Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0916%/8h= −100.3% APRpaid last 24h −0.143%

Price spread now: Bybit against Lighter+0.111%7-day average −0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$560.562% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.537%−$54 on $10k

Price spread, last 7 days−0.311%−$31 · spread now +0.111%, 7d avg −0.038%

Together, before fees−0.848%+ Points / potential airdropLighter: Season 3 · farm board−$85 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.149% dearer against Lighter than usual: you sell high and buy low (spread +0.111% now, against its 7-day average of −0.038%): +$15 on $10k if it goes back. Holding the pair costs −$27 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 7 days (−0.537% in total) that is about 47 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.537% in total (about -28.0% 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	Lighter PONS	0.5921	0.1016	pay 0.0127% / 1h	55m 04s	$1.7M	$879K	3x
Short	Bybit PONSUSDT	0.5928	0.0100	get 0.0050% / 4h	2h 55m	$18.0M	$31.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 LighterbpFee BybitbpOrdersPrice spread, now +0.111%Rate

Funding earned: −$192.36
Price spread: +0.111% → −0.038%: $14.94
Slippage, 4 orders: −$45.24
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$233.66
Costs to cover: 0.562%
Break-even: never at this rate

Slippage from Lighter: live order book, 1 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 Lighter live order book, 1 min ago	3.88 bp	9.2 bp −$9	14.9 bp −$149	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.68 bp	16.1 bp −$16	39.6 bp −$396	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	0.5915	−0.116%	$217K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	−0.030%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5934	+0.213%	$21K	$459K	20x	as long as short
Bybit PONSUSDTshort	+0.0100%	4h	0.5928	+0.111%	$18.0M	$31.5M	20x
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5913	−0.142%	$13.5M	$56.0M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5913	−0.145%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5920	−0.017%	$4.6M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5929	+0.136%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5922	+0.014%	$34K	$326K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5924	+0.035%	$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	0.5919	−0.035%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5913	−0.137%	$27K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5934	+0.220%	$64K	$503K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5912	−0.159%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5919	−0.040%	$369	—	3x	as long as short
Lighter RH PONS	+0.0136%	1h	0.5920	−0.020%	$398K	$2.6M	3x	as long as short
Binance PONSUSDT	+0.0176%	4h	0.5924	+0.043%	$38.6M	$98.2M	20x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5921	−0.001%	$106K	$529K	5x	as long as short
MEXC PONS_USDT	+0.0182%	4h	0.5917	−0.074%	$7.8M	$5.1M	20x	as long as short
BingX PONS-USDT	+0.0190%	4h	0.5922	+0.010%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0192%	4h	0.5932	+0.180%	$21K	$292K	10x	as long as short
Aster PONSUSDT	+0.0242%	4h	0.5918	−0.060%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0374%	1h	0.5931	+0.166%	$38K	$1.8M	3x	as long as short
Gate PONS_USDT	+0.0378%	4h	0.5913	−0.142%	$5.2M	$6.7M	20x	as long as short
BloFin PONS-USDT	+0.0416%	4h	0.5923	+0.027%	$1.7M	$984K	20x	as long as short
Nado PONS-PERP	+0.0471%	1h	0.5930	+0.145%	$90K	$103K	5x	as long as short
Pacifica PONS	+0.0474%	1h	0.5925	+0.061%	$47K	$102K	3x	as long as short
Hyperliquid PONS	+0.0751%	1h	0.5922	+0.012%	$59.3M	$29.8M	3x	as long as short
Lighter PONSlong	+0.1016%	1h	0.5921	long leg	$1.7M	$879K	3x
Phoenix PONS	+0.1232%	1h	0.5931	+0.169%	$27K	$86K	3x	as long as short