Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.1396%/8h= −152.9% APRpaid last 24h −0.030%

Price spread now: Nado against Gate−0.081%7-day average +0.054% · 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−$160as in the Price arb table

costs, in and out, $10k−$1461.460% of the position

Long on Gate Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.334%−$33 on $10k

Price spread, last 4 days (all we have)+0.420%+$42 · spread now −0.081%, 7d avg +0.054%

Together, before fees+0.086%+ Points / potential airdropNado: Active · farm board+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$42 a day on $10k at the current rate, and Nado is 0.136% cheaper against Gate than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.054%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.334% in total (about -33.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PONS_USDT	0.6362	0.1496	pay 0.0748% / 4h	2h 19m	$5.5M	$6.6M	20x
Short	Nado PONS-PERP	0.6357	0.0100	get 0.0012% / 1h	19m 22s	$74K	$127K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Gate. 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 GatebpFee NadobpOrdersPrice spread, now −0.081%Rate

Funding earned: −$293.16
Price spread: −0.081% → +0.054%: −$13.57
Slippage, 4 orders: −$130.98
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Nado: 0 bp × 2 orders: $0
Net: −$452.71
Costs to cover: 1.460%
Break-even: never at this rate

Slippage from Gate: live order book, 2 min ago; Nado: live order book, 31 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, 2 min ago	3.14 bp	26.4 bp −$26	145.7 bp −$1,457	doesn't fit	doesn't fit
Sell Nado live order book, 31 min ago	14.03 bp	41.4 bp −$41	doesn't fit	doesn't fit	doesn't fit

PONS on 30 exchanges

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 −0.0030%	1h	0.6357	−0.083%	$250K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−6.657%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6359	−0.047%	$24K	$407K	20x	as long as short
Nado PONS-PERPshort	+0.0100%	1h	0.6357	−0.081%	$74K	$127K	5x
ApeX Omni PONSUSDT	+0.0100%	1h	0.6368	+0.101%	$32K	$280K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6368	+0.094%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6354	−0.118%	—	$947K	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6368	+0.086%	$27K	$634K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6349	−0.204%	$67K	$532K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6357	−0.079%	$1.7M	$3.2M	20x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0264%	1h	0.6367	+0.079%	$397	—	3x	as long as short
Hyperliquid PONS	+0.0323%	1h	0.6372	+0.156%	$65.4M	$31.1M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0435%	4h	0.6365	+0.047%	$14.4M	$60.8M	20x	as long as short
KuCoin PONSUSDTM	+0.0472%	4h	0.6372	+0.162%	$1.8M	$4.2M	20x	as long as short
Lighter RH PONS	+0.0496%	1h	0.6356	−0.093%	$469K	$2.7M	3x	as long as short
Aster PONSUSDT	+0.0530%	4h	0.6362	−0.007%	$1.2M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0545%	1h	0.6372	+0.156%	$74K	$2.2M	3x	as long as short
Variational Omni PONS	+0.0661%	4h	0.6362	+0.003%	$1.6M	$4.3M	—	as long as short
Lighter PONS	+0.0672%	1h	0.6359	−0.052%	$1.8M	$874K	3x	as long as short
Extended PONS-USD	+0.0704%	1h	0.6367	+0.072%	$180K	$882K	5x	as long as short
Binance PONSUSDT	+0.0707%	4h	0.6369	+0.103%	$41.9M	$102.0M	20x	as long as short
MEXC PONS_USDT	+0.0716%	4h	0.6367	+0.079%	$8.0M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0731%	4h	0.6366	+0.062%	$19K	$294K	10x	as long as short
Bitget PONSUSDT	+0.0756%	4h	0.6373	+0.178%	$5.2M	$13.6M	20x	as long as short
BingX PONS-USDT	+0.0808%	4h	0.6365	+0.047%	—	$3.1M	—	as long as short
Pacifica PONS	+0.0810%	1h	0.6354	−0.130%	$46K	$77K	3x	as long as short
Bybit PONSUSDT	+0.0811%	4h	0.6365	+0.047%	$19.4M	$32.9M	20x	as long as short
BloFin PONS-USDT	+0.0960%	4h	0.6365	+0.047%	$1.9M	$1.1M	20x	as long as short
Gate PONS_USDTlong	+0.1496%	4h	0.6362	long leg	$5.5M	$6.6M	20x
Phoenix PONS	+0.1668%	1h	0.6360	−0.038%	$48K	$162K	3x	as long as short