Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.180%

Price spread now: MEXC against Lighter−0.099%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$220.216% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.461%−$46 on $10k

Price spread, last 3 days (all we have)+0.203%+$20 · spread now −0.099%, 7d avg −0.056%

Together, before fees−0.259%+ Points / potential airdropLighter: Season 3 · farm board−$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and MEXC is 0.043% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.056%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.6076	0.0352	pay 0.0044% / 1h	0m 26s	$1.7M	$935K	3x
Short	MEXC PONS_USDT	0.6070	0.0300	get 0.0150% / 4h	0m 26s	$7.9M	$4.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Lighter. 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 LighterbpFee MEXCbpOrdersPrice spread, now −0.099%Rate

Funding earned: −$10.92
Price spread: −0.099% → −0.056%: −$4.26
Slippage, 4 orders: −$21.59
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 0 bp × 2 orders: $0
Net: −$36.77
Costs to cover: 0.216%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; MEXC: 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 Lighter live order book, 6 min ago	3.70 bp	4.4 bp −$4	9.7 bp −$97	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	0.82 bp	4.8 bp −$5	12.5 bp −$125	407.2 bp −$40.7K	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−1.753%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6065	−0.187%	$240K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6075	−0.016%	$425K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6071	−0.082%	$20K	$419K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6071	−0.082%	$18.2M	$31.3M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6070	−0.099%	$13.8M	$57.5M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6074	−0.030%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6100	+0.398%	$33K	$357K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6078	+0.028%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6082	+0.097%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USD	+0.0100%	1h	0.6077	+0.021%	$28K	$550K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6086	+0.170%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6084	+0.132%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0134%	4h	0.6069	−0.122%	$1.7M	$3.8M	20x	as long as short
Aevo PONS-PERP	+0.0152%	1h	0.6081	+0.082%	$379	—	3x	as long as short
Aster PONSUSDT	+0.0158%	4h	0.6074	−0.026%	$1.1M	$2.2M	20x	as long as short
Bitget PONSUSDT	+0.0176%	4h	0.6075	−0.021%	$4.7M	$11.7M	20x	as long as short
Nado PONS-PERP	+0.0225%	1h	0.6075	−0.021%	$105K	$116K	5x	as long as short
BingX PONS-USDT	+0.0296%	4h	0.6072	−0.066%	—	$3.1M	—	as long as short
MEXC PONS_USDTshort	+0.0300%	4h	0.6070	−0.099%	$7.9M	$4.9M	20x
Binance PONSUSDT	+0.0302%	4h	0.6073	−0.049%	$39.8M	$98.1M	20x	as long as short
Extended PONS-USD	+0.0304%	1h	0.6072	−0.069%	$252K	$681K	5x	as long as short
edgeX PONSUSDC	+0.0312%	4h	0.6092	+0.265%	$21K	$294K	10x	as long as short
Lighter PONSlong	+0.0352%	1h	0.6076	long leg	$1.7M	$935K	3x
BloFin PONS-USDT	+0.0542%	4h	0.6077	+0.016%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0656%	1h	0.6071	−0.084%	$41K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0834%	1h	0.6072	−0.069%	$61.8M	$29.9M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6074	−0.033%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6085	+0.148%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2064%	4h	0.6076	0.000%	$5.3M	$6.4M	20x	as long as short