Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1298%/8h= −142.1% APRpaid last 24h −0.249%

Price spread now: Bybit against Phoenix+0.352%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.679%−$168 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Bybit is 0.352% dearer against Phoenix than usual: you sell high and buy low (spread +0.352% now, against zero (this spread has no 7-day history yet)): +$35 on $10k if it goes back. Holding the pair costs −$39 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.6074	0.1398	pay 0.0175% / 1h	59m 26s	$31K	$95K	3x
Short	Bybit PONSUSDT	0.6095	0.0100	get 0.0050% / 4h	59m 26s	$18.4M	$31.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phoenix. 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 PhoenixbpFee BybitbpOrdersPrice spread, now +0.352%Rate

Funding earned: −$272.61
Price spread: +0.352% → 0.000%: $35.23
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$255.38
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; Bybit: live order book, 4 min ago. Net counts fees only.

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 Phoenix no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	0.83 bp	15.5 bp −$16	39.2 bp −$392	doesn't fit	doesn't fit

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 +0.0033% / S −0.0036%	1h	0.6085	+0.187%	$229K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.714%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6107	+0.550%	$20K	$447K	20x	as long as short
Bybit PONSUSDTshort	+0.0100%	4h	0.6095	+0.352%	$18.4M	$31.8M	20x
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6095	+0.352%	$13.8M	$57.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.6101	+0.454%	$1.8M	$3.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6093	+0.322%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6050	−0.380%	$35K	$356K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6104	+0.497%	$3K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6110	+0.608%	—	$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	0.6111	+0.624%	$28K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6103	+0.482%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6105	+0.517%	$1.7M	$3.3M	20x	as long as short
Bitget PONSUSDT	+0.0102%	4h	0.6099	+0.413%	$4.8M	$11.7M	20x	as long as short
Nado PONS-PERP	+0.0120%	1h	0.6106	+0.533%	$86K	$107K	5x	as long as short
Aevo PONS-PERP	+0.0136%	1h	0.6114	+0.665%	$381	—	3x	as long as short
Aster PONSUSDT	+0.0183%	4h	0.6106	+0.529%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0195%	4h	0.6058	−0.264%	$21K	$294K	10x	as long as short
BingX PONS-USDT	+0.0202%	4h	0.6098	+0.402%	—	$3.1M	—	as long as short
MEXC PONS_USDT	+0.0238%	4h	0.6102	+0.468%	$8.1M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0240%	1h	0.6106	+0.530%	$253K	$680K	5x	as long as short
Binance PONSUSDT	+0.0251%	4h	0.6098	+0.408%	$39.7M	$98.7M	20x	as long as short
Hyperliquid PONS	+0.0284%	1h	0.6098	+0.405%	$61.9M	$30.5M	3x	as long as short
Lighter RH PONS	+0.0368%	1h	0.6120	+0.762%	$432K	$2.6M	3x	as long as short
Polymarket Perps PONS-USD	+0.0448%	1h	0.6103	+0.486%	$40K	$1.7M	3x	as long as short
Pacifica PONS	+0.0451%	1h	0.6109	+0.588%	$48K	$96K	3x	as long as short
BloFin PONS-USDT	+0.0461%	4h	0.6089	+0.254%	$1.7M	$1.0M	20x	as long as short
Lighter PONS	+0.0688%	1h	0.6120	+0.762%	$1.7M	$920K	3x	as long as short
Phoenix PONSlong	+0.1398%	1h	0.6074	long leg	$31K	$95K	3x
Gate PONS_USDT	+0.1746%	4h	0.6087	+0.221%	$5.3M	$6.2M	20x	as long as short