Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h −0.124%

Price spread now: Aevo against Bybit−0.023%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Aevo is 0.023% cheaper against Bybit than usual: you would sell low and buy high (spread −0.023% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 2.7 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PONSUSDT	0.5988	0.0100	pay 0.0050% / 4h	1h 25m	$17.9M	$31.6M	20x
Short	Aevo PONS-PERP	0.5987	0.0128	get 0.0016% / 1h	25m 19s	$373	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Bybit. 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 BybitbpFee AevobpOrdersPrice spread, now −0.023%Rate

Funding earned: $5.88
Price spread: −0.023% → 0.000%: −$2.25
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$23.37
Costs to cover: 0.270%
Break-even: 34.8 days

Slippage unknown: Bybit: live order book, 3 min ago; Aevo: no order-book sample. Net counts fees only.

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 Bybit live order book, 3 min ago	0.84 bp	15.9 bp −$16	43.5 bp −$435	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.5979	−0.151%	$219K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.309%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5982	−0.100%	$18K	$438K	20x	as long as short
Bybit PONSUSDTlong	+0.0100%	4h	0.5988	long leg	$17.9M	$31.6M	20x
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5989	+0.017%	$13.5M	$56.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5980	−0.125%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5994	+0.104%	$4.7M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5961	−0.447%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5966	−0.374%	$34K	$348K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5994	+0.097%	$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	0.5992	+0.072%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5991	+0.045%	$27K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5995	+0.124%	$64K	$506K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5985	−0.050%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERPshort	+0.0128%	1h	0.5987	−0.023%	$373	—	3x
Aster PONSUSDT	+0.0131%	4h	0.5980	−0.131%	$1.1M	$2.2M	20x	as long as short
BingX PONS-USDT	+0.0168%	4h	0.5986	−0.033%	—	$3.1M	—	as long as short
MEXC PONS_USDT	+0.0172%	4h	0.5986	−0.033%	$7.7M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0174%	4h	0.5991	+0.043%	$39.0M	$97.7M	20x	as long as short
Extended PONS-USD	+0.0176%	1h	0.5990	+0.035%	$246K	$667K	5x	as long as short
edgeX PONSUSDC	+0.0182%	4h	0.5959	−0.484%	$21K	$292K	10x	as long as short
Nado PONS-PERP	+0.0235%	1h	0.5981	−0.117%	$90K	$103K	5x	as long as short
Lighter RH PONS	+0.0384%	1h	0.5976	−0.200%	$416K	$2.7M	3x	as long as short
BloFin PONS-USDT	+0.0414%	4h	0.5984	−0.067%	$1.7M	$981K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5977	−0.190%	$47K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0489%	1h	0.5983	−0.085%	$37K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0677%	1h	0.5985	−0.048%	$60.4M	$30.1M	3x	as long as short
Lighter PONS	+0.0784%	1h	0.5991	+0.048%	$1.7M	$998K	3x	as long as short
Gate PONS_USDT	+0.1268%	4h	0.5975	−0.217%	$5.2M	$6.5M	20x	as long as short
Phoenix PONS	+0.1398%	1h	0.5958	−0.509%	$30K	$96K	3x	as long as short