Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1000%/8h= −109.5% APRpaid last 24h −0.110%

Price spread now: Popdex against Bybit−0.175%7-day average +0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$291as in the Price arb table

costs, in and out, $10k−$2702.701% of the position

Long on Bybit Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.352%−$35 on $10k

Price spread, last 4 days (all we have)+0.022%+$2 · spread now −0.175%, 7d avg +0.030%

Together, before fees−0.331%−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and Popdex is 0.205% cheaper against Bybit than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.030%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.352% in total (about -34.1% 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	0.6288	0.1096	pay 0.0548% / 4h	3h 22m	$19.0M	$33.3M	20x
Short	Popdex PONSUSDT	0.6277	0.0096	get 0.0012% / 1h	22m 48s	$23K	$437K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.175%Rate

Funding earned: −$209.95
Price spread: −0.175% → +0.030%: −$20.48
Slippage, 4 orders: −$252.72
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$500.55
Costs to cover: 2.701%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Popdex: live order book, 11 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	2.39 bp	14.8 bp −$15	35.7 bp −$357	doesn't fit	doesn't fit
Sell Popdex live order book, 11 min ago	15.94 bp	109.9 bp −$110	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 +0.0032% / S −0.0030%	1h	0.6270	−0.287%	$245K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−5.558%	$610	$10K	5.5x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.6277	−0.175%	$23K	$437K	20x
Nado PONS-PERP	+0.0100%	1h	0.6278	−0.159%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6217	−1.134%	$31K	$290K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6271	−0.270%	$73K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6290	+0.027%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6275	−0.205%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6280	−0.119%	$27K	$628K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6278	−0.159%	$66K	$528K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6282	−0.095%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6283	−0.080%	$391	—	3x	as long as short
Hyperliquid PONS	+0.0311%	1h	0.6285	−0.048%	$64.4M	$30.5M	3x	as long as short
Lighter RH PONS	+0.0360%	1h	0.6282	−0.097%	$424K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0441%	4h	0.6285	−0.048%	$14.4M	$61.1M	20x	as long as short
Aster PONSUSDT	+0.0454%	4h	0.6286	−0.035%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0486%	4h	0.6288	+0.002%	$1.7M	$4.1M	20x	as long as short
Lighter PONS	+0.0528%	1h	0.6282	−0.097%	$1.8M	$870K	3x	as long as short
Variational Omni PONS	+0.0562%	4h	0.6214	−1.172%	$1.6M	$4.5M	—	as long as short
edgeX PONSUSDC	+0.0662%	4h	0.6252	−0.565%	$21K	$291K	10x	as long as short
Extended PONS-USD	+0.0664%	1h	0.6287	−0.010%	$105K	$816K	5x	as long as short
MEXC PONS_USDT	+0.0664%	4h	0.6291	+0.048%	$8.1M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0665%	4h	0.6292	+0.064%	$41.4M	$104.0M	20x	as long as short
Bitget PONSUSDT	+0.0730%	4h	0.6300	+0.183%	$5.1M	$13.2M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6278	−0.166%	$47K	$78K	3x	as long as short
BloFin PONS-USDT	+0.0905%	4h	0.6280	−0.127%	$1.8M	$1.1M	20x	as long as short
BingX PONS-USDT	+0.0936%	4h	0.6285	−0.048%	—	$3.2M	—	as long as short
Bybit PONSUSDTlong	+0.1096%	4h	0.6288	long leg	$19.0M	$33.3M	20x
Gate PONS_USDT	+0.1386%	4h	0.6272	−0.254%	$5.4M	$6.4M	20x	as long as short
Phoenix PONS	+0.1714%	1h	0.6229	−0.946%	$47K	$159K	3x	as long as short