Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.151%

Price spread now: Bybit against Popdex+0.068%7-day average −0.033% · 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−$240as in the Price arb table

costs, in and out, $10k−$2502.497% of the position

Long on Popdex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.303%+$30 on $10k

Price spread, last 4 days (all we have)−0.006%−$1 · spread now +0.068%, 7d avg −0.033%

Together, before fees+0.297%+$30 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.101% dearer against Popdex than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex PONSUSDT	0.5876	0.0096	pay 0.0012% / 1h	11m 19s	$21K	$442K	20x
Short	Bybit PONSUSDT	0.5880	0.0100	get 0.0050% / 4h	2h 11m	$17.6M	$31.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Popdex. 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 PopdexbpFee BybitbpOrdersPrice spread, now +0.068%Rate

Funding earned: $0.84
Price spread: +0.068% → −0.033%: $10.1
Slippage, 4 orders: −$232.32
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$238.78
Costs to cover: 2.497%
Break-even: 1996.8 days

Slippage from Popdex: live order book, 13 min ago; Bybit: live order book, 7 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 Popdex live order book, 13 min ago	2.80 bp	97.9 bp −$98	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 7 min ago	0.85 bp	17.6 bp −$18	37.7 bp −$377	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 −0.0034%	1h	0.5874	−0.028%	$215K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.742%	$609	$6K	5.5x	as long as short
Popdex PONSUSDTlong	+0.0096%	1h	0.5876	long leg	$21K	$442K	20x
Bybit PONSUSDTshort	+0.0100%	4h	0.5880	+0.068%	$17.6M	$31.8M	20x
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5880	+0.068%	$13.3M	$56.0M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5879	+0.049%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5885	+0.153%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5905	+0.498%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5909	+0.563%	$34K	$336K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5884	+0.141%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5880	+0.068%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5882	+0.109%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5882	+0.107%	$63K	$505K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5880	+0.068%	$1.6M	$3.3M	20x	as long as short
Nado PONS-PERP	+0.0110%	1h	0.5876	0.000%	$89K	$103K	5x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5880	+0.071%	$366	—	3x	as long as short
Aster PONSUSDT	+0.0161%	4h	0.5875	−0.022%	$1.1M	$2.2M	20x	as long as short
Extended PONS-USD	+0.0168%	1h	0.5882	+0.094%	$105K	$533K	5x	as long as short
Binance PONSUSDT	+0.0170%	4h	0.5883	+0.119%	$38.2M	$98.3M	20x	as long as short
MEXC PONS_USDT	+0.0176%	4h	0.5878	+0.034%	$7.5M	$5.2M	20x	as long as short
BingX PONS-USDT	+0.0182%	4h	0.5880	+0.068%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0194%	4h	0.5909	+0.555%	$21K	$294K	10x	as long as short
Polymarket Perps PONS-USD	+0.0362%	1h	0.5880	+0.075%	$37K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0410%	4h	0.5881	+0.085%	$1.7M	$963K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5875	−0.017%	$47K	$103K	3x	as long as short
Hyperliquid PONS	+0.0499%	1h	0.5882	+0.102%	$58.9M	$30.1M	3x	as long as short
Lighter RH PONS	+0.0536%	1h	0.5883	+0.114%	$415K	$2.6M	3x	as long as short
Gate PONS_USDT	+0.0750%	4h	0.5876	0.000%	$5.1M	$6.8M	20x	as long as short
Lighter PONS	+0.0976%	1h	0.5886	+0.167%	$1.7M	$889K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5887	+0.194%	$30K	$86K	3x	as long as short