Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0958%/8h= −104.9% APRpaid last 24h +0.050%

Price spread now: Polymarket Perps against Bybit+0.291%47s7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

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

costs, in and out, $10k−$460.459% of the position

Long on Bybit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.199%+$20 on $10k

Price spread, last 7 days−0.247%−$25 · spread now +0.291%, 7d avg −0.034%

Together, before fees−0.048%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.325% dearer against Bybit than usual: you sell high and buy low (spread +0.291% now, against its 7-day average of −0.034%): +$32 on $10k if it goes back. Holding the pair costs −$29 a day in funding at the current rate, which eats that in about 27 hours. Mind the row above: over the last 7 days funding on this pair paid +0.199%, so the current rate has only just turned against you. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.199% in total (about 10.4% 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	Bybit PONSUSDT	0.6184	0.1058	pay 0.0529% / 4h	3h 33m	$18.7M	$33.1M	20x
Short	Polymarket Perps PONS-USD	0.6202	0.0100	get 0.0013% / 1h	33m 40s	$73K	$2.2M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Bybit. 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 BybitbpFee Polymarket PerpsbpOrdersPrice spread, now +0.291%Rate

Funding earned: −$201.2
Price spread: +0.291% → −0.034%: $32.47
Slippage, 4 orders: −$26.92
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$214.65
Costs to cover: 0.459%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Polymarket Perps: live order book, 30 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 Bybit live order book, 5 min ago	0.80 bp	17.1 bp −$17	42.6 bp −$426	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 30 min ago	0.81 bp	4.8 bp −$5	6.5 bp −$65	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 +0.0032% / S −0.0030%	1h	0.6201	+0.272%	$243K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−3.970%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6211	+0.437%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6218	+0.556%	$72K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6239	+0.885%	$31K	$291K	5x	as long as short
Polymarket Perps PONS-USDshort	+0.0100%	1h	0.6202	+0.291%	$73K	$2.2M	3x
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6222	+0.623%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6217	+0.534%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6224	+0.647%	$26K	$621K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6229	+0.724%	$66K	$528K	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	0.6226	+0.679%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6216	+0.510%	$387	—	3x	as long as short
Hyperliquid PONS	+0.0302%	1h	0.6189	+0.084%	$63.4M	$30.6M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0399%	4h	0.6183	−0.016%	$14.2M	$60.6M	20x	as long as short
Lighter RH PONS	+0.0408%	1h	0.6201	+0.273%	$420K	$2.7M	3x	as long as short
Aster PONSUSDT	+0.0434%	4h	0.6202	+0.295%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0460%	4h	0.6190	+0.094%	$1.6M	$4.1M	20x	as long as short
Variational Omni PONS	+0.0577%	4h	0.6231	+0.768%	$1.6M	$4.4M	—	as long as short
Lighter PONS	+0.0624%	1h	0.6201	+0.273%	$1.7M	$868K	3x	as long as short
edgeX PONSUSDC	+0.0630%	4h	0.6218	+0.557%	$20K	$291K	10x	as long as short
MEXC PONS_USDT	+0.0638%	4h	0.6189	+0.081%	$7.9M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0639%	4h	0.6203	+0.301%	$40.5M	$104.1M	20x	as long as short
Extended PONS-USD	+0.0640%	1h	0.6193	+0.149%	$104K	$828K	5x	as long as short
Bitget PONSUSDT	+0.0716%	4h	0.6183	−0.019%	$5.0M	$13.2M	20x	as long as short
Gate PONS_USDT	+0.0812%	4h	0.6189	+0.081%	$5.4M	$6.4M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6198	+0.218%	$47K	$77K	3x	as long as short
BloFin PONS-USDT	+0.0886%	4h	0.6204	+0.323%	$1.8M	$1.1M	20x	as long as short
Bybit PONSUSDTlong	+0.1058%	4h	0.6184	long leg	$18.7M	$33.1M	20x
BingX PONS-USDT	+0.1064%	4h	0.6182	−0.032%	—	$3.2M	—	as long as short
Phoenix PONS	+0.1714%	1h	0.6208	+0.395%	$47K	$159K	3x	as long as short