Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0559%/8h= +61.2% APRpaid last 24h +0.120%

Price spread now: MEXC against Injective−1.147%100s7-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 MEXC

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. MEXC is 1.147% cheaper against Injective than usual: you would sell low and buy high (spread −1.147% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$115 on $10k: about 6.8 days of funding at the current rate (+$17 a day). The two prices were read 100 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	37m 34s	$614	$10K	5.5x
Short	MEXC PONS_USDT	0.5901	0.0592	get 0.0296% / 4h	2h 37m	$7.5M	$4.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −1.147%Rate

Funding earned: $117.32
Price spread: −1.147% → 0.000%: −$114.75
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 0 bp × 2 orders: $0
Net: $2.55
Costs to cover: 0.000%
Break-even: 6.8 days

Slippage unknown: Injective: no order-book sample; MEXC: live order book, 5 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 MEXC live order book, 5 min ago	0.85 bp	5.2 bp −$5	11.4 bp −$114	344.0 bp −$34.4K	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	0.5882	−1.466%	$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	0.5900	−1.166%	$417K	$2.5M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5911	−0.980%	$21K	$418K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5908	−1.035%	$69K	$130K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5900	−1.164%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5882	−1.466%	$29K	$334K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5892	−1.297%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5886	−1.394%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5892	−1.305%	$25K	$547K	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	0.5909	−1.005%	$64K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5897	−1.215%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5878	−1.535%	$366	—	3x	as long as short
Hyperliquid PONS	+0.0240%	1h	0.5899	−1.177%	$60.0M	$29.1M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0369%	4h	0.5910	−0.997%	$13.4M	$54.7M	20x	as long as short
Aster PONSUSDT	+0.0472%	4h	0.5895	−1.241%	$1.1M	$2.2M	20x	as long as short
Variational Omni PONS	+0.0551%	4h	0.5915	−0.912%	$1.4M	$4.1M	—	as long as short
Bitget PONSUSDT	+0.0564%	4h	0.5909	−1.012%	$4.7M	$11.8M	20x	as long as short
Lighter PONS	+0.0576%	1h	0.5900	−1.156%	$1.6M	$886K	3x	as long as short
Extended PONS-USD	+0.0592%	1h	0.5906	−1.061%	$105K	$807K	5x	as long as short
MEXC PONS_USDTshort	+0.0592%	4h	0.5901	−1.147%	$7.5M	$4.7M	20x
Binance PONSUSDT	+0.0592%	4h	0.5909	−1.018%	$38.6M	$94.9M	20x	as long as short
edgeX PONSUSDC	+0.0621%	4h	0.5886	−1.391%	$20K	$295K	10x	as long as short
Pacifica PONS	+0.0715%	1h	0.5906	−1.071%	$46K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0736%	4h	0.5906	−1.069%	$1.6M	$3.8M	20x	as long as short
BingX PONS-USDT	+0.0766%	4h	0.5912	−0.963%	—	$3.0M	—	as long as short
Polymarket Perps PONS-USD	+0.0781%	1h	0.5890	−1.332%	$115K	$1.7M	3x	as long as short
Bybit PONSUSDT	+0.0830%	4h	0.5909	−1.013%	$17.7M	$31.0M	20x	as long as short
BloFin PONS-USDT	+0.0835%	4h	0.5880	−1.499%	$1.7M	$936K	20x	as long as short
Phoenix PONS	+0.1719%	1h	0.5922	−0.802%	$45K	$121K	3x	as long as short