Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1011%/8h= +110.7% APRpaid last 24h +0.114%

Price spread now: Bybit against ApeX Omni−0.210%7-day average −0.134% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$124as in the Price arb table

costs, in and out, $10k−$1161.164% of the position

Long on ApeX Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.373%+$37 on $10k

Price spread, last 4 days (all we have)+0.184%+$18 · spread now −0.210%, 7d avg −0.134%

Together, before fees+0.557%+$56 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.076% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.210% now, against its 7-day average of −0.134%). If the spread goes back, that is −$8 on $10k: about 6 hours of funding at the current rate (+$30 a day). At the pace of the last 7 days (+0.373% in total) that is about 34 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.373% in total (about 19.5% 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	ApeX Omni PONSUSDT	0.6042	0.0100	pay 0.0013% / 1h	27m 32s	$35K	$342K	5x
Short	Bybit PONSUSDT	0.6029	0.1111	get 0.0556% / 4h	3h 27m	$18.1M	$30.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against ApeX Omni. 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 ApeX OmnibpFee BybitbpOrdersPrice spread, now −0.210%Rate

Funding earned: $212.32
Price spread: −0.210% → −0.134%: −$7.62
Slippage, 4 orders: −$95.4
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $88.3
Costs to cover: 1.164%
Break-even: 4.1 days

Slippage from ApeX Omni: live order book, 25 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 ApeX Omni live order book, 25 min ago	6.63 bp	14.8 bp −$15	106.2 bp −$1,062	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.83 bp	15.5 bp −$15	47.5 bp −$475	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	0.6031	−0.176%	$240K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.195%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6032	−0.161%	$21K	$417K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6046	+0.075%	$70K	$129K	5x	as long as short
ApeX Omni PONSUSDTlong	+0.0100%	1h	0.6042	long leg	$35K	$342K	5x
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6046	+0.071%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6045	+0.046%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6043	+0.023%	$26K	$533K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6060	+0.305%	$66K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6039	−0.045%	$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	+0.0224%	1h	0.6039	−0.043%	$412K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6044	+0.038%	$377	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0360%	4h	0.6028	−0.227%	$13.7M	$55.2M	20x	as long as short
Variational Omni PONS	+0.0427%	4h	0.6045	+0.062%	$1.5M	$3.9M	—	as long as short
Hyperliquid PONS	+0.0489%	1h	0.6041	−0.012%	$61.8M	$28.0M	3x	as long as short
Aster PONSUSDT	+0.0531%	4h	0.6035	−0.108%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0534%	4h	0.6033	−0.142%	$4.6M	$11.5M	20x	as long as short
Lighter PONS	+0.0560%	1h	0.6040	−0.030%	$1.7M	$892K	3x	as long as short
Extended PONS-USD	+0.0632%	1h	0.6031	−0.173%	$108K	$808K	5x	as long as short
MEXC PONS_USDT	+0.0632%	4h	0.6035	−0.111%	$7.6M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0635%	4h	0.6033	−0.141%	$39.5M	$94.3M	20x	as long as short
edgeX PONSUSDC	+0.0641%	4h	0.6040	−0.028%	$18K	$292K	10x	as long as short
Polymarket Perps PONS-USD	+0.0695%	1h	0.6046	+0.066%	$72K	$1.6M	3x	as long as short
KuCoin PONSUSDTM	+0.0754%	4h	0.6035	−0.104%	$1.6M	$3.8M	20x	as long as short
BloFin PONS-USDT	+0.0874%	4h	0.6039	−0.045%	$1.7M	$968K	20x	as long as short
BingX PONS-USDT	+0.0944%	4h	0.6033	−0.144%	—	$2.9M	—	as long as short
Pacifica PONS	+0.1081%	1h	0.6041	−0.011%	$47K	$68K	3x	as long as short
Bybit PONSUSDTshort	+0.1111%	4h	0.6029	−0.210%	$18.1M	$30.6M	20x
Gate PONS_USDT	+0.1172%	4h	0.6026	−0.260%	$5.3M	$6.2M	20x	as long as short
Phoenix PONS	+0.1586%	1h	0.6044	+0.031%	$46K	$109K	3x	as long as short