Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0934%/8h= +102.3% APRpaid last 24h +0.109%

Price spread now: Bybit against SoDEX−0.010%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$159as in the Price arb table

costs, in and out, $10k−$1601.597% of the position

Long on SoDEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.306%+$31 on $10k

Price spread, last 4 days (all we have)−0.636%−$64 · spread now −0.010%, 7d avg −0.022%

Together, before fees−0.329%−$33 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.022%, so right now this pair is about funding alone: +$28 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.306% in total (about 31.8% 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	SoDEX PONS-USD	0.6180	0.0100	pay 0.0013% / 1h	31m 39s	$26K	$622K	3x
Short	Bybit PONSUSDT	0.6179	0.1034	get 0.0517% / 4h	3h 31m	$18.6M	$33.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SoDEX. 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 SoDEXbpFee BybitbpOrdersPrice spread, now −0.010%Rate

Funding earned: $196.2
Price spread: −0.010% → −0.022%: $1.19
Slippage, 4 orders: −$140.72
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $37.67
Costs to cover: 1.597%
Break-even: 5.7 days

Slippage from SoDEX: live order book, 2 min ago; Bybit: 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 SoDEX live order book, 2 min ago	0.81 bp	59.7 bp −$60	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.62 bp	16.4 bp −$16	46.8 bp −$468	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 −0.0030%	1h	0.6168	−0.184%	$241K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−3.902%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6180	+0.006%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6171	−0.137%	$72K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6239	+0.956%	$31K	$291K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6169	−0.172%	$72K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6179	−0.005%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6182	+0.036%	—	$1.2M	10x	as long as short
SoDEX PONS-USDlong	+0.0100%	1h	0.6180	long leg	$26K	$622K	3x
HTX PONS-USDT	+0.0100%	4h	0.6195	+0.254%	$66K	$527K	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	0.6178	−0.026%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6175	−0.069%	$385	—	3x	as long as short
Hyperliquid PONS	+0.0311%	1h	0.6187	+0.125%	$63.3M	$30.7M	3x	as long as short
Lighter RH PONS	+0.0376%	1h	0.6186	+0.108%	$419K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0408%	4h	0.6179	−0.010%	$14.2M	$60.6M	20x	as long as short
Aster PONSUSDT	+0.0422%	4h	0.6175	−0.077%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0478%	4h	0.6181	+0.024%	$1.7M	$4.1M	20x	as long as short
Lighter PONS	+0.0544%	1h	0.6188	+0.128%	$1.7M	$868K	3x	as long as short
Variational Omni PONS	+0.0577%	4h	0.6231	+0.839%	$1.6M	$4.4M	—	as long as short
Binance PONSUSDT	+0.0629%	4h	0.6184	+0.071%	$40.5M	$104.1M	20x	as long as short
Extended PONS-USD	+0.0632%	1h	0.6181	+0.029%	$104K	$827K	5x	as long as short
MEXC PONS_USDT	+0.0632%	4h	0.6181	+0.023%	$7.9M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0651%	4h	0.6214	+0.549%	$20K	$292K	10x	as long as short
Gate PONS_USDT	+0.0680%	4h	0.6184	+0.071%	$5.4M	$6.4M	20x	as long as short
Bitget PONSUSDT	+0.0722%	4h	0.6186	+0.108%	$5.0M	$13.2M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6185	+0.092%	$47K	$77K	3x	as long as short
BloFin PONS-USDT	+0.0879%	4h	0.6191	+0.184%	$1.8M	$1.1M	20x	as long as short
BingX PONS-USDT	+0.1018%	4h	0.6177	−0.042%	—	$3.2M	—	as long as short
Bybit PONSUSDTshort	+0.1034%	4h	0.6179	−0.010%	$18.6M	$33.1M	20x
Phoenix PONS	+0.1714%	1h	0.6208	+0.466%	$47K	$159K	3x	as long as short