Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0306%/8h= +33.5% APRpaid last 24h +0.085%

Price spread now: Hyperliquid against MEXC+0.109%7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 3 days (all we have)−0.035%−$4 · spread now +0.109%, 7d avg +0.008%

Together, before fees−0.055%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Hyperliquid is 0.101% dearer against MEXC than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.008%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.020% in total (about -1.0% 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	MEXC PONS_USDT	0.5875	0.0180	pay 0.0090% / 4h	2h 12m	$7.5M	$5.2M	20x
Short	Hyperliquid PONS	0.5881	0.0486	get 0.0061% / 1h	12m 39s	$58.9M	$30.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.109%Rate

Funding earned: $64.21
Price spread: +0.109% → +0.008%: $10.06
Slippage, 4 orders: −$22.42
Fee MEXC: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $42.85
Costs to cover: 0.314%
Break-even: 2.3 days

Slippage from MEXC: live order book, 5 min ago; Hyperliquid: live order book, 11 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, 5 min ago	0.85 bp	4.8 bp −$5	12.3 bp −$123	346.7 bp −$34.7K	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.09 bp	14.0 bp −$14	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/USD	L +0.0032% / S −0.0034%	1h	0.5879	+0.077%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.759%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5875	0.000%	$21K	$443K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5871	−0.068%	$17.5M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5876	+0.017%	$13.4M	$55.9M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5876	+0.010%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5878	+0.044%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5905	+0.515%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5909	+0.580%	$34K	$336K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5884	+0.153%	$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	0.5900	+0.431%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5879	+0.063%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5899	+0.403%	$63K	$505K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5875	0.000%	$1.6M	$3.3M	20x	as long as short
Nado PONS-PERP	+0.0103%	1h	0.5874	−0.010%	$89K	$103K	5x	as long as short
Aevo PONS-PERP	+0.0128%	1h	0.5883	+0.140%	$367	—	3x	as long as short
Aster PONSUSDT	+0.0168%	4h	0.5875	+0.007%	$1.1M	$2.2M	20x	as long as short
Binance PONSUSDT	+0.0177%	4h	0.5877	+0.033%	$38.2M	$98.3M	20x	as long as short
BingX PONS-USDT	+0.0178%	4h	0.5871	−0.068%	—	$3.1M	—	as long as short
MEXC PONS_USDTlong	+0.0180%	4h	0.5875	long leg	$7.5M	$5.2M	20x
Extended PONS-USD	+0.0184%	1h	0.5875	−0.001%	$105K	$533K	5x	as long as short
edgeX PONSUSDC	+0.0194%	4h	0.5909	+0.572%	$21K	$294K	10x	as long as short
Polymarket Perps PONS-USD	+0.0364%	1h	0.5886	+0.192%	$37K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0422%	4h	0.5890	+0.255%	$1.7M	$964K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5876	+0.018%	$47K	$103K	3x	as long as short
Hyperliquid PONSshort	+0.0486%	1h	0.5881	+0.109%	$58.9M	$30.1M	3x
Lighter RH PONS	+0.0536%	1h	0.5878	+0.048%	$413K	$2.6M	3x	as long as short
Gate PONS_USDT	+0.0760%	4h	0.5876	+0.017%	$5.1M	$6.8M	20x	as long as short
Lighter PONS	+0.0992%	1h	0.5881	+0.099%	$1.7M	$889K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5911	+0.606%	$30K	$86K	3x	as long as short