Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.074%

Price spread now: MEXC against Hyperliquid+0.017%7-day average −0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$310.306% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 4 days (all we have)−0.106%−$11 · spread now +0.017%, 7d avg −0.014%

Together, before fees−0.112%+ Points / potential airdropHyperliquid: Season 2 · farm board−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.030% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.017% now, against its 7-day average of −0.014%): +$3 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.006% in total) that is about 38 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.006% in total (about -0.3% 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	Hyperliquid PONS	0.5990	0.0704	pay 0.0088% / 1h	18m 09s	$61.0M	$27.6M	3x
Short	MEXC PONS_USDT	0.5991	0.0504	get 0.0252% / 4h	1h 18m	$7.6M	$4.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Hyperliquid. 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 HyperliquidbpFee MEXCbpOrdersPrice spread, now +0.017%Rate

Funding earned: −$42.03
Price spread: +0.017% → −0.014%: $3.04
Slippage, 4 orders: −$21.64
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 0 bp × 2 orders: $0
Net: −$69.63
Costs to cover: 0.306%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; MEXC: live order book, 5 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 Hyperliquid live order book, 5 min ago	0.08 bp	15.6 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	1.67 bp	3.4 bp −$3	12.1 bp −$121	305.3 bp −$30.5K	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 +0.0033% / S −0.0033%	1h	0.5976	−0.227%	$237K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.342%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5994	+0.067%	$21K	$434K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5989	−0.017%	$5.2M	$6.3M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5984	−0.107%	$33K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5997	+0.112%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5992	+0.037%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5990	−0.005%	$26K	$523K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6003	+0.212%	$64K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5990	0.000%	$1.6M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PONS	+0.0189%	4h	0.5977	−0.219%	$1.4M	$3.9M	—	as long as short
Nado PONS-PERP	+0.0207%	1h	0.5996	+0.100%	$70K	$129K	5x	as long as short
Aevo PONS-PERP	+0.0208%	1h	0.5992	+0.034%	$373	—	3x	as long as short
Lighter RH PONS	+0.0224%	1h	0.5991	+0.015%	$412K	$2.5M	3x	as long as short
Lighter PONS	+0.0288%	1h	0.5992	+0.040%	$1.7M	$875K	3x	as long as short
OKX PONS-USDT-SWAP	+0.0304%	4h	0.5990	0.000%	$13.6M	$54.5M	20x	as long as short
Bitget PONSUSDT	+0.0406%	4h	0.5994	+0.073%	$4.6M	$11.3M	20x	as long as short
Aster PONSUSDT	+0.0428%	4h	0.5992	+0.038%	$1.1M	$2.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0432%	4h	0.5994	+0.068%	$1.7M	$3.7M	20x	as long as short
edgeX PONSUSDC	+0.0489%	4h	0.5988	−0.027%	$18K	$293K	10x	as long as short
BingX PONS-USDT	+0.0502%	4h	0.5992	+0.033%	—	$3.0M	—	as long as short
Extended PONS-USD	+0.0504%	1h	0.5986	−0.061%	$247K	$668K	5x	as long as short
MEXC PONS_USDTshort	+0.0504%	4h	0.5991	+0.017%	$7.6M	$4.7M	20x
Bybit PONSUSDT	+0.0505%	4h	0.5990	0.000%	$17.9M	$30.5M	20x	as long as short
Binance PONSUSDT	+0.0508%	4h	0.5990	+0.001%	$39.2M	$94.0M	20x	as long as short
Hyperliquid PONSlong	+0.0704%	1h	0.5990	long leg	$61.0M	$27.6M	3x
BloFin PONS-USDT	+0.0745%	4h	0.6008	+0.301%	$1.8M	$962K	20x	as long as short
Pacifica PONS	+0.0755%	1h	0.5996	+0.092%	$47K	$70K	3x	as long as short
Polymarket Perps PONS-USD	+0.0806%	1h	0.5992	+0.038%	$51K	$1.6M	3x	as long as short
Phoenix PONS	+0.1639%	1h	0.5961	−0.479%	$31K	$98K	3x	as long as short