Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0067%/8h= −7.4% APRpaid last 24h −0.019%

Price spread now: gTrade (Gains Network) against Phemex+0.026%7-day average −0.150% · 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−$4,645as in the Price arb table

costs, in and out, $10k−$4,66346.629% of the position

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)−0.020%−$2 on $10k

Price spread, last 4 days (all we have)−0.873%−$87 · spread now +0.026%, 7d avg −0.150%

Together, before fees−0.894%−$89 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.176% dearer against Phemex than usual: you sell high and buy low (spread +0.026% now, against its 7-day average of −0.150%): +$18 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PONSUSDT	0.5928	0.0100	pay 0.0050% / 4h	1h 29m	$1.6M	$3.2M	20x
Short	gTrade (Gains Network) PONS/USD	0.5930	L +0.0033% / S −0.0033%	get 0.0004% / 1h	29m 34s	$235K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Phemex. 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 PhemexbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.026%Rate

Funding earned: −$14.15
Price spread: +0.026% → −0.150%: $17.55
Slippage, 4 orders: −$4,638.88
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 6 bp × 2 orders: −$12
Net: −$4,659.48
Costs to cover: 46.629%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; gTrade (Gains Network): virtual book (oracle venue), 34 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 Phemex live order book, 4 min ago	4.19 bp	31.6 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 34 min ago	130.01 bp	2470.9 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 +0.0033% / S −0.0033%	1h	0.5930	+0.026%	$235K	—	150x
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.700%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5931	+0.052%	$414K	$2.5M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5928	0.000%	$16K	$429K	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5955	+0.459%	$33K	$352K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5942	+0.240%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5942	+0.234%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5928	0.000%	$26K	$519K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5945	+0.292%	$63K	$508K	20x	as long as short
Phemex PONSUSDTlong	+0.0100%	4h	0.5928	long leg	$1.6M	$3.2M	20x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PONS_USDT	+0.0116%	4h	0.5931	+0.051%	$5.2M	$6.3M	20x	as long as short
Variational Omni PONS	+0.0142%	4h	0.5942	+0.232%	$1.4M	$3.9M	—	as long as short
Lighter PONS	+0.0152%	1h	0.5932	+0.064%	$1.6M	$875K	3x	as long as short
Nado PONS-PERP	+0.0187%	1h	0.5941	+0.219%	$70K	$129K	5x	as long as short
Aevo PONS-PERP	+0.0200%	1h	0.5935	+0.113%	$370	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0283%	4h	0.5927	−0.017%	$13.5M	$53.8M	20x	as long as short
Aster PONSUSDT	+0.0385%	4h	0.5928	+0.008%	$1.1M	$2.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0394%	4h	0.5928	+0.008%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0394%	4h	0.5930	+0.034%	$4.6M	$11.3M	20x	as long as short
MEXC PONS_USDT	+0.0468%	4h	0.5930	+0.034%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0471%	4h	0.5927	−0.010%	$38.8M	$93.8M	20x	as long as short
Extended PONS-USD	+0.0472%	1h	0.5926	−0.029%	$246K	$670K	5x	as long as short
BingX PONS-USDT	+0.0478%	4h	0.5928	0.000%	—	$3.0M	—	as long as short
edgeX PONSUSDC	+0.0491%	4h	0.5956	+0.480%	$18K	$293K	10x	as long as short
Bybit PONSUSDT	+0.0506%	4h	0.5926	−0.034%	$17.7M	$30.4M	20x	as long as short
Hyperliquid PONS	+0.0665%	1h	0.5930	+0.035%	$60.4M	$27.8M	3x	as long as short
BloFin PONS-USDT	+0.0713%	4h	0.5948	+0.337%	$1.7M	$947K	20x	as long as short
Pacifica PONS	+0.0755%	1h	0.5930	+0.026%	$47K	$72K	3x	as long as short
Polymarket Perps PONS-USD	+0.0805%	1h	0.5942	+0.229%	$48K	$1.6M	3x	as long as short
Phoenix PONS	+0.1639%	1h	0.5952	+0.405%	$31K	$98K	3x	as long as short