Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0738%/8h= −80.8% APRpaid last 24h −0.277%

Price spread now: Bybit against Phoenix−0.555%85s7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$244as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$750.749% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.689%−$169 on $10k

Price spread, last 4 days (all we have)+0.597%+$60 · spread now −0.555%, 7d avg −0.030%

Together, before fees−1.092%−$109 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Bybit is 0.525% cheaper against Phoenix than usual: you would sell low and buy high (−$52 if the spread goes back to its 7-day average of −0.030%). Swap the legs. The two prices were read 85 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	Phoenix PONS	0.6036	0.1586	pay 0.0198% / 1h	49m 59s	$41K	$109K	3x
Short	Bybit PONSUSDT	0.6002	0.0848	get 0.0424% / 4h	3h 49m	$18.0M	$30.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phoenix. 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 PhoenixbpFee BybitbpOrdersPrice spread, now −0.555%Rate

Funding earned: −$154.94
Price spread: −0.555% → −0.030%: −$52.47
Slippage, 4 orders: −$56.92
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$282.33
Costs to cover: 0.749%
Break-even: never at this rate

Slippage from Phoenix: live order book, 60 min ago; Bybit: live order book, 4 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 Phoenix live order book, 60 min ago	4.57 bp	20.8 bp −$21	67.5 bp −$675	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.65 bp	14.8 bp −$15	41.2 bp −$412	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 −0.0032%	1h	0.5994	−0.681%	$238K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.094%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6008	−0.456%	$21K	$435K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6007	−0.475%	$70K	$129K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6054	+0.300%	$35K	$345K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6011	−0.413%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6020	−0.263%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6002	−0.560%	$26K	$538K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6004	−0.515%	$65K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6010	−0.423%	$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	−0.489%	$374	—	3x	as long as short
Variational Omni PONS	+0.0329%	4h	0.6021	−0.241%	$1.4M	$3.9M	—	as long as short
OKX PONS-USDT-SWAP	+0.0336%	4h	0.6001	−0.572%	$13.7M	$55.4M	20x	as long as short
Lighter RH PONS	+0.0472%	1h	0.6003	−0.540%	$418K	$2.5M	3x	as long as short
Aster PONSUSDT	+0.0476%	4h	0.6004	−0.519%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0506%	4h	0.6006	−0.497%	$4.6M	$11.6M	20x	as long as short
Lighter PONS	+0.0520%	1h	0.6004	−0.517%	$1.6M	$891K	3x	as long as short
BingX PONS-USDT	+0.0604%	4h	0.6004	−0.522%	—	$3.0M	—	as long as short
Binance PONSUSDT	+0.0614%	4h	0.6004	−0.522%	$39.3M	$95.4M	20x	as long as short
Extended PONS-USD	+0.0616%	1h	0.6001	−0.574%	$108K	$813K	5x	as long as short
MEXC PONS_USDT	+0.0620%	4h	0.6004	−0.522%	$7.6M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0622%	4h	0.6045	+0.150%	$18K	$293K	10x	as long as short
Hyperliquid PONS	+0.0632%	1h	0.6002	−0.548%	$61.4M	$28.4M	3x	as long as short
KuCoin PONSUSDTM	+0.0702%	4h	0.6002	−0.552%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0783%	1h	0.6006	−0.495%	$73K	$1.6M	3x	as long as short
Bybit PONSUSDTshort	+0.0848%	4h	0.6002	−0.555%	$18.0M	$30.9M	20x
BloFin PONS-USDT	+0.0861%	4h	0.6027	−0.141%	$1.7M	$959K	20x	as long as short
Gate PONS_USDT	+0.0914%	4h	0.6002	−0.555%	$5.2M	$6.1M	20x	as long as short
Pacifica PONS	+0.1081%	1h	0.6013	−0.365%	$47K	$67K	3x	as long as short
Phoenix PONSlong	+0.1586%	1h	0.6036	long leg	$41K	$109K	3x