Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0395%/8h= −43.3% APRpaid last 24h −0.034%

Price spread now: Bybit against Hyperliquid−0.076%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$670.668% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 7 days+0.010%+$1 · spread now −0.076%, 7d avg −0.033%

Together, before fees−0.066%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Bybit is 0.042% cheaper against Hyperliquid than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.033%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.076% in total (about -4.0% 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	0.5905	0.0495	pay 0.0062% / 1h	18m 12s	$59.1M	$30.0M	3x
Short	Bybit PONSUSDT	0.5901	0.0100	get 0.0050% / 4h	2h 18m	$17.6M	$31.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$83.04
Price spread: −0.076% → −0.033%: −$4.24
Slippage, 4 orders: −$46.76
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$154.04
Costs to cover: 0.668%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Bybit: live order book, 1 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 Hyperliquid live order book, 5 min ago	0.09 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.85 bp	17.6 bp −$18	37.7 bp −$377	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	0.5896	−0.155%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.239%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5902	−0.059%	$21K	$446K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5904	−0.025%	$89K	$103K	5x	as long as short
Bybit PONSUSDTshort	+0.0100%	4h	0.5901	−0.076%	$17.6M	$31.9M	20x
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5900	−0.092%	$13.4M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5902	−0.055%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5906	+0.009%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5901	−0.081%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5904	−0.025%	$34K	$334K	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	0.5909	+0.053%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5904	−0.020%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5901	−0.074%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5905	−0.003%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5896	−0.160%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5903	−0.050%	$368	—	3x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5902	−0.052%	$106K	$533K	5x	as long as short
MEXC PONS_USDT	+0.0176%	4h	0.5903	−0.042%	$7.5M	$5.2M	20x	as long as short
Binance PONSUSDT	+0.0178%	4h	0.5903	−0.042%	$38.4M	$98.3M	20x	as long as short
BingX PONS-USDT	+0.0182%	4h	0.5900	−0.092%	—	$3.1M	—	as long as short
Aster PONSUSDT	+0.0191%	4h	0.5902	−0.064%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0194%	4h	0.5905	−0.006%	$21K	$293K	10x	as long as short
Polymarket Perps PONS-USD	+0.0366%	1h	0.5902	−0.062%	$37K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0416%	4h	0.5903	−0.042%	$1.7M	$966K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5905	−0.001%	$47K	$103K	3x	as long as short
Hyperliquid PONSlong	+0.0495%	1h	0.5905	long leg	$59.1M	$30.0M	3x
Lighter RH PONS	+0.0600%	1h	0.5904	−0.020%	$416K	$2.6M	3x	as long as short
Gate PONS_USDT	+0.0728%	4h	0.5900	−0.092%	$5.2M	$6.8M	20x	as long as short
Lighter PONS	+0.1024%	1h	0.5907	+0.024%	$1.7M	$889K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5907	+0.021%	$30K	$86K	3x	as long as short