Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0466%/8h= +51.1% APRpaid last 24h +0.090%

Price spread now: Hyperliquid against Gate+0.185%7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$670.673% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 7 days−0.031%−$3 · spread now +0.185%, 7d avg +0.053%

Together, before fees−0.034%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Hyperliquid is 0.132% dearer against Gate than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.053%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.003% in total (about -0.2% 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	Gate PONS_USDT	0.5852	0.0100	pay 0.0050% / 4h	2h 37m	$5.1M	$6.8M	20x
Short	Hyperliquid PONS	0.5863	0.0566	get 0.0071% / 1h	37m 20s	$58.6M	$29.9M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.185%Rate

Funding earned: $97.92
Price spread: +0.185% → +0.053%: $13.16
Slippage, 4 orders: −$43.33
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $43.75
Costs to cover: 0.673%
Break-even: 3.9 days

Slippage from Gate: live order book, 1 min ago; Hyperliquid: live order book, 6 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 Gate live order book, 1 min ago	1.71 bp	18.7 bp −$19	265.3 bp −$2,653	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	2.06 bp	7.1 bp −$7	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/USD	L +0.0032% / S −0.0034%	1h	0.5856	+0.075%	$215K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+1.155%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5864	+0.205%	$21K	$447K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5855	+0.051%	$17.6M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5862	+0.171%	$13.4M	$55.7M	20x	as long as short
Gate PONS_USDTlong	+0.0100%	4h	0.5852	long leg	$5.1M	$6.8M	20x
KuCoin PONSUSDTM	+0.0100%	4h	0.5860	+0.133%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5862	+0.167%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5819	−0.572%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5822	−0.508%	$34K	$329K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5863	+0.186%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5864	+0.208%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5863	+0.193%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5866	+0.234%	$63K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5865	+0.222%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5858	+0.098%	$365	—	3x	as long as short
Extended PONS-USD	+0.0152%	1h	0.5857	+0.092%	$104K	$531K	5x	as long as short
MEXC PONS_USDT	+0.0154%	4h	0.5865	+0.222%	$7.5M	$5.2M	20x	as long as short
BingX PONS-USDT	+0.0154%	4h	0.5861	+0.154%	—	$3.1M	—	as long as short
Binance PONSUSDT	+0.0156%	4h	0.5860	+0.137%	$38.1M	$98.3M	20x	as long as short
edgeX PONSUSDC	+0.0163%	4h	0.5834	−0.316%	$20K	$292K	10x	as long as short
Nado PONS-PERP	+0.0166%	1h	0.5863	+0.184%	$89K	$103K	5x	as long as short
Aster PONSUSDT	+0.0184%	4h	0.5859	+0.112%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0333%	1h	0.5864	+0.208%	$38K	$1.8M	3x	as long as short
Lighter RH PONS	+0.0392%	1h	0.5854	+0.034%	$391K	$2.6M	3x	as long as short
BloFin PONS-USDT	+0.0394%	4h	0.5834	−0.308%	$1.7M	$959K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5857	+0.078%	$46K	$103K	3x	as long as short
Hyperliquid PONSshort	+0.0566%	1h	0.5863	+0.185%	$58.6M	$29.9M	3x
Lighter PONS	+0.0968%	1h	0.5855	+0.051%	$1.7M	$881K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5836	−0.267%	$27K	$86K	3x	as long as short