Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0611%/8h= +66.9% APRpaid last 24h +0.135%

Price spread now: Bybit against gTrade (Gains Network)+0.154%52s7-day average +0.123% · 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—prices read too far apart to compare

costs, in and out, $10k−$4,63146.305% of the position

Long on gTrade (Gains Network)Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)+0.198%+$20 on $10k

Price spread, last 4 days (all we have)+0.028%+$3 · spread now +0.154%, 7d avg +0.123%

Together, before fees+0.226%+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Bybit is 0.031% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.123%. The two prices were read 52 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	gTrade (Gains Network) PONS/USD	0.6120	L +0.0032% / S −0.0029%	pay 0.0004% / 1h	20m 32s	$233K	—	150x
Short	Bybit PONSUSDT	0.6129	0.0643	get 0.0322% / 4h	20m 32s	$18.2M	$32.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BybitbpOrdersPrice spread, now +0.154%Rate

Funding earned: $128.31
Price spread: +0.154% → +0.123%: $3.11
Slippage, 4 orders: −$4,607.55
Fee gTrade (Gains Network): 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$4,499.13
Costs to cover: 46.305%
Break-even: 252.5 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 18 min ago; Bybit: live order book, 3 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 gTrade (Gains Network) virtual book (oracle venue), 18 min ago	130.01 bp	2120.0 bp −$2,120	16869.2 bp −$168.7K	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.63 bp	21.1 bp −$21	55.5 bp −$555	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/USDlong	L +0.0032% / S −0.0029%	1h	0.6120	long leg	$233K	—	150x
Popdex PONSUSDT	+0.0096%	1h	0.6133	+0.219%	$22K	$455K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6129	+0.159%	$72K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6139	+0.316%	$30K	$300K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6133	+0.216%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6126	+0.099%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6126	+0.100%	$26K	$639K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6144	+0.398%	$66K	$536K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6131	+0.187%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.6129	+0.146%	$382	—	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PONS-USDT-SWAP	+0.0408%	4h	0.6129	+0.154%	$13.9M	$60.3M	20x	as long as short
Lighter RH PONS	+0.0456%	1h	0.6129	+0.154%	$416K	$2.7M	3x	as long as short
Gate PONS_USDT	+0.0462%	4h	0.6125	+0.089%	$5.4M	$6.6M	20x	as long as short
Lighter PONS	+0.0464%	1h	0.6129	+0.159%	$1.7M	$855K	3x	as long as short
Aster PONSUSDT	+0.0477%	4h	0.6131	+0.193%	$1.1M	$2.4M	20x	as long as short
Variational Omni PONS	+0.0490%	4h	0.6128	+0.137%	$1.5M	$4.2M	—	as long as short
KuCoin PONSUSDTM	+0.0538%	4h	0.6128	+0.138%	$1.6M	$4.0M	20x	as long as short
Pacifica PONS	+0.0572%	1h	0.6130	+0.165%	$46K	$69K	3x	as long as short
edgeX PONSUSDC	+0.0574%	4h	0.6138	+0.309%	$20K	$291K	10x	as long as short
Binance PONSUSDT	+0.0583%	4h	0.6134	+0.230%	$39.8M	$105.0M	20x	as long as short
MEXC PONS_USDT	+0.0590%	4h	0.6130	+0.170%	$7.7M	$4.8M	20x	as long as short
Extended PONS-USD	+0.0592%	1h	0.6130	+0.166%	$103K	$828K	5x	as long as short
Hyperliquid PONS	+0.0620%	1h	0.6127	+0.128%	$62.2M	$30.4M	3x	as long as short
Bybit PONSUSDTshort	+0.0643%	4h	0.6129	+0.154%	$18.2M	$32.9M	20x
BingX PONS-USDT	+0.0668%	4h	0.6133	+0.219%	—	$3.2M	—	as long as short
Bitget PONSUSDT	+0.0702%	4h	0.6135	+0.252%	$4.9M	$13.0M	20x	as long as short
BloFin PONS-USDT	+0.0830%	4h	0.6127	+0.121%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.1042%	1h	0.6128	+0.130%	$73K	$2.3M	3x	as long as short
Injective PONS/USDC PERP	+0.1069%	1h	0.5938	−2.959%	$610	$10K	5.5x	as long as short
Phoenix PONS	+0.1405%	1h	0.6100	−0.323%	$46K	$127K	3x	as long as short