Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0476%/8h= −52.1% APRpaid last 24h −0.061%

Price spread now: Bybit against Lighter RH−0.088%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$520.523% of the position

Long on Lighter RH Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 7 days+0.061%+$6 · spread now −0.088%, 7d avg −0.019%

Together, before fees−0.037%+ Points / potential airdropLighter RH: Points live · farm board−$4 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 Bybit is 0.070% cheaper against Lighter RH than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.019%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.098% in total (about -5.1% 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 RH PONS	0.5900	0.0576	pay 0.0072% / 1h	34m 06s	$394K	$2.6M	3x
Short	Bybit PONSUSDT	0.5895	0.0100	get 0.0050% / 4h	2h 34m	$17.7M	$31.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter RH. 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 Lighter RHbpFee BybitbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$99.96
Price spread: −0.088% → −0.019%: −$6.96
Slippage, 4 orders: −$41.29
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$159.21
Costs to cover: 0.523%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 4 min ago; Bybit: live order book, 5 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 RH live order book, 4 min ago	3.59 bp	9.7 bp −$10	41.5 bp −$415	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.86 bp	20.6 bp −$21	51.2 bp −$512	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	0.5892	−0.133%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.329%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5899	−0.020%	$21K	$447K	20x	as long as short
Bybit PONSUSDTshort	+0.0100%	4h	0.5895	−0.088%	$17.7M	$31.8M	20x
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5896	−0.071%	$13.4M	$56.0M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5898	−0.037%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5899	−0.017%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5865	−0.592%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5866	−0.578%	$34K	$330K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5906	+0.098%	$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	0.5898	−0.041%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5897	−0.061%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5906	+0.103%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5895	−0.088%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5896	−0.071%	$367	—	3x	as long as short
Nado PONS-PERP	+0.0149%	1h	0.5898	−0.035%	$89K	$103K	5x	as long as short
BingX PONS-USDT	+0.0154%	4h	0.5896	−0.071%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0163%	4h	0.5834	−1.130%	$20K	$292K	10x	as long as short
MEXC PONS_USDT	+0.0168%	4h	0.5896	−0.071%	$7.5M	$5.2M	20x	as long as short
Binance PONSUSDT	+0.0182%	4h	0.5899	−0.024%	$38.3M	$98.3M	20x	as long as short
Extended PONS-USD	+0.0184%	1h	0.5898	−0.031%	$105K	$533K	5x	as long as short
Aster PONSUSDT	+0.0205%	4h	0.5898	−0.036%	$1.1M	$2.2M	20x	as long as short
Gate PONS_USDT	+0.0206%	4h	0.5891	−0.156%	$5.1M	$6.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0335%	1h	0.5898	−0.029%	$38K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0409%	4h	0.5900	−0.003%	$1.7M	$968K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5903	+0.041%	$47K	$103K	3x	as long as short
Hyperliquid PONS	+0.0547%	1h	0.5900	0.000%	$58.9M	$30.0M	3x	as long as short
Lighter RH PONSlong	+0.0576%	1h	0.5900	long leg	$394K	$2.6M	3x
Lighter PONS	+0.1128%	1h	0.5903	+0.047%	$1.7M	$881K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5836	−1.081%	$27K	$86K	3x	as long as short