Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0267%/8h= +29.3% APRpaid last 24h −0.002%

Price spread now: Polymarket Perps against Bybit+0.463%47s7-day average −0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$470.470% of the position

Long on Bybit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.167%+$17 on $10k

Price spread, last 7 days−0.504%−$50 · spread now +0.463%, 7d avg −0.038%

Together, before fees−0.337%−$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Polymarket Perps is 0.501% dearer against Bybit than usual: you sell high and buy low: +$50 more if the spread goes back to its 7-day average of −0.038%. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.167% in total (about 8.7% 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	0.5874	0.0100	pay 0.0050% / 4h	2h 49m	$17.8M	$31.6M	20x
Short	Polymarket Perps PONS-USD	0.5901	0.0367	get 0.0046% / 1h	49m 38s	$38K	$1.8M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.463%Rate

Funding earned: $56.11
Price spread: +0.463% → −0.038%: $50.13
Slippage, 4 orders: −$28
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $59.24
Costs to cover: 0.470%
Break-even: from the start

Slippage from Bybit: live order book, 4 min ago; Polymarket Perps: live order book, 4 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	0.85 bp	16.3 bp −$16	37.9 bp −$379	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 4 min ago	2.79 bp	6.8 bp −$7	7.0 bp −$70	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 +0.0032% / S −0.0034%	1h	0.5891	+0.294%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.776%	$609	$6K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5893	+0.323%	$397K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5901	+0.460%	$21K	$456K	20x	as long as short
Bybit PONSUSDTlong	+0.0100%	4h	0.5874	long leg	$17.8M	$31.6M	20x
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5875	+0.017%	$13.5M	$55.6M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5882	+0.136%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5883	+0.152%	$4.6M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5902	+0.469%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5919	+0.773%	$34K	$327K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5902	+0.480%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5900	+0.439%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5895	+0.361%	$27K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5916	+0.710%	$64K	$503K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5895	+0.358%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5898	+0.417%	$367	—	3x	as long as short
Binance PONSUSDT	+0.0164%	4h	0.5889	+0.249%	$38.4M	$98.1M	20x	as long as short
MEXC PONS_USDT	+0.0166%	4h	0.5882	+0.136%	$7.6M	$5.1M	20x	as long as short
Extended PONS-USD	+0.0168%	1h	0.5886	+0.202%	$105K	$531K	5x	as long as short
BingX PONS-USDT	+0.0176%	4h	0.5883	+0.153%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0189%	4h	0.5914	+0.673%	$21K	$293K	10x	as long as short
Aster PONSUSDT	+0.0221%	4h	0.5896	+0.378%	$1.1M	$2.2M	20x	as long as short
Nado PONS-PERP	+0.0328%	1h	0.5899	+0.426%	$89K	$103K	5x	as long as short
Polymarket Perps PONS-USDshort	+0.0367%	1h	0.5901	+0.463%	$38K	$1.8M	3x
BloFin PONS-USDT	+0.0406%	4h	0.5911	+0.630%	$1.7M	$982K	20x	as long as short
Gate PONS_USDT	+0.0424%	4h	0.5882	+0.136%	$5.1M	$6.7M	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5887	+0.224%	$47K	$102K	3x	as long as short
Hyperliquid PONS	+0.0700%	1h	0.5895	+0.352%	$59.0M	$29.6M	3x	as long as short
Lighter PONS	+0.0888%	1h	0.5890	+0.271%	$1.7M	$879K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5921	+0.797%	$27K	$86K	3x	as long as short