Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0140%/8h= −15.3% APRpaid last 24h +0.054%

Price spread now: Bybit against Extended−0.177%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$860.860% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.227%−$23 on $10k

Price spread, last 4 days (all we have)+0.237%+$24 · spread now −0.177%, 7d avg −0.002%

Together, before fees+0.010%+ Points / potential airdropExtended: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bybit is 0.175% cheaper against Extended than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended PONS-USD	0.6106	0.0240	pay 0.0030% / 1h	59m 23s	$253K	$680K	5x
Short	Bybit PONSUSDT	0.6095	0.0100	get 0.0050% / 4h	59m 23s	$18.4M	$31.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now −0.177%Rate

Funding earned: −$29.4
Price spread: −0.177% → −0.002%: −$17.49
Slippage, 4 orders: −$70.03
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$132.92
Costs to cover: 0.860%
Break-even: never at this rate

Slippage from Extended: live order book, 19 min ago; Bybit: 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 Extended live order book, 19 min ago	11.94 bp	28.6 bp −$29	198.0 bp −$1,980	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.83 bp	15.5 bp −$16	39.2 bp −$392	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 −0.0036%	1h	0.6085	−0.341%	$229K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.232%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6107	+0.020%	$20K	$447K	20x	as long as short
Bybit PONSUSDTshort	+0.0100%	4h	0.6095	−0.177%	$18.4M	$31.8M	20x
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6095	−0.177%	$13.8M	$57.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.6101	−0.075%	$1.8M	$3.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6093	−0.207%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6050	−0.906%	$35K	$356K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6104	−0.033%	$3K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6110	+0.077%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USD	+0.0100%	1h	0.6111	+0.093%	$28K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6103	−0.047%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6105	−0.013%	$1.7M	$3.3M	20x	as long as short
Bitget PONSUSDT	+0.0102%	4h	0.6099	−0.116%	$4.8M	$11.7M	20x	as long as short
Nado PONS-PERP	+0.0120%	1h	0.6106	+0.003%	$86K	$107K	5x	as long as short
Aevo PONS-PERP	+0.0136%	1h	0.6114	+0.134%	$381	—	3x	as long as short
Aster PONSUSDT	+0.0183%	4h	0.6106	−0.002%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0195%	4h	0.6058	−0.790%	$21K	$294K	10x	as long as short
BingX PONS-USDT	+0.0202%	4h	0.6098	−0.128%	—	$3.1M	—	as long as short
MEXC PONS_USDT	+0.0238%	4h	0.6102	−0.062%	$8.1M	$4.8M	20x	as long as short
Extended PONS-USDlong	+0.0240%	1h	0.6106	long leg	$253K	$680K	5x
Binance PONSUSDT	+0.0251%	4h	0.6098	−0.122%	$39.7M	$98.7M	20x	as long as short
Hyperliquid PONS	+0.0284%	1h	0.6098	−0.124%	$61.9M	$30.5M	3x	as long as short
Lighter RH PONS	+0.0368%	1h	0.6120	+0.231%	$432K	$2.6M	3x	as long as short
Polymarket Perps PONS-USD	+0.0448%	1h	0.6103	−0.044%	$40K	$1.7M	3x	as long as short
Pacifica PONS	+0.0451%	1h	0.6109	+0.057%	$48K	$96K	3x	as long as short
BloFin PONS-USDT	+0.0461%	4h	0.6089	−0.275%	$1.7M	$1.0M	20x	as long as short
Lighter PONS	+0.0688%	1h	0.6120	+0.231%	$1.7M	$920K	3x	as long as short
Phoenix PONS	+0.1398%	1h	0.6074	−0.527%	$31K	$95K	3x	as long as short
Gate PONS_USDT	+0.1746%	4h	0.6087	−0.308%	$5.3M	$6.2M	20x	as long as short