Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0378%/8h= −41.4% APRpaid last 24h −0.023%

Price spread now: Bitget against Polymarket Perps−0.079%7-day average +0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$480.479% of the position

Long on Polymarket Perps Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.133%−$13 on $10k

Price spread, last 7 days+0.064%+$6 · spread now −0.079%, 7d avg +0.059%

Together, before fees−0.069%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Bitget is 0.138% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.059%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.133% in total (about -6.9% 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	Polymarket Perps PONS-USD	0.5960	0.0478	pay 0.0060% / 1h	28m 28s	$37K	$1.7M	3x
Short	Bitget PONSUSDT	0.5955	0.0100	get 0.0050% / 4h	1h 28m	$4.7M	$11.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Polymarket Perps. 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 Polymarket PerpsbpFee BitgetbpOrdersPrice spread, now −0.079%Rate

Funding earned: −$79.46
Price spread: −0.079% → +0.059%: −$13.77
Slippage, 4 orders: −$27.89
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$141.12
Costs to cover: 0.479%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 5 min ago; Bitget: 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 Polymarket Perps live order book, 5 min ago	2.27 bp	7.3 bp −$7	7.6 bp −$76	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	1.26 bp	17.8 bp −$18	doesn't fit	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 −0.0034%	1h	0.5950	−0.178%	$218K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.158%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5966	+0.099%	$18K	$437K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5956	−0.069%	$17.8M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5953	−0.119%	$13.5M	$56.0M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5957	−0.049%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDTshort	+0.0100%	4h	0.5955	−0.079%	$4.7M	$11.6M	20x
Variational Omni PONS	+0.0100%	4h	0.5935	−0.417%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5941	−0.312%	$34K	$347K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5954	−0.099%	$2K	$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	0.5964	+0.065%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5959	−0.010%	$27K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5968	+0.138%	$64K	$506K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5960	−0.002%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5953	−0.113%	$371	—	3x	as long as short
Aster PONSUSDT	+0.0130%	4h	0.5958	−0.040%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDT	+0.0160%	4h	0.5955	−0.086%	$7.7M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0167%	4h	0.5956	−0.069%	$38.7M	$97.7M	20x	as long as short
Extended PONS-USD	+0.0168%	1h	0.5955	−0.088%	$246K	$667K	5x	as long as short
BingX PONS-USDT	+0.0170%	4h	0.5950	−0.169%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0174%	4h	0.5941	−0.316%	$21K	$294K	10x	as long as short
Nado PONS-PERP	+0.0229%	1h	0.5958	−0.035%	$90K	$103K	5x	as long as short
Lighter RH PONS	+0.0344%	1h	0.5964	+0.065%	$413K	$2.7M	3x	as long as short
BloFin PONS-USDT	+0.0402%	4h	0.5955	−0.086%	$1.7M	$976K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5962	+0.039%	$47K	$96K	3x	as long as short
Polymarket Perps PONS-USDlong	+0.0478%	1h	0.5960	long leg	$37K	$1.7M	3x
Hyperliquid PONS	+0.0659%	1h	0.5959	−0.020%	$60.1M	$30.1M	3x	as long as short
Lighter PONS	+0.0768%	1h	0.5965	+0.074%	$1.7M	$998K	3x	as long as short
Gate PONS_USDT	+0.1242%	4h	0.5951	−0.153%	$5.2M	$6.5M	20x	as long as short
Phoenix PONS	+0.1398%	1h	0.5941	−0.319%	$30K	$96K	3x	as long as short