Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0795%/8h= +87.0% APRpaid last 24h +0.136%

Price spread now: Bybit against Injective−1.080%118s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 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. Bybit is 1.080% cheaper against Injective than usual: you would sell low and buy high (spread −1.080% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$108 on $10k: about 4.5 days of funding at the current rate (+$24 a day). The two prices were read 118 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	Injective PONS/USDC PERP	0.5969	0.0033	pay 0.0004% / 1h	1m 19s	$614	$10K	5.5x
Short	Bybit PONSUSDT	0.5905	0.0828	get 0.0414% / 4h	3h 01m	$17.7M	$31.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now −1.080%Rate

Funding earned: $166.85
Price spread: −1.080% → 0.000%: −$108.05
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $47.79
Costs to cover: 0.110%
Break-even: 5.0 days

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 2 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	1.69 bp	16.0 bp −$16	39.5 bp −$395	doesn't fit	doesn't fit

Injective: 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 −0.0032%	1h	0.5898	−1.206%	$234K	—	150x	as long as short
Injective PONS/USDC PERPlong	+0.0033%	1h	0.5969	long leg	$614	$10K	5.5x
Lighter RH PONS	+0.0096%	1h	0.5902	−1.127%	$416K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5911	−0.980%	$21K	$417K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5908	−1.030%	$69K	$130K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5907	−1.047%	$5.2M	$6.3M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5930	−0.658%	$34K	$337K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5912	−0.968%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5924	−0.766%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5919	−0.838%	$26K	$543K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5937	−0.543%	$64K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5917	−0.879%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5907	−1.043%	$368	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0370%	4h	0.5906	−1.064%	$13.4M	$54.5M	20x	as long as short
Lighter PONS	+0.0448%	1h	0.5906	−1.069%	$1.6M	$897K	3x	as long as short
Hyperliquid PONS	+0.0459%	1h	0.5908	−1.033%	$59.9M	$28.9M	3x	as long as short
Variational Omni PONS	+0.0479%	4h	0.5922	−0.788%	$1.3M	$4.1M	—	as long as short
Aster PONSUSDT	+0.0509%	4h	0.5903	−1.115%	$1.1M	$2.2M	20x	as long as short
Bitget PONSUSDT	+0.0544%	4h	0.5910	−0.993%	$4.6M	$11.7M	20x	as long as short
MEXC PONS_USDT	+0.0612%	4h	0.5907	−1.047%	$7.5M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0614%	4h	0.5905	−1.082%	$38.6M	$94.6M	20x	as long as short
edgeX PONSUSDC	+0.0614%	4h	0.5928	−0.695%	$18K	$294K	10x	as long as short
Extended PONS-USD	+0.0616%	1h	0.5906	−1.070%	$106K	$807K	5x	as long as short
Polymarket Perps PONS-USD	+0.0734%	1h	0.5908	−1.024%	$81K	$1.7M	3x	as long as short
KuCoin PONSUSDTM	+0.0752%	4h	0.5902	−1.126%	$1.6M	$3.8M	20x	as long as short
BingX PONS-USDT	+0.0782%	4h	0.5909	−1.013%	—	$3.0M	—	as long as short
Bybit PONSUSDTshort	+0.0828%	4h	0.5905	−1.080%	$17.7M	$31.0M	20x
BloFin PONS-USDT	+0.0855%	4h	0.5934	−0.595%	$1.7M	$944K	20x	as long as short
Pacifica PONS	+0.1081%	1h	0.5905	−1.075%	$46K	$68K	3x	as long as short
Phoenix PONS	+0.1586%	1h	0.5931	−0.642%	$45K	$109K	3x	as long as short