Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0798%/8h= +87.4% APRpaid last 24h +0.109%

Price spread now: Bybit against SoDEX+0.281%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1601.597% of the position

Long on SoDEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.306%+$31 on $10k

Price spread, last 4 days (all we have)−0.927%−$93 · spread now +0.281%, 7d avg −0.022%

Together, before fees−0.620%−$62 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Bybit is 0.303% dearer against SoDEX than usual: you sell high and buy low: +$30 more if the spread goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX PONS-USD	0.6221	0.0100	pay 0.0013% / 1h	28m 19s	$26K	$631K	3x
Short	Bybit PONSUSDT	0.6239	0.0898	get 0.0449% / 4h	3h 28m	$18.8M	$33.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SoDEX. 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 SoDEXbpFee BybitbpOrdersPrice spread, now +0.281%Rate

Funding earned: $167.61
Price spread: +0.281% → −0.022%: $30.29
Slippage, 4 orders: −$140.72
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $38.18
Costs to cover: 1.597%
Break-even: 5.4 days

Slippage from SoDEX: live order book, 5 min ago; Bybit: 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 SoDEX live order book, 5 min ago	0.81 bp	59.7 bp −$60	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.62 bp	16.4 bp −$16	46.8 bp −$468	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 +0.0032% / S −0.0030%	1h	0.6207	−0.238%	$243K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−4.549%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6216	−0.088%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6214	−0.116%	$72K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6210	−0.182%	$31K	$289K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6209	−0.201%	$73K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6230	+0.140%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6212	−0.158%	—	$1.2M	10x	as long as short
SoDEX PONS-USDlong	+0.0100%	1h	0.6221	long leg	$26K	$631K	3x
HTX PONS-USDT	+0.0100%	4h	0.6218	−0.059%	$66K	$527K	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	0.6227	+0.088%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6226	+0.064%	$388	—	3x	as long as short
Hyperliquid PONS	+0.0302%	1h	0.6216	−0.088%	$63.7M	$30.7M	3x	as long as short
Lighter RH PONS	+0.0328%	1h	0.6224	+0.037%	$421K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0420%	4h	0.6238	+0.265%	$14.3M	$60.8M	20x	as long as short
Aster PONSUSDT	+0.0445%	4h	0.6227	+0.095%	$1.1M	$2.3M	20x	as long as short
Lighter PONS	+0.0464%	1h	0.6221	−0.014%	$1.7M	$869K	3x	as long as short
KuCoin PONSUSDTM	+0.0470%	4h	0.6237	+0.249%	$1.7M	$4.1M	20x	as long as short
Variational Omni PONS	+0.0560%	4h	0.6185	−0.587%	$1.6M	$4.5M	—	as long as short
edgeX PONSUSDC	+0.0634%	4h	0.6196	−0.411%	$20K	$293K	10x	as long as short
MEXC PONS_USDT	+0.0640%	4h	0.6230	+0.137%	$8.0M	$4.7M	20x	as long as short
Extended PONS-USD	+0.0648%	1h	0.6216	−0.093%	$105K	$823K	5x	as long as short
Binance PONSUSDT	+0.0651%	4h	0.6230	+0.130%	$40.8M	$104.4M	20x	as long as short
Bitget PONSUSDT	+0.0722%	4h	0.6224	+0.042%	$5.0M	$13.2M	20x	as long as short
Gate PONS_USDT	+0.0826%	4h	0.6209	−0.201%	$5.4M	$6.4M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6217	−0.068%	$47K	$78K	3x	as long as short
BloFin PONS-USDT	+0.0881%	4h	0.6244	+0.362%	$1.8M	$1.1M	20x	as long as short
Bybit PONSUSDTshort	+0.0898%	4h	0.6239	+0.281%	$18.8M	$33.2M	20x
BingX PONS-USDT	+0.1006%	4h	0.6218	−0.056%	—	$3.2M	—	as long as short
Phoenix PONS	+0.1714%	1h	0.6199	−0.363%	$47K	$159K	3x	as long as short