Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h +0.133%

Price spread now: Lighter against MEXC+0.209%7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs+$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$250.249% of the position

Long on MEXC Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.467%+$47 on $10k

Price spread, last 4 days (all we have)−0.176%−$18 · spread now +0.209%, 7d avg +0.054%

Together, before fees+0.290%+ Points / potential airdropLighter: Season 3 · farm board+$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.155% dearer against MEXC than usual: you sell high and buy low (spread +0.209% now, against its 7-day average of +0.054%): +$15 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.6 days. Mind the row above: over the last 7 days funding on this pair paid +0.467%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PONS_USDT	0.5974	0.0472	pay 0.0236% / 4h	1h 38m	$7.6M	$4.7M	20x
Short	Lighter PONS	0.5987	0.0272	get 0.0034% / 1h	38m 55s	$1.7M	$875K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.209%Rate

Funding earned: −$42
Price spread: +0.209% → +0.054%: $15.5
Slippage, 4 orders: −$24.91
Fee MEXC: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$51.41
Costs to cover: 0.249%
Break-even: never at this rate

Slippage from MEXC: live order book, 9 min ago; Lighter: live order book, 8 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, 9 min ago	0.84 bp	2.0 bp −$2	8.8 bp −$88	356.8 bp −$35.7K	doesn't fit
Sell Lighter live order book, 8 min ago	7.48 bp	8.4 bp −$8	20.1 bp −$201	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 +0.0033% / S −0.0033%	1h	0.5980	+0.108%	$237K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.075%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5987	+0.218%	$20K	$424K	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5998	+0.407%	$33K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5994	+0.326%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5983	+0.144%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5986	+0.201%	$26K	$517K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5987	+0.224%	$64K	$507K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5987	+0.218%	$1.6M	$3.2M	20x	as long as short
Variational Omni PONS	+0.0106%	4h	0.5978	+0.073%	$1.4M	$3.9M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0184%	1h	0.5987	+0.224%	$420K	$2.5M	3x	as long as short
Aevo PONS-PERP	+0.0200%	1h	0.5979	+0.079%	$372	—	3x	as long as short
Nado PONS-PERP	+0.0232%	1h	0.5988	+0.241%	$70K	$129K	5x	as long as short
Lighter PONSshort	+0.0272%	1h	0.5987	+0.209%	$1.7M	$875K	3x
OKX PONS-USDT-SWAP	+0.0286%	4h	0.5974	0.000%	$13.6M	$54.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0342%	4h	0.5973	−0.013%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0386%	4h	0.5973	−0.020%	$4.6M	$11.3M	20x	as long as short
Gate PONS_USDT	+0.0414%	4h	0.5974	0.000%	$5.2M	$6.2M	20x	as long as short
Aster PONSUSDT	+0.0420%	4h	0.5981	+0.120%	$1.1M	$2.0M	20x	as long as short
Extended PONS-USD	+0.0472%	1h	0.5988	+0.235%	$248K	$670K	5x	as long as short
MEXC PONS_USDTlong	+0.0472%	4h	0.5974	long leg	$7.6M	$4.7M	20x
Binance PONSUSDT	+0.0474%	4h	0.5973	−0.017%	$39.1M	$93.8M	20x	as long as short
BingX PONS-USDT	+0.0480%	4h	0.5973	−0.017%	—	$3.0M	—	as long as short
edgeX PONSUSDC	+0.0493%	4h	0.5986	+0.198%	$18K	$292K	10x	as long as short
Bybit PONSUSDT	+0.0495%	4h	0.5970	−0.067%	$17.9M	$30.3M	20x	as long as short
BloFin PONS-USDT	+0.0714%	4h	0.5993	+0.318%	$1.7M	$954K	20x	as long as short
Hyperliquid PONS	+0.0724%	1h	0.5990	+0.275%	$61.0M	$27.7M	3x	as long as short
Pacifica PONS	+0.0755%	1h	0.5981	+0.111%	$47K	$72K	3x	as long as short
Polymarket Perps PONS-USD	+0.0809%	1h	0.5985	+0.191%	$49K	$1.6M	3x	as long as short
Phoenix PONS	+0.1639%	1h	0.6004	+0.502%	$31K	$98K	3x	as long as short