Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0476%/8h= +52.1% APRpaid last 24h +0.130%

Price spread now: Bybit against gTrade (Gains Network)+0.155%7-day average +0.119% · 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−$4,623as in the Price arb table

costs, in and out, $10k−$4,62646.263% of the position

Long on gTrade (Gains Network)Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)+0.175%+$18 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now +0.155%, 7d avg +0.119%

Together, before fees+0.203%+$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Bybit is 0.036% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.119%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) PONS/USD	0.6020	L +0.0033% / S −0.0033%	pay 0.0004% / 1h	56m 30s	$238K	—	150x
Short	Bybit PONSUSDT	0.6029	0.0508	get 0.0254% / 4h	1h 56m	$18.0M	$30.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BybitbpOrdersPrice spread, now +0.155%Rate

Funding earned: $99.87
Price spread: +0.155% → +0.119%: $3.56
Slippage, 4 orders: −$4,603.32
Fee gTrade (Gains Network): 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$4,522.88
Costs to cover: 46.263%
Break-even: 324.0 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 8 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 gTrade (Gains Network) virtual book (oracle venue), 8 min ago	130.01 bp	2119.9 bp −$2,120	16869.0 bp −$168.7K	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.49 bp	19.2 bp −$19	35.6 bp −$356	doesn't fit	doesn't fit

PONS on 29 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/USDlong	L +0.0033% / S −0.0033%	1h	0.6020	long leg	$238K	—	150x
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.833%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6032	+0.205%	$20K	$423K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6048	+0.470%	$1.4M	$3.9M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6042	+0.373%	$33K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6007	−0.210%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6008	−0.201%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6000	−0.318%	$26K	$519K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6007	−0.217%	$64K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6000	−0.327%	$1.6M	$3.2M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0120%	1h	0.6012	−0.129%	$421K	$2.5M	3x	as long as short
Lighter PONS	+0.0136%	1h	0.6012	−0.129%	$1.7M	$871K	3x	as long as short
Aevo PONS-PERP	+0.0192%	1h	0.5998	−0.367%	$374	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0272%	4h	0.6028	+0.138%	$13.8M	$54.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0332%	4h	0.6021	+0.024%	$1.7M	$3.6M	20x	as long as short
Bitget PONSUSDT	+0.0376%	4h	0.6030	+0.170%	$4.7M	$11.2M	20x	as long as short
Nado PONS-PERP	+0.0400%	1h	0.6028	+0.138%	$71K	$131K	5x	as long as short
Aster PONSUSDT	+0.0412%	4h	0.5999	−0.341%	$1.1M	$2.0M	20x	as long as short
Binance PONSUSDT	+0.0446%	4h	0.6031	+0.193%	$39.4M	$93.6M	20x	as long as short
MEXC PONS_USDT	+0.0452%	4h	0.6031	+0.188%	$7.7M	$4.6M	20x	as long as short
Extended PONS-USD	+0.0456%	1h	0.6020	+0.012%	$249K	$670K	5x	as long as short
edgeX PONSUSDC	+0.0459%	4h	0.6058	+0.629%	$21K	$293K	10x	as long as short
BingX PONS-USDT	+0.0506%	4h	0.6033	+0.221%	—	$3.0M	—	as long as short
Bybit PONSUSDTshort	+0.0508%	4h	0.6029	+0.155%	$18.0M	$30.3M	20x
Polymarket Perps PONS-USD	+0.0694%	1h	0.6029	+0.162%	$48K	$1.5M	3x	as long as short
Hyperliquid PONS	+0.0727%	1h	0.6031	+0.192%	$61.5M	$27.8M	3x	as long as short
Pacifica PONS	+0.0755%	1h	0.6016	−0.061%	$47K	$72K	3x	as long as short
Gate PONS_USDT	+0.0812%	4h	0.6014	−0.094%	$5.3M	$6.1M	20x	as long as short
Phoenix PONS	+0.1695%	1h	0.6002	−0.295%	$31K	$98K	3x	as long as short