Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0507%/8h= −55.5% APRpaid last 24h −0.108%

Price spread now: ApeX Omni against Bybit−0.313%7-day average +0.127% · you buy dearer than you sell

Net, funding: paid 7d − costs−$192as in the Funding arb table

Net, price: spread back to 7d avg − costs−$201as in the Price arb table

costs, in and out, $10k−$1571.565% of the position

Long on Bybit Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.354%−$35 on $10k

Price spread, last 3 days (all we have)+0.391%+$39 · spread now −0.313%, 7d avg +0.127%

Together, before fees+0.037%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and ApeX Omni is 0.440% cheaper against Bybit than usual: you would sell low and buy high (−$44 if the spread goes back to its 7-day average of +0.127%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.354% in total (about -18.4% 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	Bybit PONSUSDT	0.6107	0.0607	pay 0.0303% / 4h	3h 14m	$18.3M	$30.9M	20x
Short	ApeX Omni PONSUSDT	0.6088	0.0100	get 0.0013% / 1h	14m 50s	$33K	$356K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bybit. 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 BybitbpFee ApeX OmnibpOrdersPrice spread, now −0.313%Rate

Funding earned: −$106.39
Price spread: −0.313% → +0.127%: −$43.99
Slippage, 4 orders: −$135.55
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$306.94
Costs to cover: 1.565%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; ApeX Omni: live order book, 58 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 Bybit live order book, 4 min ago	0.82 bp	16.5 bp −$17	40.1 bp −$401	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 58 min ago	46.45 bp	64.9 bp −$65	153.7 bp −$1,537	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 +0.0033% / S −0.0033%	1h	0.6095	−0.201%	$241K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.252%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6105	−0.033%	$20K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6089	−0.302%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDTshort	+0.0100%	1h	0.6088	−0.313%	$33K	$356K	5x
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6113	+0.100%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6103	−0.057%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6108	+0.011%	$28K	$542K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6120	+0.215%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6106	−0.016%	$1.7M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0112%	1h	0.6110	+0.047%	$430K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.6107	+0.005%	$380	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0190%	4h	0.6110	+0.049%	$14.0M	$56.6M	20x	as long as short
KuCoin PONSUSDTM	+0.0200%	4h	0.6101	−0.098%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0266%	4h	0.6110	+0.054%	$4.8M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0293%	4h	0.6097	−0.159%	$1.1M	$2.1M	20x	as long as short
edgeX PONSUSDC	+0.0363%	4h	0.6098	−0.152%	$21K	$294K	10x	as long as short
MEXC PONS_USDT	+0.0364%	4h	0.6107	0.000%	$7.9M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0374%	4h	0.6112	+0.082%	$40.2M	$96.3M	20x	as long as short
Extended PONS-USD	+0.0376%	1h	0.6108	+0.011%	$252K	$678K	5x	as long as short
Lighter PONS	+0.0432%	1h	0.6107	0.000%	$1.7M	$937K	3x	as long as short
BingX PONS-USDT	+0.0560%	4h	0.6111	+0.065%	—	$3.1M	—	as long as short
Bybit PONSUSDTlong	+0.0607%	4h	0.6107	long leg	$18.3M	$30.9M	20x
Nado PONS-PERP	+0.0607%	1h	0.6101	−0.105%	$105K	$115K	5x	as long as short
BloFin PONS-USDT	+0.0614%	4h	0.6108	+0.016%	$1.8M	$993K	20x	as long as short
Pacifica PONS	+0.0665%	1h	0.6099	−0.129%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USD	+0.0772%	1h	0.6106	−0.021%	$45K	$1.6M	3x	as long as short
Gate PONS_USDT	+0.0830%	4h	0.6099	−0.131%	$5.3M	$6.2M	20x	as long as short
Hyperliquid PONS	+0.0868%	1h	0.6110	+0.051%	$62.1M	$29.1M	3x	as long as short
Phoenix PONS	+0.1608%	1h	0.6094	−0.218%	$32K	$113K	3x	as long as short