Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0570%/8h= −62.4% APRpaid last 24h +0.006%

Price spread now: Lighter RH against Bybit+0.270%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$530.531% of the position

Long on Bybit Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 7 days−0.202%−$20 · spread now +0.270%, 7d avg +0.019%

Together, before fees−0.158%+ Points / potential airdropLighter RH: Points live · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter RH is 0.251% dearer against Bybit than usual: you sell high and buy low (spread +0.270% now, against its 7-day average of +0.019%): +$25 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 35 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.044% in total (about 2.3% 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	Bybit PONSUSDT	0.6216	0.0898	pay 0.0449% / 4h	3h 28m	$18.7M	$33.2M	20x
Short	Lighter RH PONS	0.6233	0.0328	get 0.0041% / 1h	28m 23s	$422K	$2.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.270%Rate

Funding earned: −$119.73
Price spread: +0.270% → +0.019%: $25.08
Slippage, 4 orders: −$42.15
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$147.79
Costs to cover: 0.531%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Lighter RH: 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 Bybit live order book, 5 min ago	1.62 bp	16.4 bp −$16	35.8 bp −$358	doesn't fit	doesn't fit
Sell Lighter RH live order book, 5 min ago	6.87 bp	10.7 bp −$11	36.3 bp −$363	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	−0.150%	$243K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−4.464%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6216	0.000%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6214	−0.028%	$72K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6210	−0.093%	$31K	$289K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6209	−0.113%	$73K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6230	+0.228%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6234	+0.290%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6242	+0.420%	$27K	$631K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6254	+0.613%	$66K	$528K	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	0.6242	+0.418%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6244	+0.455%	$389	—	3x	as long as short
Hyperliquid PONS	+0.0302%	1h	0.6216	0.000%	$63.7M	$30.7M	3x	as long as short
Lighter RH PONSshort	+0.0328%	1h	0.6233	+0.270%	$422K	$2.7M	3x
OKX PONS-USDT-SWAP	+0.0420%	4h	0.6221	+0.080%	$14.3M	$60.6M	20x	as long as short
Aster PONSUSDT	+0.0445%	4h	0.6217	+0.016%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0470%	4h	0.6216	+0.006%	$1.7M	$4.1M	20x	as long as short
Lighter PONS	+0.0496%	1h	0.6235	+0.304%	$1.7M	$868K	3x	as long as short
Variational Omni PONS	+0.0560%	4h	0.6185	−0.499%	$1.6M	$4.5M	—	as long as short
edgeX PONSUSDC	+0.0634%	4h	0.6196	−0.323%	$20K	$293K	10x	as long as short
Extended PONS-USD	+0.0640%	1h	0.6216	+0.005%	$105K	$823K	5x	as long as short
MEXC PONS_USDT	+0.0640%	4h	0.6216	0.000%	$7.9M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0651%	4h	0.6217	+0.022%	$40.7M	$104.4M	20x	as long as short
Bitget PONSUSDT	+0.0722%	4h	0.6218	+0.026%	$5.0M	$13.2M	20x	as long as short
Gate PONS_USDT	+0.0826%	4h	0.6209	−0.113%	$5.4M	$6.4M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6217	+0.021%	$47K	$78K	3x	as long as short
BloFin PONS-USDT	+0.0881%	4h	0.6244	+0.450%	$1.8M	$1.1M	20x	as long as short
Bybit PONSUSDTlong	+0.0898%	4h	0.6216	long leg	$18.7M	$33.2M	20x
BingX PONS-USDT	+0.1006%	4h	0.6218	+0.032%	—	$3.2M	—	as long as short
Phoenix PONS	+0.1714%	1h	0.6199	−0.275%	$47K	$159K	3x	as long as short