Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0529%/8h= −57.9% APRpaid last 24h −0.029%

Price spread now: Bybit against Hyperliquid−0.025%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$600.600% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$8 on $10k

Price spread, last 7 days−0.040%−$4 · spread now −0.025%, 7d avg −0.033%

Together, before fees−0.116%+ Points / potential airdropHyperliquid: Season 2 · farm board−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.033%, so right now this pair is about funding alone: −$16 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.075% in total (about -3.9% 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	Hyperliquid PONS	0.5975	0.0629	pay 0.0079% / 1h	38m 40s	$60.2M	$30.0M	3x
Short	Bybit PONSUSDT	0.5973	0.0100	get 0.0050% / 4h	1h 38m	$17.8M	$31.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Hyperliquid. 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 HyperliquidbpFee BybitbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$111.1
Price spread: −0.025% → −0.033%: $0.8
Slippage, 4 orders: −$40.05
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$170.34
Costs to cover: 0.600%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Bybit: live order book, 5 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 Hyperliquid live order book, 5 min ago	0.08 bp	11.6 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	2.52 bp	17.2 bp −$17	36.2 bp −$362	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 −0.0034%	1h	0.5978	+0.061%	$219K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5920	−0.919%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5986	+0.192%	$16K	$433K	20x	as long as short
Bybit PONSUSDTshort	+0.0100%	4h	0.5973	−0.025%	$17.8M	$31.6M	20x
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5979	+0.075%	$13.5M	$56.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5980	+0.085%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5967	−0.124%	$4.7M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5973	−0.020%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5981	+0.110%	$35K	$345K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5988	+0.233%	$3K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5989	+0.238%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5982	+0.126%	$27K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5992	+0.295%	$64K	$506K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5978	+0.059%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5981	+0.114%	$373	—	3x	as long as short
Aster PONSUSDT	+0.0163%	4h	0.5977	+0.039%	$1.1M	$2.2M	20x	as long as short
BingX PONS-USDT	+0.0174%	4h	0.5972	−0.042%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0178%	4h	0.5981	+0.109%	$21K	$292K	10x	as long as short
MEXC PONS_USDT	+0.0182%	4h	0.5970	−0.075%	$7.7M	$4.9M	20x	as long as short
Extended PONS-USD	+0.0184%	1h	0.5978	+0.058%	$248K	$667K	5x	as long as short
Binance PONSUSDT	+0.0188%	4h	0.5972	−0.039%	$38.9M	$97.7M	20x	as long as short
Nado PONS-PERP	+0.0236%	1h	0.5986	+0.196%	$91K	$103K	5x	as long as short
BloFin PONS-USDT	+0.0422%	4h	0.5982	+0.126%	$1.7M	$984K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5973	−0.020%	$47K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0508%	1h	0.5986	+0.196%	$37K	$1.7M	3x	as long as short
Lighter RH PONS	+0.0536%	1h	0.5978	+0.050%	$423K	$2.6M	3x	as long as short
Hyperliquid PONSlong	+0.0629%	1h	0.5975	long leg	$60.2M	$30.0M	3x
Lighter PONS	+0.0888%	1h	0.5978	+0.064%	$1.7M	$987K	3x	as long as short
Phoenix PONS	+0.1398%	1h	0.5992	+0.293%	$30K	$96K	3x	as long as short
Gate PONS_USDT	+0.1406%	4h	0.5974	−0.008%	$5.2M	$6.5M	20x	as long as short