Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0258%/8hpaid last 24h −0.107%

Price spread now: Popdex against Gate−0.068%7-day average +0.062% · 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−$246as in the Price arb table

costs, in and out, $10k−$2322.325% of the position

Long on Gate Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.385%−$38 on $10k

Price spread, last 3 days (all we have)+0.099%+$10 · spread now −0.068%, 7d avg +0.062%

Together, before fees−0.286%−$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. Popdex is 0.130% cheaper against Gate than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of +0.062%). If the spread goes back, that is −$13 on $10k: about 40 hours of funding at the current rate (+$8 a day). Mind the row above: over the last 3 days funding on this pair cost −0.385%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PONS_USDT	0.5897	−0.0162	get 0.0081% / 4h	6m 24s	$5.2M	$7.2M	20x
Short	Popdex PONSUSDT	0.5893	0.0096	get 0.0012% / 1h	6m 24s	$21K	$495K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.068%Rate

Funding earned: $54.18
Price spread: −0.068% → +0.062%: −$13.01
Slippage, 4 orders: −$211.1
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$191.33
Costs to cover: 2.325%
Break-even: 31.7 days

Slippage from Gate: live order book, 1 min ago; Popdex: live order book, 27 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	2.54 bp	19.9 bp −$20	229.6 bp −$2,296	doesn't fit	doesn't fit
Sell Popdex live order book, 27 min ago	5.31 bp	90.7 bp −$91	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
Gate PONS_USDTlong	−0.0162%	4h	0.5897	long leg	$5.2M	$7.2M	20x
Injective PONS/USDC PERP	−0.0008%	1h	0.5863	−0.578%	$603	$6K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0032%	1h	0.5894	−0.057%	$212K	—	150x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.5893	−0.068%	$21K	$495K	20x
Nado PONS-PERP	+0.0100%	1h	0.5890	−0.114%	$73K	$95K	5x	as long as short
Hyperliquid PONS	+0.0100%	1h	0.5891	−0.098%	$58.4M	$30.0M	3x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5890	−0.119%	$17.6M	$31.5M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5884	−0.220%	$13.2M	$55.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5901	+0.063%	$1.8M	$3.6M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5893	−0.071%	$4.6M	$11.5M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PONS	+0.0100%	4h	0.5879	−0.297%	$1.2M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5898	+0.014%	$34K	$315K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5906	+0.144%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5901	+0.075%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5898	+0.017%	$27K	$533K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5912	+0.259%	$63K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5895	−0.034%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5894	−0.049%	$367	—	3x	as long as short
Pacifica PONS	+0.0150%	1h	0.5895	−0.034%	$47K	$111K	3x	as long as short
Extended PONS-USD	+0.0192%	1h	0.5894	−0.059%	$88K	$537K	5x	as long as short
Binance PONSUSDT	+0.0192%	4h	0.5894	−0.051%	$38.3M	$99.3M	20x	as long as short
MEXC PONS_USDT	+0.0194%	4h	0.5890	−0.119%	$7.3M	$5.3M	20x	as long as short
BingX PONS-USDT	+0.0194%	4h	0.5893	−0.068%	—	$3.2M	—	as long as short
edgeX PONSUSDC	+0.0196%	4h	0.5898	+0.013%	$21K	$292K	10x	as long as short
Lighter RH PONS	+0.0200%	1h	0.5900	+0.051%	$397K	$2.5M	3x	as long as short
Aster PONSUSDT	+0.0204%	4h	0.5899	+0.029%	$1.1M	$2.1M	20x	as long as short
Polymarket Perps PONS-USD	+0.0257%	1h	0.5891	−0.098%	$54K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0435%	4h	0.5904	+0.119%	$1.7M	$979K	20x	as long as short
Lighter PONS	+0.0904%	1h	0.5903	+0.105%	$1.7M	$875K	3x	as long as short
Phoenix PONS	+0.1244%	1h	0.5898	+0.020%	$27K	$80K	3x	as long as short