The MyWi iPhone app has been around for some time. It turns your device into a WiFi hotspot using your jailbroken phone's 3G connection.
Now there's an add-on that makes MyWi work on demand. That means you can leave it active on your iPhone and it will work when another device, say your WiFi iPad, needs a connection.
The developer says the standby mode uses little power.
It's not the cheapest app in the Cydia App Store, and Personal Hotspots are coming to all iPhones with the next iOS update, but that could cost you about $20 a month for a tethering service from your provider.
MyWi is $19.99 and the On-Demand feature is an add-on priced at $4.99
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