Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1550%/8h= −169.7% APRpaid last 24h +0.003%

Price spread now: Lighter RH against Bybit+0.032%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$620.624% of the position

Long on Bybit Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

Price spread, last 7 days+0.066%+$7 · spread now +0.032%, 7d avg +0.021%

Together, before fees+0.134%+ Points / potential airdropLighter RH: Points live · farm board+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.021%, so right now this pair is about funding alone: −$46 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.068%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.068% in total (about 3.5% 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	0.6241	0.2126	pay 0.1063% / 4h	3h 57m	$18.8M	$33.3M	20x
Short	Lighter RH PONS	0.6243	0.0576	get 0.0072% / 1h	57m 50s	$433K	$2.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$325.46
Price spread: +0.032% → +0.021%: $1.08
Slippage, 4 orders: −$51.44
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$386.83
Costs to cover: 0.624%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Lighter RH: live order book, 5 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, 1 min ago	3.19 bp	23.5 bp −$23	42.7 bp −$427	doesn't fit	doesn't fit
Sell Lighter RH live order book, 5 min ago	4.55 bp	8.1 bp −$8	40.4 bp −$404	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
Phemex PONSUSDT	−2.3492%	4h	0.6239	−0.032%	$1.7M	$3.2M	20x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0030%	1h	0.6233	−0.126%	$244K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−4.847%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6278	+0.593%	$23K	$456K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6263	+0.353%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6164	−1.232%	$30K	$299K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6262	+0.344%	$73K	$2.3M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6260	+0.309%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6275	+0.540%	—	$1.2M	10x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6252	+0.184%	$68K	$536K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0232%	1h	0.6253	+0.192%	$390	—	3x	as long as short
Hyperliquid PONS	+0.0288%	1h	0.6238	−0.050%	$63.9M	$30.9M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0396%	4h	0.6240	−0.016%	$14.1M	$61.7M	20x	as long as short
Aster PONSUSDT	+0.0430%	4h	0.6244	+0.048%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0486%	4h	0.6244	+0.051%	$1.6M	$4.1M	20x	as long as short
Variational Omni PONS	+0.0494%	4h	0.6148	−1.495%	$1.6M	$4.3M	—	as long as short
Lighter RH PONSshort	+0.0576%	1h	0.6243	+0.032%	$433K	$2.6M	3x
MEXC PONS_USDT	+0.0588%	4h	0.6247	+0.096%	$7.9M	$4.6M	20x	as long as short
Extended PONS-USD	+0.0600%	1h	0.6257	+0.250%	$105K	$832K	5x	as long as short
Binance PONSUSDT	+0.0603%	4h	0.6245	+0.056%	$40.6M	$105.9M	20x	as long as short
edgeX PONSUSDC	+0.0603%	4h	0.6164	−1.239%	$20K	$292K	10x	as long as short
SoDEX PONS-USD	+0.0640%	1h	0.6243	+0.040%	$26K	$637K	3x	as long as short
BingX PONS-USDT	+0.0654%	4h	0.6240	−0.016%	—	$3.3M	—	as long as short
Bitget PONSUSDT	+0.0680%	4h	0.6243	+0.034%	$5.0M	$13.2M	20x	as long as short
BloFin PONS-USDT	+0.0829%	4h	0.6169	−1.154%	$1.8M	$1.1M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6273	+0.514%	$47K	$77K	3x	as long as short
Phoenix PONS	+0.1405%	1h	0.6162	−1.266%	$47K	$122K	3x	as long as short
Lighter PONS	+0.1640%	1h	0.6247	+0.091%	$1.7M	$841K	3x	as long as short
Bybit PONSUSDTlong	+0.2126%	4h	0.6241	long leg	$18.8M	$33.3M	20x
Gate PONS_USDT	+0.4846%	4h	0.6230	−0.176%	$5.4M	$6.3M	20x	as long as short