Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h −0.074%

Price spread now: gTrade (Gains Network) against OKX+0.005%7-day average −0.117% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$4,605as in the Price arb table

costs, in and out, $10k−$4,61846.177% of the position

Long on OKX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)−0.073%−$7 on $10k

Price spread, last 3 days (all we have)−0.214%−$21 · spread now +0.005%, 7d avg −0.117%

Together, before fees−0.288%−$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.122% dearer against OKX than usual: you sell high and buy low (spread +0.005% now, against its 7-day average of −0.117%): +$12 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.2 days. At the pace of the last 1 day (−0.073% in total) that is about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PONS-USDT-SWAP	0.5915	0.0100	pay 0.0050% / 4h	1h 48m	$13.4M	$56.0M	20x
Short	gTrade (Gains Network) PONS/USD	0.5915	L +0.0032% / S −0.0034%	get 0.0004% / 1h	48m 57s	$217K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against OKX. 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 OKXbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.005%Rate

Funding earned: −$13.83
Price spread: +0.005% → −0.117%: $12.18
Slippage, 4 orders: −$4,595.65
Fee OKX: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 6 bp × 2 orders: −$12
Net: −$4,619.31
Costs to cover: 46.177%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; gTrade (Gains Network): virtual book (oracle venue), 35 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 OKX live order book, 5 min ago	0.85 bp	12.6 bp −$13	28.7 bp −$287	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 35 min ago	130.01 bp	2471.2 bp −$2,471	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/USDshort	L +0.0032% / S −0.0034%	1h	0.5915	+0.005%	$217K	—	150x
Injective PONS/USDC PERP	+0.0033%	1h	0.5920	+0.078%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5919	+0.068%	$21K	$439K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5917	+0.034%	$17.7M	$31.7M	20x	as long as short
OKX PONS-USDT-SWAPlong	+0.0100%	4h	0.5915	long leg	$13.4M	$56.0M	20x
KuCoin PONSUSDTM	+0.0100%	4h	0.5924	+0.149%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5925	+0.171%	$4.7M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5905	−0.169%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5908	−0.122%	$34K	$342K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5929	+0.238%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5936	+0.357%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5921	+0.101%	$27K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5930	+0.247%	$64K	$505K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5920	+0.085%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5924	+0.144%	$369	—	3x	as long as short
Aster PONSUSDT	+0.0145%	4h	0.5923	+0.142%	$1.1M	$2.2M	20x	as long as short
Extended PONS-USD	+0.0160%	1h	0.5922	+0.126%	$106K	$522K	5x	as long as short
MEXC PONS_USDT	+0.0162%	4h	0.5921	+0.101%	$7.5M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0164%	4h	0.5921	+0.101%	$38.5M	$97.8M	20x	as long as short
BingX PONS-USDT	+0.0174%	4h	0.5921	+0.101%	—	$3.1M	—	as long as short
Nado PONS-PERP	+0.0186%	1h	0.5923	+0.129%	$90K	$103K	5x	as long as short
edgeX PONSUSDC	+0.0188%	4h	0.5917	+0.042%	$21K	$293K	10x	as long as short
Lighter RH PONS	+0.0304%	1h	0.5925	+0.172%	$407K	$2.6M	3x	as long as short
BloFin PONS-USDT	+0.0404%	4h	0.5922	+0.118%	$1.7M	$974K	20x	as long as short
Polymarket Perps PONS-USD	+0.0448%	1h	0.5919	+0.073%	$37K	$1.8M	3x	as long as short
Pacifica PONS	+0.0451%	1h	0.5922	+0.110%	$47K	$104K	3x	as long as short
Hyperliquid PONS	+0.0588%	1h	0.5930	+0.250%	$59.6M	$30.0M	3x	as long as short
Lighter PONS	+0.0648%	1h	0.5927	+0.199%	$1.7M	$984K	3x	as long as short
Gate PONS_USDT	+0.1104%	4h	0.5918	+0.051%	$5.2M	$6.4M	20x	as long as short
Phoenix PONS	+0.1398%	1h	0.5917	+0.025%	$30K	$96K	3x	as long as short