Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0147%/8h= −16.1% APRpaid last 24h −0.170%

Price spread now: Injective against Bybit−2.427%78s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Injective is 2.427% cheaper against Bybit than usual: you would sell low and buy high (−$243 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PONSUSDT	0.6118	0.0100	pay 0.0050% / 4h	30m 02s	$18.5M	$31.5M	20x
Short	Injective PONS/USDC PERP	0.5969	−0.0047	pay 0.0006% / 1h	30m 02s	$614	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −2.427%Rate

Funding earned: −$30.9
Price spread: −2.427% → 0.000%: −$242.73
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$284.65
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; Injective: no order-book sample. Net counts fees only.

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	16.7 bp −$17	36.8 bp −$368	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Injective PONS/USDC PERPshort	−0.0047%	1h	0.5969	−2.427%	$614	$10K	5.5x
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6118	−0.001%	$242K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6127	+0.147%	$424K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6125	+0.114%	$20K	$438K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6125	+0.115%	$88K	$107K	5x	as long as short
Bybit PONSUSDTlong	+0.0100%	4h	0.6118	long leg	$18.5M	$31.5M	20x
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6120	+0.033%	$14.0M	$58.1M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6124	+0.103%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6127	+0.147%	$34K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6130	+0.203%	$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	0.6128	+0.159%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6128	+0.159%	$28K	$546K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6136	+0.286%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6129	+0.180%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0118%	4h	0.6125	+0.118%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0144%	4h	0.6125	+0.114%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0160%	1h	0.6127	+0.148%	$382	—	3x	as long as short
Aster PONSUSDT	+0.0166%	4h	0.6123	+0.082%	$1.1M	$2.2M	20x	as long as short
Lighter PONS	+0.0240%	1h	0.6128	+0.162%	$1.7M	$922K	3x	as long as short
Binance PONSUSDT	+0.0303%	4h	0.6123	+0.082%	$40.1M	$98.7M	20x	as long as short
Extended PONS-USD	+0.0304%	1h	0.6126	+0.134%	$253K	$682K	5x	as long as short
MEXC PONS_USDT	+0.0304%	4h	0.6127	+0.147%	$8.1M	$4.9M	20x	as long as short
BingX PONS-USDT	+0.0308%	4h	0.6121	+0.049%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0313%	4h	0.6129	+0.174%	$21K	$294K	10x	as long as short
BloFin PONS-USDT	+0.0545%	4h	0.6130	+0.196%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0665%	1h	0.6126	+0.127%	$42K	$1.7M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6124	+0.096%	$48K	$96K	3x	as long as short
Hyperliquid PONS	+0.0904%	1h	0.6124	+0.105%	$62.2M	$30.4M	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6126	+0.129%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2294%	4h	0.6119	+0.016%	$5.4M	$6.3M	20x	as long as short