PONS

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0684%/8h= −74.9% APRnext payment −$3.42 per $10,000 · paid last 24h −0.114%

Price spread now: Phemex against Bybit+0.169%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$143as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$1071.072% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.357%−$36 on $10k

Price spread, last 4 days (all we have)+0.002%$0 · spread now +0.169%, 7d avg +0.032%

Together, before fees−0.355%−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.137% dearer against Bybit than usual: you sell high and buy low (spread +0.169% now, against its 7-day average of +0.032%): +$14 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 16 hours. At the pace of the last 7 days (−0.357% in total) that is about 2.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.357% in total (about -18.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$3.42 per $10,000. 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	0.5915	0.0784	pay 0.0392% / 4h	3h 11m	$17.6M	$30.6M	20x
Short	Phemex PONSUSDT	0.5925	0.0100	get 0.0050% / 4h	3h 11m	$1.6M	$3.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.169%Rate

Funding earned: −$143.56
Price spread: +0.169% → +0.032%: $13.69
Slippage, 4 orders: −$84.19
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$237.06
Costs to cover: 1.072%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Phemex: live order book, 2 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, 3 min ago	1.68 bp	18.0 bp −$18	38.5 bp −$385	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	3.36 bp	40.5 bp −$41	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 −0.0032%	1h	0.5921	+0.106%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.921%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5916	+0.017%	$417K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5934	+0.321%	$21K	$417K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5937	+0.379%	$69K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5935	+0.335%	$34K	$339K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5931	+0.265%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5948	+0.561%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5919	+0.074%	$26K	$541K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5942	+0.460%	$64K	$512K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDTshort	+0.0100%	4h	0.5925	+0.169%	$1.6M	$3.2M	20x
Aevo PONS-PERP	+0.0232%	1h	0.5921	+0.108%	$369	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0353%	4h	0.5914	−0.017%	$13.5M	$54.1M	20x	as long as short
Lighter PONS	+0.0440%	1h	0.5919	+0.074%	$1.6M	$894K	3x	as long as short
Variational Omni PONS	+0.0455%	4h	0.5941	+0.447%	$1.4M	$4.0M	—	as long as short
Gate PONS_USDT	+0.0462%	4h	0.5918	+0.051%	$5.2M	$6.2M	20x	as long as short
Hyperliquid PONS	+0.0478%	1h	0.5916	+0.017%	$60.5M	$28.1M	3x	as long as short
Aster PONSUSDT	+0.0511%	4h	0.5919	+0.064%	$1.1M	$2.2M	20x	as long as short
Bitget PONSUSDT	+0.0536%	4h	0.5917	+0.030%	$4.5M	$11.6M	20x	as long as short
Extended PONS-USD	+0.0608%	1h	0.5926	+0.191%	$106K	$807K	5x	as long as short
Binance PONSUSDT	+0.0608%	4h	0.5920	+0.090%	$38.7M	$94.2M	20x	as long as short
MEXC PONS_USDT	+0.0610%	4h	0.5919	+0.068%	$7.5M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0610%	4h	0.5945	+0.504%	$18K	$292K	10x	as long as short
BingX PONS-USDT	+0.0716%	4h	0.5917	+0.034%	—	$3.0M	—	as long as short
KuCoin PONSUSDTM	+0.0734%	4h	0.5922	+0.118%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0734%	1h	0.5932	+0.287%	$81K	$1.7M	3x	as long as short
Bybit PONSUSDTlong	+0.0784%	4h	0.5915	long leg	$17.6M	$30.6M	20x
BloFin PONS-USDT	+0.0848%	4h	0.5922	+0.118%	$1.7M	$942K	20x	as long as short
Pacifica PONS	+0.1081%	1h	0.5943	+0.477%	$46K	$68K	3x	as long as short
Phoenix PONS	+0.1586%	1h	0.5945	+0.512%	$45K	$109K	3x	as long as short