Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0263%/8h= −28.8% APRpaid last 24h −0.090%

Price spread now: Gate against Hyperliquid−0.019%7-day average −0.053% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Gate

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−0.135%−$14 · spread now −0.019%, 7d avg −0.053%

Together, before fees−0.132%+ Points / potential airdropHyperliquid: Season 2 · farm board−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.034% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.019% now, against its 7-day average of −0.053%): +$3 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 10 hours.

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	Hyperliquid PONS	0.5874	0.0639	pay 0.0080% / 1h	47m 41s	$58.7M	$29.8M	3x
Short	Gate PONS_USDT	0.5873	0.0376	get 0.0188% / 4h	2h 47m	$5.1M	$6.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Hyperliquid. 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 HyperliquidbpFee GatebpOrdersPrice spread, now −0.019%Rate

Funding earned: −$55.31
Price spread: −0.019% → −0.053%: $3.42
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$75.88
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 6 min ago; Gate: live order book, 1 min ago. Net counts fees only.

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 Hyperliquid live order book, 6 min ago	0.76 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.56 bp	24.4 bp −$24	64.4 bp −$644	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	0.5878	+0.063%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.775%	$609	$6K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5877	+0.056%	$395K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5882	+0.134%	$21K	$456K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5868	−0.104%	$17.8M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5870	−0.070%	$13.5M	$55.5M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5874	0.000%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5873	−0.015%	$4.6M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5902	+0.467%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5913	+0.666%	$34K	$327K	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	0.5888	+0.232%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5880	+0.109%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5880	+0.109%	$27K	$536K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5893	+0.323%	$64K	$503K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5883	+0.152%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5881	+0.124%	$366	—	3x	as long as short
Extended PONS-USD	+0.0152%	1h	0.5873	−0.027%	$105K	$528K	5x	as long as short
MEXC PONS_USDT	+0.0154%	4h	0.5875	+0.015%	$7.6M	$5.1M	20x	as long as short
Binance PONSUSDT	+0.0156%	4h	0.5873	−0.025%	$38.2M	$98.1M	20x	as long as short
BingX PONS-USDT	+0.0172%	4h	0.5873	−0.019%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0189%	4h	0.5914	+0.671%	$21K	$293K	10x	as long as short
Aster PONSUSDT	+0.0210%	4h	0.5874	+0.004%	$1.1M	$2.2M	20x	as long as short
Nado PONS-PERP	+0.0237%	1h	0.5883	+0.154%	$89K	$103K	5x	as long as short
Polymarket Perps PONS-USD	+0.0340%	1h	0.5881	+0.114%	$38K	$1.8M	3x	as long as short
Gate PONS_USDTshort	+0.0376%	4h	0.5873	−0.019%	$5.1M	$6.7M	20x
BloFin PONS-USDT	+0.0404%	4h	0.5886	+0.203%	$1.7M	$964K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5874	+0.002%	$46K	$102K	3x	as long as short
Hyperliquid PONSlong	+0.0639%	1h	0.5874	long leg	$58.7M	$29.8M	3x
Lighter PONS	+0.0728%	1h	0.5878	+0.072%	$1.7M	$879K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5909	+0.603%	$27K	$86K	3x	as long as short