M	20x	as long as short
Nado PONS-PERP	+0.0612%	1h	0.6124	−0.052%	$106K	$115K	5x	as long as short
Pacifica PONS	+0.0665%	1h	0.6126	−0.018%	$48K	$78K	3x	as long as short
BingX PONS-USDT	+0.0682%	4h	0.6129	+0.033%	—	$3.1M	—	as long as short
Bybit PONSUSDTlong	+0.0712%	4h	0.6127	long leg	$18.4M	$30.9M	20x
Polymarket Perps PONS-USD	+0.0778%	1h	0.6128	+0.020%	$44K	$1.6M	3x	as long as short
Hyperliquid PONS	+0.0902%	1h	0.6129	+0.034%	$62.3M	$29.2M	3x	as long as short
Gate PONS_USDT	+0.1058%	4h	0.6119	−0.131%	$5.4M	$6.2M	20x	as long as short
Phoenix PONS	+0.1608%	1h	0.6110	−0.281%	$32K	$113K	3x	as long as short