Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0163%/8h= +17.8% APRpaid last 24h −0.073%

Price spread now: Bybit against Lighter+0.064%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$550.554% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.556%−$56 on $10k

Price spread, last 7 days−0.121%−$12 · spread now +0.064%, 7d avg −0.037%

Together, before fees−0.677%+ Points / potential airdropLighter: Season 3 · farm board−$68 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Bybit is 0.102% dearer against Lighter than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.037%. Mind the row above: over the last 7 days funding on this pair cost −0.556%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.6374	0.0664	pay 0.0083% / 1h	18m 24s	$1.8M	$874K	3x
Short	Bybit PONSUSDT	0.6378	0.0827	get 0.0413% / 4h	2h 18m	$19.4M	$32.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now +0.064%Rate

Funding earned: $34.2
Price spread: +0.064% → −0.037%: $10.16
Slippage, 4 orders: −$44.37
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$11.01
Costs to cover: 0.554%
Break-even: 9.3 days

Slippage from Lighter: live order book, 6 min ago; Bybit: live order book, 3 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 Lighter live order book, 6 min ago	5.43 bp	15.0 bp −$15	21.3 bp −$213	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.79 bp	14.2 bp −$14	37.7 bp −$377	doesn't fit	doesn't fit

PONS on 30 exchanges

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	0.6357	−0.270%	$250K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−6.831%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6381	+0.111%	$24K	$407K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6376	+0.033%	$74K	$127K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6368	−0.086%	$32K	$280K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6368	−0.093%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6354	−0.304%	—	$947K	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6368	−0.100%	$27K	$634K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6354	−0.308%	$67K	$532K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6366	−0.124%	$1.7M	$3.2M	20x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0264%	1h	0.6367	−0.107%	$397	—	3x	as long as short
Hyperliquid PONS	+0.0330%	1h	0.6379	+0.080%	$65.5M	$31.1M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0435%	4h	0.6377	+0.049%	$14.5M	$60.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0476%	4h	0.6380	+0.102%	$1.8M	$4.2M	20x	as long as short
Lighter RH PONS	+0.0504%	1h	0.6372	−0.031%	$469K	$2.7M	3x	as long as short
Aster PONSUSDT	+0.0527%	4h	0.6373	−0.020%	$1.2M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0546%	1h	0.6379	+0.082%	$74K	$2.2M	3x	as long as short
Variational Omni PONS	+0.0661%	4h	0.6362	−0.184%	$1.6M	$4.3M	—	as long as short
Lighter PONSlong	+0.0664%	1h	0.6374	long leg	$1.8M	$874K	3x
Extended PONS-USD	+0.0704%	1h	0.6373	−0.009%	$180K	$882K	5x	as long as short
MEXC PONS_USDT	+0.0706%	4h	0.6378	+0.064%	$8.1M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0707%	4h	0.6378	+0.061%	$42.0M	$101.9M	20x	as long as short
edgeX PONSUSDC	+0.0731%	4h	0.6366	−0.125%	$19K	$294K	10x	as long as short
Bitget PONSUSDT	+0.0760%	4h	0.6384	+0.162%	$5.2M	$13.6M	20x	as long as short
BingX PONS-USDT	+0.0808%	4h	0.6371	−0.045%	—	$3.1M	—	as long as short
Pacifica PONS	+0.0810%	1h	0.6374	+0.005%	$47K	$77K	3x	as long as short
Bybit PONSUSDTshort	+0.0827%	4h	0.6378	+0.064%	$19.4M	$32.9M	20x
BloFin PONS-USDT	+0.0947%	4h	0.6364	−0.155%	$1.9M	$1.1M	20x	as long as short
Gate PONS_USDT	+0.1484%	4h	0.6366	−0.124%	$5.5M	$6.6M	20x	as long as short
Phoenix PONS	+0.1668%	1h	0.6360	−0.224%	$48K	$162K	3x	as long as short