Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1027%/8h= +112.5% APRpaid last 24h +0.115%

Price spread now: Bybit against Popdex−0.066%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$233as in the Price arb table

costs, in and out, $10k−$2302.295% of the position

Long on Popdex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.324%+$32 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now −0.066%, 7d avg −0.035%

Together, before fees+0.388%+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.032% cheaper against Popdex than usual: you would sell low and buy high (spread −0.066% now, against its 7-day average of −0.035%). If the spread goes back, that is −$3 on $10k: about 2 hours of funding at the current rate (+$31 a day). At the pace of the last 4 days (+0.324% in total) that is about 8 hours.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.324% in total (about 32.8% 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	Popdex PONSUSDT	0.6031	0.0096	pay 0.0012% / 1h	32m 10s	$21K	$416K	20x
Short	Bybit PONSUSDT	0.6027	0.1123	get 0.0562% / 4h	3h 32m	$18.1M	$30.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Popdex. 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 PopdexbpFee BybitbpOrdersPrice spread, now −0.066%Rate

Funding earned: $215.76
Price spread: −0.066% → −0.035%: −$3.15
Slippage, 4 orders: −$212.14
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$16.94
Costs to cover: 2.295%
Break-even: 7.5 days

Slippage from Popdex: live order book, 22 min ago; Bybit: live order book, 2 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 Popdex live order book, 22 min ago	6.36 bp	81.2 bp −$81	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.65 bp	8.8 bp −$9	29.6 bp −$296	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 +0.0033% / S −0.0032%	1h	0.6018	−0.211%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.020%	$614	$10K	5.5x	as long as short
Popdex PONSUSDTlong	+0.0096%	1h	0.6031	long leg	$21K	$416K	20x
Nado PONS-PERP	+0.0100%	1h	0.6030	−0.017%	$71K	$129K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6023	−0.134%	$35K	$342K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6036	+0.088%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6025	−0.093%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6027	−0.075%	$26K	$531K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6037	+0.104%	$65K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6029	−0.033%	$1.7M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0144%	1h	0.6026	−0.083%	$412K	$2.5M	3x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6031	+0.008%	$376	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0347%	4h	0.6028	−0.050%	$13.7M	$55.2M	20x	as long as short
Variational Omni PONS	+0.0398%	4h	0.6017	−0.225%	$1.5M	$3.9M	—	as long as short
Hyperliquid PONS	+0.0488%	1h	0.6028	−0.050%	$61.6M	$28.0M	3x	as long as short
Lighter PONS	+0.0512%	1h	0.6029	−0.035%	$1.7M	$892K	3x	as long as short
Aster PONSUSDT	+0.0518%	4h	0.6029	−0.030%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0522%	4h	0.6028	−0.053%	$4.6M	$11.5M	20x	as long as short
MEXC PONS_USDT	+0.0622%	4h	0.6027	−0.066%	$7.7M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0623%	4h	0.6026	−0.087%	$39.4M	$94.3M	20x	as long as short
Extended PONS-USD	+0.0624%	1h	0.6026	−0.084%	$108K	$808K	5x	as long as short
edgeX PONSUSDC	+0.0627%	4h	0.6032	+0.013%	$18K	$293K	10x	as long as short
Gate PONS_USDT	+0.0646%	4h	0.6020	−0.182%	$5.3M	$6.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0689%	1h	0.6028	−0.048%	$72K	$1.6M	3x	as long as short
KuCoin PONSUSDTM	+0.0740%	4h	0.6025	−0.108%	$1.6M	$3.8M	20x	as long as short
BingX PONS-USDT	+0.0808%	4h	0.6032	+0.017%	—	$2.9M	—	as long as short
BloFin PONS-USDT	+0.0863%	4h	0.6031	0.000%	$1.7M	$966K	20x	as long as short
Pacifica PONS	+0.1081%	1h	0.6028	−0.058%	$47K	$67K	3x	as long as short
Bybit PONSUSDTshort	+0.1123%	4h	0.6027	−0.066%	$18.1M	$30.6M	20x
Phoenix PONS	+0.1586%	1h	0.6028	−0.041%	$46K	$109K	3x	as long as short