Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0576%/8h= +63.1% APRpaid last 24h +0.130%

Price spread now: Bybit against gTrade (Gains Network)+0.197%7-day average +0.120% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$4,616as in the Price arb table

costs, in and out, $10k−$4,62346.235% of the position

Long on gTrade (Gains Network)Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)+0.176%+$18 on $10k

Price spread, last 3 days (all we have)−0.013%−$1 · spread now +0.197%, 7d avg +0.120%

Together, before fees+0.163%+$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Bybit is 0.077% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.120%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) PONS/USD	0.6082	L +0.0033% / S −0.0033%	pay 0.0004% / 1h	16m 05s	$241K	—	150x
Short	Bybit PONSUSDT	0.6094	0.0609	get 0.0304% / 4h	3h 16m	$18.3M	$30.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BybitbpOrdersPrice spread, now +0.197%Rate

Funding earned: $120.99
Price spread: +0.197% → +0.120%: $7.74
Slippage, 4 orders: −$4,600.48
Fee gTrade (Gains Network): 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$4,494.75
Costs to cover: 46.235%
Break-even: 267.1 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 58 min ago; Bybit: live order book, 3 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 gTrade (Gains Network) virtual book (oracle venue), 58 min ago	130.01 bp	2119.5 bp −$2,119	16868.2 bp −$168.7K	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.82 bp	16.3 bp −$16	45.6 bp −$456	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/USDlong	L +0.0033% / S −0.0033%	1h	0.6082	long leg	$241K	—	150x
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.850%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6093	+0.179%	$429K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6091	+0.148%	$20K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6089	+0.108%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6093	+0.187%	$33K	$358K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6099	+0.273%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6102	+0.334%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6093	+0.189%	$28K	$544K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6094	+0.199%	$65K	$510K	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	0.6093	+0.181%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0176%	1h	0.6095	+0.214%	$380	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0186%	4h	0.6093	+0.181%	$13.9M	$56.5M	20x	as long as short
KuCoin PONSUSDTM	+0.0200%	4h	0.6096	+0.222%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0264%	4h	0.6097	+0.253%	$4.8M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0290%	4h	0.6096	+0.235%	$1.1M	$2.1M	20x	as long as short
MEXC PONS_USDT	+0.0364%	4h	0.6095	+0.214%	$7.9M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0364%	4h	0.6097	+0.247%	$40.1M	$96.3M	20x	as long as short
Extended PONS-USD	+0.0368%	1h	0.6097	+0.239%	$252K	$678K	5x	as long as short
edgeX PONSUSDC	+0.0379%	4h	0.6082	−0.003%	$21K	$293K	10x	as long as short
Lighter PONS	+0.0424%	1h	0.6095	+0.214%	$1.7M	$933K	3x	as long as short
BingX PONS-USDT	+0.0560%	4h	0.6094	+0.197%	—	$3.1M	—	as long as short
BloFin PONS-USDT	+0.0604%	4h	0.6096	+0.230%	$1.8M	$990K	20x	as long as short
Bybit PONSUSDTshort	+0.0609%	4h	0.6094	+0.197%	$18.3M	$30.9M	20x
Nado PONS-PERP	+0.0614%	1h	0.6097	+0.247%	$105K	$115K	5x	as long as short
Pacifica PONS	+0.0665%	1h	0.6102	+0.329%	$48K	$78K	3x	as long as short
Polymarket Perps PONS-USD	+0.0768%	1h	0.6093	+0.181%	$45K	$1.6M	3x	as long as short
Gate PONS_USDT	+0.0832%	4h	0.6091	+0.148%	$5.3M	$6.2M	20x	as long as short
Hyperliquid PONS	+0.0869%	1h	0.6096	+0.237%	$62.0M	$29.1M	3x	as long as short
Phoenix PONS	+0.1608%	1h	0.6094	+0.192%	$32K	$113K	3x	as long as short