Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0380%/8h= −41.6% APRpaid last 24h +0.008%

Price spread now: Bybit against Polymarket Perps+0.097%47s7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as 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−$480.476% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.170%−$17 on $10k

Price spread, last 7 days−0.048%−$5 · spread now +0.097%, 7d avg +0.035%

Together, before fees−0.218%−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.062% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.097% now, against its 7-day average of +0.035%): +$6 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 7 days (−0.170% in total) that is about 2.6 days. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.170% in total (about -8.9% 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	0.5966	0.0480	pay 0.0060% / 1h	25m 45s	$37K	$1.7M	3x
Short	Bybit PONSUSDT	0.5972	0.0100	get 0.0050% / 4h	1h 25m	$17.8M	$31.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.097%Rate

Funding earned: −$79.77
Price spread: +0.097% → +0.035%: $6.25
Slippage, 4 orders: −$28.59
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$121.11
Costs to cover: 0.476%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 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 Polymarket Perps live order book, 3 min ago	2.18 bp	6.3 bp −$6	6.7 bp −$67	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.84 bp	18.1 bp −$18	43.5 bp −$435	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	0.5958	−0.138%	$218K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.055%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5965	−0.020%	$18K	$438K	20x	as long as short
Bybit PONSUSDTshort	+0.0100%	4h	0.5972	+0.097%	$17.8M	$31.6M	20x
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5978	+0.198%	$13.5M	$56.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5976	+0.171%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5981	+0.243%	$4.7M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5935	−0.519%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5966	−0.010%	$34K	$348K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5974	+0.127%	$3K	$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	0.5958	−0.134%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5968	+0.034%	$27K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5976	+0.156%	$64K	$506K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5969	+0.047%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5967	+0.021%	$372	—	3x	as long as short
Aster PONSUSDT	+0.0131%	4h	0.5968	+0.025%	$1.1M	$2.2M	20x	as long as short
BingX PONS-USDT	+0.0168%	4h	0.5976	+0.164%	—	$3.1M	—	as long as short
MEXC PONS_USDT	+0.0172%	4h	0.5976	+0.164%	$7.7M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0174%	4h	0.5976	+0.164%	$38.9M	$97.7M	20x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5978	+0.201%	$246K	$667K	5x	as long as short
edgeX PONSUSDC	+0.0182%	4h	0.5959	−0.120%	$21K	$292K	10x	as long as short
Nado PONS-PERP	+0.0227%	1h	0.5966	−0.003%	$90K	$103K	5x	as long as short
Lighter RH PONS	+0.0384%	1h	0.5976	+0.164%	$416K	$2.7M	3x	as long as short
BloFin PONS-USDT	+0.0411%	4h	0.5959	−0.121%	$1.7M	$976K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5977	+0.175%	$47K	$96K	3x	as long as short
Polymarket Perps PONS-USDlong	+0.0480%	1h	0.5966	long leg	$37K	$1.7M	3x
Hyperliquid PONS	+0.0671%	1h	0.5980	+0.233%	$60.4M	$30.1M	3x	as long as short
Lighter PONS	+0.0752%	1h	0.5977	+0.178%	$1.7M	$998K	3x	as long as short
Gate PONS_USDT	+0.1268%	4h	0.5967	+0.013%	$5.2M	$6.5M	20x	as long as short
Phoenix PONS	+0.1398%	1h	0.5958	−0.146%	$30K	$96K	3x	as long as short