Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1282%/8h= +140.4% APRpaid last 24h +0.279%

Price spread now: Phoenix against Bybit−0.357%95s7-day average +0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs+$95as 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−$750.747% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.701%+$170 on $10k

Price spread, last 4 days (all we have)+0.461%+$46 · spread now −0.357%, 7d avg +0.030%

Together, before fees+2.162%+$216 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.387% cheaper against Bybit than usual: you would sell low and buy high (spread −0.357% now, against its 7-day average of +0.030%). If the spread goes back, that is −$39 on $10k: about 24 hours of funding at the current rate (+$38 a day). The two prices were read 95 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PONSUSDT	0.5932	0.0453	pay 0.0227% / 4h	41m 52s	$17.7M	$30.7M	20x
Short	Phoenix PONS	0.5911	0.1736	get 0.0217% / 1h	41m 52s	$31K	$104K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.357%Rate

Funding earned: $269.26
Price spread: −0.357% → +0.030%: −$38.72
Slippage, 4 orders: −$56.66
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $155.87
Costs to cover: 0.747%
Break-even: 2.9 days

Slippage from Bybit: live order book, 2 min ago; Phoenix: live order book, 8 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, 2 min ago	2.53 bp	15.1 bp −$15	43.1 bp −$431	doesn't fit	doesn't fit
Sell Phoenix live order book, 8 min ago	4.57 bp	21.0 bp −$21	71.4 bp −$714	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 −0.0032%	1h	0.5917	−0.261%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.632%	$614	$10K	5.5x	as long as short
Lighter PONS	+0.0096%	1h	0.5929	−0.054%	$1.6M	$883K	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5932	0.000%	$20K	$434K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5927	−0.084%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5914	−0.312%	$34K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5933	+0.022%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5923	−0.148%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5927	−0.076%	$26K	$524K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5940	+0.128%	$64K	$512K	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	0.5929	−0.051%	$1.6M	$3.2M	20x	as long as short
Lighter RH PONS	+0.0144%	1h	0.5929	−0.052%	$406K	$2.5M	3x	as long as short
Nado PONS-PERP	+0.0174%	1h	0.5929	−0.051%	$69K	$129K	5x	as long as short
Variational Omni PONS	+0.0196%	4h	0.5907	−0.423%	$1.4M	$3.9M	—	as long as short
Aevo PONS-PERP	+0.0216%	1h	0.5929	−0.059%	$369	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0308%	4h	0.5936	+0.067%	$13.5M	$54.2M	20x	as long as short
Aster PONSUSDT	+0.0387%	4h	0.5925	−0.111%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0438%	4h	0.5935	+0.057%	$4.6M	$11.5M	20x	as long as short
Bybit PONSUSDTlong	+0.0453%	4h	0.5932	long leg	$17.7M	$30.7M	20x
BingX PONS-USDT	+0.0498%	4h	0.5940	+0.135%	—	$3.0M	—	as long as short
MEXC PONS_USDT	+0.0522%	4h	0.5934	+0.034%	$7.5M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0527%	4h	0.5904	−0.465%	$18K	$294K	10x	as long as short
Binance PONSUSDT	+0.0532%	4h	0.5939	+0.120%	$39.0M	$94.8M	20x	as long as short
Extended PONS-USD	+0.0536%	1h	0.5932	−0.004%	$106K	$808K	5x	as long as short
KuCoin PONSUSDTM	+0.0574%	4h	0.5933	+0.024%	$1.6M	$3.7M	20x	as long as short
Hyperliquid PONS	+0.0707%	1h	0.5931	−0.017%	$60.4M	$27.8M	3x	as long as short
BloFin PONS-USDT	+0.0763%	4h	0.5934	+0.034%	$1.7M	$952K	20x	as long as short
Pacifica PONS	+0.0859%	1h	0.5923	−0.149%	$47K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0906%	1h	0.5933	+0.010%	$65K	$1.6M	3x	as long as short
Phoenix PONSshort	+0.1736%	1h	0.5911	−0.357%	$31K	$104K	3x