Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0640%/8h= +70.1% APRpaid last 24h +0.053%

Price spread now: Bybit against Nado−0.335%49s7-day average −0.021% · 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−$1191.191% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.177%+$18 on $10k

Price spread, last 4 days (all we have)+0.217%+$22 · spread now −0.335%, 7d avg −0.021%

Together, before fees+0.394%+ Points / potential airdropNado: Active · farm board+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.314% cheaper against Nado than usual: you would sell low and buy high (spread −0.335% now, against its 7-day average of −0.021%). If the spread goes back, that is −$31 on $10k: about 39 hours of funding at the current rate (+$19 a day). At the pace of the last 4 days (+0.177% in total) that is about 6.5 days. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.177% in total (about 17.6% 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	Nado PONS-PERP	0.6314	0.0100	pay 0.0012% / 1h	49m 38s	$77K	$92K	5x
Short	Bybit PONSUSDT	0.6293	0.0740	get 0.0370% / 4h	49m 38s	$18.9M	$31.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Nado. 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 NadobpFee BybitbpOrdersPrice spread, now −0.335%Rate

Funding earned: $134.44
Price spread: −0.335% → −0.021%: −$31.4
Slippage, 4 orders: −$108.13
Fee Nado: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$16.09
Costs to cover: 1.191%
Break-even: 7.8 days

Slippage from Nado: live order book, 56 min ago; Bybit: live order book, 2 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 Nado live order book, 56 min ago	17.37 bp	43.7 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.79 bp	12.1 bp −$12	40.0 bp −$400	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 +0.0031% / S −0.0029%	1h	0.6303	−0.175%	$248K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−5.950%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6301	−0.209%	$21K	$396K	20x	as long as short
Nado PONS-PERPlong	+0.0100%	1h	0.6314	long leg	$77K	$92K	5x
ApeX Omni PONSUSDT	+0.0100%	1h	0.6338	+0.377%	$32K	$286K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6309	−0.090%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6316	+0.035%	—	$828K	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6303	−0.169%	$27K	$595K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6309	−0.090%	$65K	$549K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6292	−0.351%	$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	+0.0216%	1h	0.6307	−0.121%	$393	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0263%	4h	0.6296	−0.288%	$13.9M	$59.1M	20x	as long as short
Hyperliquid PONS	+0.0394%	1h	0.6293	−0.337%	$64.4M	$29.4M	3x	as long as short
Aster PONSUSDT	+0.0412%	4h	0.6293	−0.337%	$1.2M	$2.1M	20x	as long as short
Lighter RH PONS	+0.0464%	1h	0.6294	−0.321%	$458K	$2.6M	3x	as long as short
KuCoin PONSUSDTM	+0.0502%	4h	0.6291	−0.359%	$1.8M	$4.3M	20x	as long as short
Pacifica PONS	+0.0517%	1h	0.6294	−0.319%	$46K	$73K	3x	as long as short
Gate PONS_USDT	+0.0544%	4h	0.6292	−0.351%	$5.4M	$6.5M	20x	as long as short
MEXC PONS_USDT	+0.0550%	4h	0.6293	−0.335%	$7.7M	$4.5M	20x	as long as short
Binance PONSUSDT	+0.0550%	4h	0.6298	−0.264%	$40.6M	$98.2M	20x	as long as short
Extended PONS-USD	+0.0552%	1h	0.6296	−0.291%	$181K	$849K	5x	as long as short
Variational Omni PONS	+0.0573%	4h	0.6319	+0.074%	$1.5M	$3.8M	—	as long as short
Polymarket Perps PONS-USD	+0.0582%	1h	0.6315	+0.021%	$88K	$2.0M	3x	as long as short
edgeX PONSUSDC	+0.0585%	4h	0.6327	+0.211%	$18K	$294K	10x	as long as short
Bitget PONSUSDT	+0.0680%	4h	0.6298	−0.261%	$5.0M	$13.1M	20x	as long as short
BingX PONS-USDT	+0.0712%	4h	0.6290	−0.383%	—	$3.1M	—	as long as short
Lighter PONS	+0.0728%	1h	0.6294	−0.321%	$1.7M	$848K	3x	as long as short
Bybit PONSUSDTshort	+0.0740%	4h	0.6293	−0.335%	$18.9M	$31.4M	20x
BloFin PONS-USDT	+0.0798%	4h	0.6314	−0.003%	$1.8M	$1.1M	20x	as long as short
Phoenix PONS	+0.1439%	1h	0.6328	+0.213%	$48K	$153K	3x	as long as short