Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0433%/8h= −47.4% APRpaid last 24h +0.008%

Price spread now: Bybit against Polymarket Perps−0.103%7-day average +0.035% · 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−$450.451% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.170%−$17 on $10k

Price spread, last 7 days+0.153%+$15 · spread now −0.103%, 7d avg +0.035%

Together, before fees−0.018%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Bybit is 0.138% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.035%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.170% in total (about -8.9% 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	Polymarket Perps PONS-USD	0.6096	0.0533	pay 0.0067% / 1h	58m 27s	$40K	$1.7M	3x
Short	Bybit PONSUSDT	0.6090	0.0100	get 0.0050% / 4h	58m 27s	$18.4M	$31.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Polymarket Perps. 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 Polymarket PerpsbpFee BybitbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$90.84
Price spread: −0.103% → +0.035%: −$13.81
Slippage, 4 orders: −$26.06
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$149.71
Costs to cover: 0.451%
Break-even: never at this rate

Slippage from Polymarket Perps: 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 Polymarket Perps live order book, 5 min ago	1.99 bp	7.9 bp −$8	8.2 bp −$82	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.83 bp	15.5 bp −$16	39.2 bp −$392	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	−2.080%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0036%	1h	0.6085	−0.186%	$229K	—	150x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6096	−0.005%	$21K	$448K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6090	−0.098%	$86K	$107K	5x	as long as short
Bybit PONSUSDTshort	+0.0100%	4h	0.6090	−0.103%	$18.4M	$31.7M	20x
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6089	−0.120%	$13.8M	$57.8M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.6090	−0.097%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.6094	−0.039%	$4.8M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6093	−0.051%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6050	−0.751%	$35K	$356K	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	0.6104	+0.123%	$3K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6112	+0.259%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6092	−0.067%	$28K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6108	+0.190%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6091	−0.087%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0136%	1h	0.6097	+0.018%	$380	—	3x	as long as short
Aster PONSUSDT	+0.0193%	4h	0.6102	+0.087%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0195%	4h	0.6058	−0.636%	$21K	$294K	10x	as long as short
BingX PONS-USDT	+0.0202%	4h	0.6091	−0.087%	—	$3.1M	—	as long as short
Lighter RH PONS	+0.0232%	1h	0.6089	−0.121%	$430K	$2.6M	3x	as long as short
Extended PONS-USD	+0.0248%	1h	0.6088	−0.129%	$253K	$680K	5x	as long as short
MEXC PONS_USDT	+0.0250%	4h	0.6089	−0.120%	$8.1M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0251%	4h	0.6090	−0.098%	$39.7M	$98.7M	20x	as long as short
Lighter PONS	+0.0392%	1h	0.6090	−0.103%	$1.7M	$921K	3x	as long as short
BloFin PONS-USDT	+0.0491%	4h	0.6097	+0.011%	$1.7M	$1.0M	20x	as long as short
Polymarket Perps PONS-USDlong	+0.0533%	1h	0.6096	long leg	$40K	$1.7M	3x
Hyperliquid PONS	+0.0602%	1h	0.6094	−0.038%	$61.9M	$30.5M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6090	−0.106%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1398%	1h	0.6074	−0.372%	$31K	$95K	3x	as long as short
Gate PONS_USDT	+0.1760%	4h	0.6093	−0.054%	$5.3M	$6.2M	20x	as long as short