Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0603%/8h= +66.1% APRpaid last 24h +0.029%

Price spread now: Hyperliquid against Bybit−0.033%7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$570.569% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$8 on $10k

Price spread, last 7 days+0.098%+$10 · spread now −0.033%, 7d avg +0.033%

Together, before fees+0.174%+ Points / potential airdropHyperliquid: Season 2 · farm board+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.066% cheaper against Bybit than usual: you would sell low and buy high (spread −0.033% now, against its 7-day average of +0.033%). If the spread goes back, that is −$7 on $10k: about 9 hours of funding at the current rate (+$18 a day). At the pace of the last 7 days (+0.075% in total) that is about 6.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.075% in total (about 3.9% 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	0.6095	0.0100	pay 0.0050% / 4h	1h 01m	$18.3M	$31.7M	20x
Short	Hyperliquid PONS	0.6093	0.0703	get 0.0088% / 1h	1m 37s	$61.8M	$30.4M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now −0.033%Rate

Funding earned: $126.73
Price spread: −0.033% → +0.033%: −$6.6
Slippage, 4 orders: −$36.91
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $63.22
Costs to cover: 0.569%
Break-even: 3.5 days

Slippage from Bybit: live order book, 2 min ago; Hyperliquid: live order book, 12 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, 2 min ago	0.83 bp	15.6 bp −$16	40.2 bp −$402	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.08 bp	10.4 bp −$10	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/USD	L +0.0033% / S −0.0036%	1h	0.6083	−0.199%	$229K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.059%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6098	+0.049%	$18K	$446K	20x	as long as short
Bybit PONSUSDTlong	+0.0100%	4h	0.6095	long leg	$18.3M	$31.7M	20x
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6095	0.000%	$13.8M	$57.7M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.6089	−0.100%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.6092	−0.043%	$4.8M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6007	−1.441%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6050	−0.730%	$35K	$356K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6092	−0.041%	$3K	$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	0.6095	+0.003%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6092	−0.049%	$28K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6089	−0.090%	$65K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6087	−0.131%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.6085	−0.162%	$379	—	3x	as long as short
Aster PONSUSDT	+0.0175%	4h	0.6086	−0.151%	$1.1M	$2.2M	20x	as long as short
BingX PONS-USDT	+0.0194%	4h	0.6089	−0.098%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0195%	4h	0.6058	−0.614%	$21K	$294K	10x	as long as short
Nado PONS-PERP	+0.0207%	1h	0.6092	−0.049%	$88K	$105K	5x	as long as short
MEXC PONS_USDT	+0.0220%	4h	0.6092	−0.049%	$8.1M	$5.0M	20x	as long as short
Binance PONSUSDT	+0.0221%	4h	0.6095	+0.007%	$39.7M	$98.4M	20x	as long as short
Extended PONS-USD	+0.0224%	1h	0.6092	−0.052%	$251K	$679K	5x	as long as short
Lighter RH PONS	+0.0328%	1h	0.6091	−0.057%	$430K	$2.7M	3x	as long as short
BloFin PONS-USDT	+0.0443%	4h	0.6050	−0.738%	$1.7M	$989K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.6089	−0.102%	$48K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0520%	1h	0.6091	−0.067%	$38K	$1.7M	3x	as long as short
Lighter PONS	+0.0688%	1h	0.6092	−0.051%	$1.7M	$1.0M	3x	as long as short
Hyperliquid PONSshort	+0.0703%	1h	0.6093	−0.033%	$61.8M	$30.4M	3x
Phoenix PONS	+0.1398%	1h	0.6015	−1.317%	$31K	$96K	3x	as long as short
Gate PONS_USDT	+0.1666%	4h	0.6083	−0.197%	$5.3M	$6.5M	20x	as long as short