Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0452%/8h= −49.5% APRpaid last 24h −0.117%

Price spread now: gTrade (Gains Network) against MEXC−0.104%7-day average −0.149% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$4,594as in the Price arb table

costs, in and out, $10k−$4,59945.989% of the position

Long on MEXC Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)−0.157%−$16 on $10k

Price spread, last 4 days (all we have)−0.119%−$12 · spread now −0.104%, 7d avg −0.149%

Together, before fees−0.276%−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.045% dearer against MEXC than usual: you sell high and buy low (spread −0.104% now, against its 7-day average of −0.149%): +$5 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PONS_USDT	0.5960	0.0482	pay 0.0241% / 4h	1h 06m	$7.7M	$4.8M	20x
Short	gTrade (Gains Network) PONS/USD	0.5954	L +0.0032% / S −0.0030%	get 0.0004% / 1h	6m 20s	$244K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against MEXC. 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 MEXCbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.104%Rate

Funding earned: −$94.94
Price spread: −0.104% → −0.149%: $4.5
Slippage, 4 orders: −$4,586.86
Fee MEXC: 0 bp × 2 orders: $0
Fee gTrade (Gains Network): 6 bp × 2 orders: −$12
Net: −$4,689.3
Costs to cover: 45.989%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 min ago; gTrade (Gains Network): virtual book (oracle venue), 38 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 MEXC live order book, 1 min ago	0.84 bp	4.9 bp −$5	12.6 bp −$126	343.1 bp −$34.3K	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 38 min ago	130.01 bp	2471.3 bp −$2,471	doesn't fit	doesn't fit	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/USDshort	L +0.0032% / S −0.0030%	1h	0.5954	−0.104%	$244K	—	150x
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−0.361%	$610	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5943	−0.285%	$411K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5958	−0.034%	$22K	$420K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5964	+0.062%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5957	−0.056%	$70K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5921	−0.658%	$29K	$314K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5960	0.000%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5962	+0.042%	$26K	$581K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5960	−0.005%	$65K	$526K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.5954	−0.101%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0200%	1h	0.5957	−0.045%	$371	—	3x	as long as short
Hyperliquid PONS	+0.0308%	1h	0.5959	−0.013%	$60.5M	$29.5M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0422%	4h	0.5964	+0.067%	$13.5M	$55.7M	20x	as long as short
Aster PONSUSDT	+0.0449%	4h	0.5957	−0.055%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDTlong	+0.0482%	4h	0.5960	long leg	$7.7M	$4.8M	20x
Extended PONS-USD	+0.0488%	1h	0.5961	+0.022%	$102K	$807K	5x	as long as short
Binance PONSUSDT	+0.0490%	4h	0.5967	+0.116%	$37.6M	$98.0M	20x	as long as short
edgeX PONSUSDC	+0.0500%	4h	0.5918	−0.713%	$20K	$290K	10x	as long as short
Pacifica PONS	+0.0556%	1h	0.5948	−0.204%	$45K	$68K	3x	as long as short
Variational Omni PONS	+0.0564%	4h	0.5916	−0.740%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTM	+0.0600%	4h	0.5961	+0.022%	$1.6M	$3.8M	20x	as long as short
BingX PONS-USDT	+0.0656%	4h	0.5964	+0.067%	—	$3.0M	—	as long as short
Polymarket Perps PONS-USD	+0.0657%	1h	0.5960	0.000%	$87K	$1.9M	3x	as long as short
Bybit PONSUSDT	+0.0673%	4h	0.5964	+0.067%	$17.7M	$31.2M	20x	as long as short
Bitget PONSUSDT	+0.0688%	4h	0.5964	+0.062%	$4.7M	$12.2M	20x	as long as short
BloFin PONS-USDT	+0.0723%	4h	0.5934	−0.436%	$1.7M	$944K	20x	as long as short
Gate PONS_USDT	+0.0746%	4h	0.5958	−0.034%	$5.3M	$6.3M	20x	as long as short
Lighter PONS	+0.0912%	1h	0.5963	+0.050%	$1.7M	$832K	3x	as long as short
Phoenix PONS	+0.1472%	1h	0.5918	−0.703%	$45K	$127K	3x	as long as short