Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0646%/8h= +70.8% APRpaid last 24h +0.114%

Price spread now: Bybit against SoDEX+0.110%46s7-day average −0.024% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1581.580% of the position

Long on SoDEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.276%+$28 on $10k

Price spread, last 4 days (all we have)−0.234%−$23 · spread now +0.110%, 7d avg −0.024%

Together, before fees+0.041%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Bybit is 0.134% dearer against SoDEX than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.024%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX PONS-USD	0.5907	0.0100	pay 0.0013% / 1h	37m 26s	$25K	$586K	3x
Short	Bybit PONSUSDT	0.5914	0.0746	get 0.0373% / 4h	1h 37m	$17.6M	$31.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SoDEX. 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 SoDEXbpFee BybitbpOrdersPrice spread, now +0.110%Rate

Funding earned: $135.69
Price spread: +0.110% → −0.024%: $13.39
Slippage, 4 orders: −$138.95
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$8.87
Costs to cover: 1.580%
Break-even: 7.5 days

Slippage from SoDEX: live order book, 6 min ago; Bybit: live order book, 1 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 SoDEX live order book, 6 min ago	1.69 bp	66.2 bp −$66	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.69 bp	15.0 bp −$15	38.3 bp −$383	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	0.5901	−0.109%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+1.050%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5914	+0.110%	$410K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5915	+0.127%	$22K	$421K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5914	+0.107%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5915	+0.133%	$69K	$131K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5921	+0.232%	$29K	$317K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5915	+0.118%	—	$1.3M	10x	as long as short
SoDEX PONS-USDlong	+0.0100%	1h	0.5907	long leg	$25K	$586K	3x
HTX PONS-USDT	+0.0100%	4h	0.5908	+0.017%	$64K	$524K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.5906	−0.025%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0216%	1h	0.5911	+0.068%	$368	—	3x	as long as short
Hyperliquid PONS	+0.0235%	1h	0.5915	+0.125%	$60.1M	$29.5M	3x	as long as short
Gate PONS_USDT	+0.0354%	4h	0.5912	+0.076%	$5.3M	$6.3M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0408%	4h	0.5912	+0.076%	$13.3M	$55.9M	20x	as long as short
Polymarket Perps PONS-USD	+0.0447%	1h	0.5915	+0.118%	$94K	$1.9M	3x	as long as short
Aster PONSUSDT	+0.0461%	4h	0.5908	+0.015%	$1.1M	$2.2M	20x	as long as short
Binance PONSUSDT	+0.0524%	4h	0.5915	+0.127%	$37.2M	$98.4M	20x	as long as short
Extended PONS-USD	+0.0528%	1h	0.5911	+0.062%	$101K	$811K	5x	as long as short
MEXC PONS_USDT	+0.0528%	4h	0.5914	+0.110%	$7.5M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0555%	4h	0.5918	+0.171%	$20K	$291K	10x	as long as short
Pacifica PONS	+0.0556%	1h	0.5913	+0.094%	$45K	$68K	3x	as long as short
Variational Omni PONS	+0.0609%	4h	0.5918	+0.186%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTM	+0.0632%	4h	0.5916	+0.149%	$1.6M	$3.8M	20x	as long as short
Bitget PONSUSDT	+0.0670%	4h	0.5918	+0.176%	$4.7M	$12.2M	20x	as long as short
Lighter PONS	+0.0712%	1h	0.5917	+0.159%	$1.6M	$829K	3x	as long as short
BingX PONS-USDT	+0.0730%	4h	0.5914	+0.110%	—	$3.0M	—	as long as short
Bybit PONSUSDTshort	+0.0746%	4h	0.5914	+0.110%	$17.6M	$31.5M	20x
BloFin PONS-USDT	+0.0776%	4h	0.5924	+0.279%	$1.7M	$955K	20x	as long as short
Phoenix PONS	+0.1472%	1h	0.5925	+0.296%	$45K	$127K	3x	as long as short