Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0454%/8h= −49.7% APRpaid last 24h −0.065%

Price spread now: Bitget against Hyperliquid−0.046%7-day average −0.010% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.038%−$4 on $10k

Price spread, last 7 days−0.080%−$8 · spread now −0.046%, 7d avg −0.010%

Together, before fees−0.118%+ Points / potential airdropHyperliquid: Season 2 · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Bitget is 0.037% cheaper against Hyperliquid than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.010%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.038% in total (about -2.0% 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	Hyperliquid PONS	0.5825	0.0554	pay 0.0069% / 1h	42m 17s	$58.1M	$30.0M	3x
Short	Bitget PONSUSDT	0.5822	0.0100	get 0.0050% / 4h	2h 42m	$4.6M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Hyperliquid. 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 HyperliquidbpFee BitgetbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$95.4
Price spread: −0.046% → −0.010%: −$3.68
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$120.08
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Bitget: live order book, 1 min ago. Net counts fees only.

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 Hyperliquid live order book, 11 min ago	0.76 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	2.40 bp	19.0 bp −$19	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 −0.0034%	1h	0.5816	−0.156%	$213K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+1.631%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5826	+0.024%	$20K	$452K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5818	−0.113%	$17.5M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5821	−0.062%	$13.3M	$55.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5824	−0.009%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDTshort	+0.0100%	4h	0.5822	−0.046%	$4.6M	$11.7M	20x
Variational Omni PONS	+0.0100%	4h	0.5813	−0.199%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5808	−0.290%	$34K	$328K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5826	+0.024%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5823	−0.029%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5820	−0.084%	$26K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5822	−0.048%	$63K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5823	−0.027%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0112%	1h	0.5816	−0.141%	$362	—	3x	as long as short
Gate PONS_USDT	+0.0126%	4h	0.5819	−0.096%	$5.1M	$6.8M	20x	as long as short
MEXC PONS_USDT	+0.0134%	4h	0.5822	−0.045%	$7.4M	$5.2M	20x	as long as short
Extended PONS-USD	+0.0144%	1h	0.5823	−0.035%	$104K	$532K	5x	as long as short
Binance PONSUSDT	+0.0146%	4h	0.5821	−0.062%	$37.9M	$98.3M	20x	as long as short
BingX PONS-USDT	+0.0154%	4h	0.5819	−0.096%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0158%	4h	0.5808	−0.289%	$20K	$294K	10x	as long as short
Nado PONS-PERP	+0.0170%	1h	0.5826	+0.024%	$88K	$103K	5x	as long as short
Aster PONSUSDT	+0.0174%	4h	0.5819	−0.100%	$1.1M	$2.2M	20x	as long as short
Lighter RH PONS	+0.0176%	1h	0.5822	−0.052%	$389K	$2.6M	3x	as long as short
Polymarket Perps PONS-USD	+0.0322%	1h	0.5825	+0.010%	$38K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0375%	4h	0.5826	+0.024%	$1.7M	$957K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5826	+0.023%	$46K	$102K	3x	as long as short
Hyperliquid PONSlong	+0.0554%	1h	0.5825	long leg	$58.1M	$30.0M	3x
Lighter PONS	+0.0816%	1h	0.5825	+0.010%	$1.7M	$881K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5873	+0.834%	$27K	$86K	3x	as long as short