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 +0.150%

Price spread now: Bybit against Phemex−0.258%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$167as in the Price arb table

costs, in and out, $10k−$1441.443% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.338%+$34 on $10k

Price spread, last 3 days (all we have)−0.036%−$4 · spread now −0.258%, 7d avg −0.027%

Together, before fees+0.302%+$30 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 0.231% cheaper against Phemex than usual: you would sell low and buy high, −$23 on $10k if it goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PONSUSDT	0.5815	0.0100	pay 0.0050% / 4h	2h 44m	$1.6M	$3.3M	20x
Short	Bybit PONSUSDT	0.5800	0.0100	get 0.0050% / 4h	2h 44m	$17.5M	$31.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now −0.258%Rate

Funding earned: $0
Price spread: −0.258% → −0.027%: −$23.1
Slippage, 4 orders: −$121.27
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$167.36
Costs to cover: 1.443%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 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 Phemex live order book, 4 min ago	2.54 bp	35.4 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.85 bp	20.8 bp −$21	45.9 bp −$459	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	0.5801	−0.249%	$213K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+1.799%	$609	$6K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5811	−0.069%	$391K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5806	−0.155%	$21K	$453K	20x	as long as short
Bybit PONSUSDTshort	+0.0100%	4h	0.5800	−0.258%	$17.5M	$31.8M	20x
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5801	−0.241%	$13.3M	$55.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5804	−0.193%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5801	−0.244%	$4.5M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5813	−0.034%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5877	+1.071%	$34K	$328K	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	0.5806	−0.146%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5809	−0.103%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5808	−0.127%	$26K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5809	−0.095%	$63K	$504K	20x	as long as short
Phemex PONSUSDTlong	+0.0100%	4h	0.5815	long leg	$1.6M	$3.3M	20x
Aevo PONS-PERP	+0.0112%	1h	0.5800	−0.258%	$361	—	3x	as long as short
Binance PONSUSDT	+0.0135%	4h	0.5806	−0.155%	$37.8M	$98.2M	20x	as long as short
Extended PONS-USD	+0.0136%	1h	0.5803	−0.199%	$104K	$532K	5x	as long as short
MEXC PONS_USDT	+0.0150%	4h	0.5807	−0.138%	$7.5M	$5.2M	20x	as long as short
BingX PONS-USDT	+0.0164%	4h	0.5809	−0.103%	—	$3.1M	—	as long as short
Aster PONSUSDT	+0.0172%	4h	0.5804	−0.185%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0174%	4h	0.5857	+0.728%	$20K	$294K	10x	as long as short
Nado PONS-PERP	+0.0181%	1h	0.5802	−0.217%	$88K	$103K	5x	as long as short
Gate PONS_USDT	+0.0240%	4h	0.5811	−0.069%	$5.1M	$6.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0296%	1h	0.5807	−0.141%	$38K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0375%	4h	0.5807	−0.138%	$1.7M	$954K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5797	−0.317%	$46K	$102K	3x	as long as short
Hyperliquid PONS	+0.0526%	1h	0.5807	−0.132%	$57.9M	$30.0M	3x	as long as short
Lighter PONS	+0.0672%	1h	0.5815	−0.003%	$1.7M	$880K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5873	+1.001%	$27K	$86K	3x	as long as short