Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0616%/8h= +67.5% APRpaid last 24h −0.078%

Price spread now: Bybit against Lighter RH−0.207%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$490.488% of the position

Long on Lighter RH Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.087%−$9 on $10k

Price spread, last 7 days+0.260%+$26 · spread now −0.207%, 7d avg −0.021%

Together, before fees+0.172%+ Points / potential airdropLighter RH: Points live · farm board+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.186% cheaper against Lighter RH than usual: you would sell low and buy high (spread −0.207% now, against its 7-day average of −0.021%). If the spread goes back, that is −$19 on $10k: about 24 hours of funding at the current rate (+$18 a day). Mind the row above: over the last 7 days funding on this pair cost −0.087%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.087% in total (about -4.6% 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	Lighter RH PONS	0.6127	0.0096	pay 0.0012% / 1h	27m 38s	$433K	$2.6M	3x
Short	Bybit PONSUSDT	0.6114	0.0712	get 0.0356% / 4h	3h 27m	$18.4M	$30.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter RH. 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 Lighter RHbpFee BybitbpOrdersPrice spread, now −0.207%Rate

Funding earned: $129.37
Price spread: −0.207% → −0.021%: −$18.65
Slippage, 4 orders: −$37.81
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $61.91
Costs to cover: 0.488%
Break-even: 3.7 days

Slippage from Lighter RH: live order book, 5 min ago; Bybit: live order book, 1 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 RH live order book, 5 min ago	0.90 bp	4.3 bp −$4	22.6 bp −$226	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.82 bp	16.3 bp −$16	44.1 bp −$441	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 −0.0033%	1h	0.6118	−0.145%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−2.566%	$614	$10K	5.5x	as long as short
Lighter RH PONSlong	+0.0096%	1h	0.6127	long leg	$433K	$2.6M	3x
Popdex PONSUSDT	+0.0096%	1h	0.6121	−0.093%	$20K	$415K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6105	−0.361%	$1.4M	$4.1M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6102	−0.403%	$33K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6135	+0.132%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6130	+0.057%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6127	+0.007%	$28K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6133	+0.098%	$65K	$511K	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	0.6120	−0.109%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0168%	1h	0.6130	+0.054%	$382	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0172%	4h	0.6116	−0.175%	$14.0M	$57.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0184%	4h	0.6114	−0.201%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0244%	4h	0.6117	−0.157%	$4.8M	$11.4M	20x	as long as short
Aster PONSUSDT	+0.0268%	4h	0.6122	−0.074%	$1.1M	$2.1M	20x	as long as short
edgeX PONSUSDC	+0.0344%	4h	0.6106	−0.338%	$21K	$294K	10x	as long as short
MEXC PONS_USDT	+0.0356%	4h	0.6119	−0.126%	$8.0M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0360%	1h	0.6117	−0.155%	$253K	$679K	5x	as long as short
Binance PONSUSDT	+0.0368%	4h	0.6119	−0.126%	$40.1M	$96.7M	20x	as long as short
Lighter PONS	+0.0504%	1h	0.6119	−0.127%	$1.7M	$931K	3x	as long as short
BloFin PONS-USDT	+0.0593%	4h	0.6107	−0.322%	$1.8M	$1.0M	20x	as long as short
Nado PONS-PERP	+0.0612%	1h	0.6124	−0.047%	$106K	$115K	5x	as long as short
BingX PONS-USDT	+0.0648%	4h	0.6122	−0.077%	—	$3.1M	—	as long as short
Pacifica PONS	+0.0665%	1h	0.6115	−0.185%	$48K	$78K	3x	as long as short
Bybit PONSUSDTshort	+0.0712%	4h	0.6114	−0.207%	$18.4M	$30.9M	20x
Polymarket Perps PONS-USD	+0.0778%	1h	0.6128	+0.024%	$44K	$1.6M	3x	as long as short
Hyperliquid PONS	+0.0895%	1h	0.6126	−0.006%	$62.3M	$29.2M	3x	as long as short
Gate PONS_USDT	+0.1012%	4h	0.6108	−0.305%	$5.3M	$6.2M	20x	as long as short
Phoenix PONS	+0.1608%	1h	0.6110	−0.276%	$32K	$113K	3x	as long as short