Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.094%

Price spread now: Bybit against OKX−0.033%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$480.480% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 7 days+0.046%+$5 · spread now −0.033%, 7d avg +0.006%

Together, before fees+0.127%+$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.039% cheaper against OKX than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PONS-USDT-SWAP	0.6091	0.0100	pay 0.0050% / 4h	8m 37s	$13.9M	$57.6M	20x
Short	Bybit PONSUSDT	0.6089	0.0100	get 0.0050% / 4h	8m 37s	$18.3M	$31.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now −0.033%Rate

Funding earned: $0
Price spread: −0.033% → +0.006%: −$3.86
Slippage, 4 orders: −$27.05
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$51.91
Costs to cover: 0.480%
Break-even: never at this rate

Slippage from OKX: live order book, 5 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 OKX live order book, 5 min ago	0.82 bp	6.3 bp −$6	27.2 bp −$272	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.82 bp	15.6 bp −$16	38.4 bp −$384	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−1.995%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6079	−0.197%	$241K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6088	−0.053%	$425K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6083	−0.131%	$20K	$425K	20x	as long as short
Bybit PONSUSDTshort	+0.0100%	4h	0.6089	−0.033%	$18.3M	$31.3M	20x
OKX PONS-USDT-SWAPlong	+0.0100%	4h	0.6091	long leg	$13.9M	$57.6M	20x
Variational Omni PONS	+0.0100%	4h	0.6091	−0.006%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6087	−0.067%	$32K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6096	+0.076%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6084	−0.110%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USD	+0.0100%	1h	0.6087	−0.066%	$28K	$544K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6106	+0.251%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6093	+0.033%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0130%	4h	0.6083	−0.133%	$1.7M	$3.7M	20x	as long as short
Aster PONSUSDT	+0.0147%	4h	0.6089	−0.030%	$1.1M	$2.2M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6090	−0.016%	$379	—	3x	as long as short
Bitget PONSUSDT	+0.0162%	4h	0.6095	+0.066%	$4.7M	$11.7M	20x	as long as short
Nado PONS-PERP	+0.0190%	1h	0.6085	−0.095%	$105K	$116K	5x	as long as short
Binance PONSUSDT	+0.0298%	4h	0.6089	−0.036%	$39.9M	$98.4M	20x	as long as short
MEXC PONS_USDT	+0.0302%	4h	0.6090	−0.016%	$8.0M	$4.9M	20x	as long as short
Extended PONS-USD	+0.0304%	1h	0.6089	−0.031%	$252K	$682K	5x	as long as short
BingX PONS-USDT	+0.0304%	4h	0.6098	+0.115%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0311%	4h	0.6094	+0.046%	$21K	$292K	10x	as long as short
Lighter PONS	+0.0320%	1h	0.6090	−0.018%	$1.7M	$932K	3x	as long as short
BloFin PONS-USDT	+0.0543%	4h	0.6085	−0.099%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0642%	1h	0.6086	−0.085%	$42K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0841%	1h	0.6090	−0.021%	$62.0M	$29.9M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6088	−0.044%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6100	+0.148%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2310%	4h	0.6088	−0.049%	$5.3M	$6.3M	20x	as long as short