Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0606%/8h= +66.4% APRpaid last 24h +0.178%

Price spread now: BloFin against gTrade (Gains Network)−0.134%50s7-day average +0.198% · 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−$4,62346.230% of the position

Long on gTrade (Gains Network)Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)+0.219%+$22 on $10k

Price spread, last 3 days (all we have)+0.467%+$47 · spread now −0.134%, 7d avg +0.198%

Together, before fees+0.685%+$69 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.331% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.134% now, against its 7-day average of +0.198%). If the spread goes back, that is −$33 on $10k: about 44 hours of funding at the current rate (+$18 a day). The two prices were read 50 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	gTrade (Gains Network) PONS/USD	0.6089	L +0.0033% / S −0.0033%	pay 0.0004% / 1h	4m 27s	$241K	—	150x
Short	BloFin PONS-USDT	0.6081	0.0639	get 0.0320% / 4h	3h 04m	$1.8M	$987K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BloFinbpOrdersPrice spread, now −0.134%Rate

Funding earned: $127.35
Price spread: −0.134% → +0.198%: −$33.15
Slippage, 4 orders: −$4,598.99
Fee gTrade (Gains Network): 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$4,528.78
Costs to cover: 46.230%
Break-even: 255.9 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 5 min ago; BloFin: 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 gTrade (Gains Network) virtual book (oracle venue), 5 min ago	130.01 bp	2119.7 bp −$2,120	16868.4 bp −$168.7K	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	2.44 bp	19.1 bp −$19	41.9 bp −$419	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/USDlong	L +0.0033% / S −0.0033%	1h	0.6089	long leg	$241K	—	150x
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.965%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6097	+0.129%	$20K	$414K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6105	+0.267%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6122	+0.546%	$34K	$356K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6091	+0.039%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6090	+0.016%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6076	−0.211%	$26K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6096	+0.108%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6072	−0.281%	$1.7M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0152%	1h	0.6087	−0.035%	$428K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.6078	−0.183%	$379	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0225%	4h	0.6088	−0.019%	$14.0M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0236%	4h	0.6090	+0.011%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0286%	4h	0.6096	+0.113%	$4.8M	$11.3M	20x	as long as short
Aster PONSUSDT	+0.0314%	4h	0.6076	−0.213%	$1.1M	$2.0M	20x	as long as short
Binance PONSUSDT	+0.0389%	4h	0.6096	+0.119%	$40.1M	$96.0M	20x	as long as short
MEXC PONS_USDT	+0.0398%	4h	0.6094	+0.080%	$7.9M	$4.9M	20x	as long as short
Extended PONS-USD	+0.0400%	1h	0.6087	−0.036%	$252K	$676K	5x	as long as short
edgeX PONSUSDC	+0.0409%	4h	0.6139	+0.814%	$21K	$292K	10x	as long as short
Lighter PONS	+0.0464%	1h	0.6088	−0.025%	$1.7M	$946K	3x	as long as short
BingX PONS-USDT	+0.0588%	4h	0.6101	+0.195%	—	$3.1M	—	as long as short
Nado PONS-PERP	+0.0590%	1h	0.6088	−0.012%	$105K	$115K	5x	as long as short
Bybit PONSUSDT	+0.0626%	4h	0.6093	+0.063%	$18.4M	$30.8M	20x	as long as short
BloFin PONS-USDTshort	+0.0639%	4h	0.6081	−0.134%	$1.8M	$987K	20x
Pacifica PONS	+0.0665%	1h	0.6087	−0.037%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USD	+0.0806%	1h	0.6095	+0.101%	$47K	$1.6M	3x	as long as short
Hyperliquid PONS	+0.0860%	1h	0.6097	+0.127%	$62.0M	$28.9M	3x	as long as short
Gate PONS_USDT	+0.1484%	4h	0.6092	+0.047%	$5.3M	$6.2M	20x	as long as short
Phoenix PONS	+0.1608%	1h	0.6136	+0.770%	$32K	$113K	3x	as long as short