Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0828%/8h= −90.6% APRpaid last 24h −0.114%

Price spread now: SoDEX against Bybit+0.025%7-day average +0.025% · 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−$165as in the Price arb table

costs, in and out, $10k−$1651.648% of the position

Long on Bybit Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.277%−$28 on $10k

Price spread, last 4 days (all we have)+0.141%+$14 · spread now +0.025%, 7d avg +0.025%

Together, before fees−0.136%−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.025%, so right now this pair is about funding alone: −$25 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.277% in total (about -29.6% 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	0.5916	0.0928	pay 0.0464% / 4h	2h 01m	$17.6M	$31.5M	20x
Short	SoDEX PONS-USD	0.5917	0.0100	get 0.0013% / 1h	1m 42s	$26K	$585K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$173.84
Price spread: +0.025% → +0.025%: $0.04
Slippage, 4 orders: −$145.82
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$338.62
Costs to cover: 1.648%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; SoDEX: live order book, 47 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, 2 min ago	1.69 bp	14.5 bp −$14	38.5 bp −$385	doesn't fit	doesn't fit
Sell SoDEX live order book, 47 min ago	2.52 bp	66.3 bp −$66	doesn't fit	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	0.5905	−0.188%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.904%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5916	−0.005%	$407K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5916	0.000%	$21K	$423K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5920	+0.069%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5915	−0.020%	$69K	$131K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5905	−0.189%	$29K	$329K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5917	+0.025%	—	$1.3M	10x	as long as short
SoDEX PONS-USDshort	+0.0100%	1h	0.5917	+0.025%	$26K	$585K	3x
HTX PONS-USDT	+0.0100%	4h	0.5915	−0.024%	$64K	$525K	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	0.5914	−0.034%	$1.6M	$3.2M	20x	as long as short
Gate PONS_USDT	+0.0124%	4h	0.5912	−0.068%	$5.2M	$6.4M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5912	−0.068%	$368	—	3x	as long as short
Hyperliquid PONS	+0.0235%	1h	0.5918	+0.041%	$60.1M	$29.5M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0426%	4h	0.5916	0.000%	$13.4M	$55.8M	20x	as long as short
Aster PONSUSDT	+0.0481%	4h	0.5918	+0.034%	$1.1M	$2.2M	20x	as long as short
Extended PONS-USD	+0.0584%	1h	0.5916	+0.004%	$101K	$811K	5x	as long as short
MEXC PONS_USDT	+0.0586%	4h	0.5921	+0.085%	$7.5M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0589%	4h	0.5919	+0.051%	$37.5M	$98.5M	20x	as long as short
edgeX PONSUSDC	+0.0602%	4h	0.5913	−0.049%	$20K	$295K	10x	as long as short
Bitget PONSUSDT	+0.0646%	4h	0.5923	+0.110%	$4.7M	$12.3M	20x	as long as short
Variational Omni PONS	+0.0659%	4h	0.5914	−0.026%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTM	+0.0684%	4h	0.5916	−0.007%	$1.6M	$3.8M	20x	as long as short
Pacifica PONS	+0.0715%	1h	0.5918	+0.034%	$45K	$69K	3x	as long as short
Polymarket Perps PONS-USD	+0.0740%	1h	0.5916	+0.002%	$87K	$1.9M	3x	as long as short
Lighter PONS	+0.0832%	1h	0.5920	+0.074%	$1.6M	$941K	3x	as long as short
BloFin PONS-USDT	+0.0834%	4h	0.5909	−0.118%	$1.7M	$958K	20x	as long as short
BingX PONS-USDT	+0.0898%	4h	0.5918	+0.034%	—	$3.0M	—	as long as short
Bybit PONSUSDTlong	+0.0928%	4h	0.5916	long leg	$17.6M	$31.5M	20x
Phoenix PONS	+0.1719%	1h	0.5914	−0.029%	$45K	$121K	3x	as long as short