Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h −0.112%

Price spread now: MEXC against Lighter RH−0.084%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$240.244% of the position

Long on Lighter RH Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 3 days (all we have)+0.095%+$9 · spread now −0.084%, 7d avg −0.025%

Together, before fees+0.096%+ Points / potential airdropLighter RH: Points live · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and MEXC is 0.059% cheaper against Lighter RH than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.025%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH PONS	0.5955	0.0320	pay 0.0040% / 1h	27m 52s	$413K	$2.7M	3x
Short	MEXC PONS_USDT	0.5950	0.0160	get 0.0080% / 4h	1h 27m	$7.7M	$4.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Lighter RH. 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 Lighter RHbpFee MEXCbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$33.6
Price spread: −0.084% → −0.025%: −$5.88
Slippage, 4 orders: −$24.37
Fee Lighter RH: 0 bp × 2 orders: $0
Fee MEXC: 0 bp × 2 orders: $0
Net: −$63.85
Costs to cover: 0.244%
Break-even: never at this rate

Slippage from Lighter RH: 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 Lighter RH live order book, 5 min ago	2.61 bp	6.2 bp −$6	40.8 bp −$408	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.84 bp	4.7 bp −$5	12.4 bp −$124	353.3 bp −$35.3K	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 −0.0034%	1h	0.5950	−0.092%	$218K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.243%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5966	+0.185%	$18K	$437K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5952	−0.050%	$17.8M	$31.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5952	−0.050%	$13.5M	$56.0M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5952	−0.042%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5955	−0.005%	$4.7M	$11.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5935	−0.332%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5941	−0.227%	$34K	$347K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5954	−0.013%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5959	+0.074%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5953	−0.034%	$27K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5965	+0.165%	$64K	$506K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5954	−0.017%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5953	−0.028%	$371	—	3x	as long as short
Aster PONSUSDT	+0.0130%	4h	0.5953	−0.027%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDTshort	+0.0160%	4h	0.5950	−0.084%	$7.7M	$4.9M	20x
Binance PONSUSDT	+0.0167%	4h	0.5951	−0.068%	$38.7M	$97.7M	20x	as long as short
Extended PONS-USD	+0.0168%	1h	0.5949	−0.108%	$246K	$667K	5x	as long as short
BingX PONS-USDT	+0.0168%	4h	0.5949	−0.101%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0174%	4h	0.5941	−0.231%	$21K	$294K	10x	as long as short
Nado PONS-PERP	+0.0229%	1h	0.5958	+0.050%	$90K	$103K	5x	as long as short
Lighter RH PONSlong	+0.0320%	1h	0.5955	long leg	$413K	$2.7M	3x
BloFin PONS-USDT	+0.0402%	4h	0.5955	0.000%	$1.7M	$976K	20x	as long as short
Pacifica PONS	+0.0451%	1h	0.5962	+0.125%	$47K	$96K	3x	as long as short
Polymarket Perps PONS-USD	+0.0478%	1h	0.5960	+0.086%	$37K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0658%	1h	0.5957	+0.035%	$60.1M	$30.1M	3x	as long as short
Lighter PONS	+0.0768%	1h	0.5955	0.000%	$1.7M	$998K	3x	as long as short
Gate PONS_USDT	+0.1242%	4h	0.5947	−0.134%	$5.2M	$6.5M	20x	as long as short
Phoenix PONS	+0.1398%	1h	0.5941	−0.233%	$30K	$96K	3x	as long as short