Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0814%/8h= +89.2% APRpaid last 24h +0.136%

Price spread now: Bybit against Injective+0.544%58s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Bybit is 0.544% dearer against Injective than usual: you sell high and buy low: +$54 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PONS/USDC PERP	0.5969	0.0033	pay 0.0004% / 1h	50m 15s	$614	$10K	5.5x
Short	Bybit PONSUSDT	0.6002	0.0848	get 0.0424% / 4h	3h 50m	$18.0M	$30.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now +0.544%Rate

Funding earned: $171.04
Price spread: +0.544% → 0.000%: $54.44
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $214.47
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 3 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	1.65 bp	14.8 bp −$15	41.2 bp −$412	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.5994	+0.417%	$238K	—	150x	as long as short
Injective PONS/USDC PERPlong	+0.0033%	1h	0.5969	long leg	$614	$10K	5.5x
Popdex PONSUSDT	+0.0096%	1h	0.6008	+0.645%	$21K	$435K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6007	+0.626%	$70K	$129K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6054	+1.409%	$35K	$345K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6011	+0.688%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6020	+0.839%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6002	+0.539%	$26K	$538K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6004	+0.585%	$65K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6010	+0.678%	$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
Aevo PONS-PERP	+0.0232%	1h	0.6006	+0.611%	$374	—	3x	as long as short
Variational Omni PONS	+0.0329%	4h	0.6021	+0.862%	$1.4M	$3.9M	—	as long as short
OKX PONS-USDT-SWAP	+0.0336%	4h	0.6002	+0.544%	$13.7M	$55.4M	20x	as long as short
Aster PONSUSDT	+0.0476%	4h	0.6007	+0.635%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0506%	4h	0.6006	+0.608%	$4.6M	$11.6M	20x	as long as short
Lighter PONS	+0.0520%	1h	0.6016	+0.779%	$1.6M	$891K	3x	as long as short
Lighter RH PONS	+0.0568%	1h	0.6016	+0.779%	$419K	$2.5M	3x	as long as short
BingX PONS-USDT	+0.0604%	4h	0.6005	+0.595%	—	$3.0M	—	as long as short
Binance PONSUSDT	+0.0614%	4h	0.6003	+0.561%	$39.2M	$95.4M	20x	as long as short
Extended PONS-USD	+0.0616%	1h	0.6003	+0.569%	$108K	$813K	5x	as long as short
MEXC PONS_USDT	+0.0620%	4h	0.6005	+0.595%	$7.6M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0622%	4h	0.6045	+1.257%	$18K	$293K	10x	as long as short
Hyperliquid PONS	+0.0641%	1h	0.6004	+0.570%	$61.4M	$28.4M	3x	as long as short
KuCoin PONSUSDTM	+0.0702%	4h	0.6004	+0.580%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0783%	1h	0.6006	+0.605%	$73K	$1.6M	3x	as long as short
Bybit PONSUSDTshort	+0.0848%	4h	0.6002	+0.544%	$18.0M	$30.9M	20x
BloFin PONS-USDT	+0.0861%	4h	0.6027	+0.963%	$1.7M	$959K	20x	as long as short
Gate PONS_USDT	+0.0914%	4h	0.5999	+0.494%	$5.2M	$6.1M	20x	as long as short
Pacifica PONS	+0.1081%	1h	0.6013	+0.737%	$47K	$67K	3x	as long as short
Phoenix PONS	+0.1586%	1h	0.6036	+1.106%	$41K	$109K	3x	as long as short