Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0286%/8h= +31.3% APRpaid last 24h +0.024%

Price spread now: Polymarket Perps against Bybit+0.021%7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$460.458% of the position

Long on Bybit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.189%+$19 on $10k

Price spread, last 7 days−0.101%−$10 · spread now +0.021%, 7d avg −0.033%

Together, before fees+0.088%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Polymarket Perps is 0.055% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.033%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.189% in total (about 9.8% 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	0.6050	0.0496	pay 0.0248% / 4h	2h 01m	$18.1M	$30.3M	20x
Short	Polymarket Perps PONS-USD	0.6051	0.0781	get 0.0098% / 1h	1m 25s	$48K	$1.5M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.021%Rate

Funding earned: $60.01
Price spread: +0.021% → −0.033%: $5.49
Slippage, 4 orders: −$26.85
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $19.64
Costs to cover: 0.458%
Break-even: 4.7 days

Slippage from Bybit: live order book, 2 min ago; Polymarket Perps: live order book, 2 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	1.65 bp	14.5 bp −$15	31.7 bp −$317	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 2 min ago	3.05 bp	7.0 bp −$7	8.5 bp −$85	doesn't fit	doesn't fit

PONS on 29 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 −0.0033%	1h	0.6039	−0.186%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.331%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6053	+0.050%	$20K	$422K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6054	+0.073%	$1.4M	$3.9M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6070	+0.334%	$33K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6062	+0.197%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6065	+0.248%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6058	+0.132%	$26K	$520K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6071	+0.347%	$65K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6054	+0.066%	$1.7M	$3.2M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0176%	1h	0.6055	+0.088%	$425K	$2.5M	3x	as long as short
Aevo PONS-PERP	+0.0192%	1h	0.6050	+0.008%	$377	—	3x	as long as short
Lighter PONS	+0.0248%	1h	0.6054	+0.068%	$1.7M	$889K	3x	as long as short
OKX PONS-USDT-SWAP	+0.0258%	4h	0.6048	−0.033%	$13.9M	$54.5M	20x	as long as short
Nado PONS-PERP	+0.0282%	1h	0.6058	+0.140%	$71K	$131K	5x	as long as short
KuCoin PONSUSDTM	+0.0298%	4h	0.6055	+0.086%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0364%	4h	0.6052	+0.036%	$4.7M	$11.2M	20x	as long as short
BingX PONS-USDT	+0.0438%	4h	0.6051	+0.017%	—	$3.0M	—	as long as short
Aster PONSUSDT	+0.0445%	4h	0.6055	+0.075%	$1.1M	$2.0M	20x	as long as short
edgeX PONSUSDC	+0.0448%	4h	0.6061	+0.182%	$21K	$293K	10x	as long as short
MEXC PONS_USDT	+0.0454%	4h	0.6052	+0.033%	$7.8M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0456%	4h	0.6052	+0.033%	$39.6M	$93.7M	20x	as long as short
Extended PONS-USD	+0.0456%	1h	0.6055	+0.075%	$250K	$670K	5x	as long as short
Bybit PONSUSDTlong	+0.0496%	4h	0.6050	long leg	$18.1M	$30.3M	20x
Hyperliquid PONS	+0.0721%	1h	0.6053	+0.053%	$61.7M	$27.8M	3x	as long as short
Polymarket Perps PONS-USDshort	+0.0781%	1h	0.6051	+0.021%	$48K	$1.5M	3x
Gate PONS_USDT	+0.0826%	4h	0.6046	−0.066%	$5.3M	$6.2M	20x	as long as short
Pacifica PONS	+0.0869%	1h	0.6053	+0.054%	$48K	$75K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6060	+0.174%	$31K	$107K	3x	as long as short