Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0992%/8h= +108.6% APRpaid last 24h +0.290%

Price spread now: Phoenix against MEXC−0.553%47s7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs+$108as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$500.503% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.588%+$159 on $10k

Price spread, last 4 days (all we have)+0.617%+$62 · spread now −0.553%, 7d avg +0.011%

Together, before fees+2.205%+$221 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.563% cheaper against MEXC than usual: you would sell low and buy high (spread −0.553% now, against its 7-day average of +0.011%). If the spread goes back, that is −$56 on $10k: about 45 hours of funding at the current rate (+$30 a day). The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PONS_USDT	0.6388	0.0676	pay 0.0338% / 4h	1h 58m	$7.9M	$4.5M	20x
Short	Phoenix PONS	0.6353	0.1668	get 0.0208% / 1h	58m 44s	$48K	$162K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.553%Rate

Funding earned: $208.31
Price spread: −0.553% → +0.011%: −$56.31
Slippage, 4 orders: −$43.34
Fee MEXC: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $101.67
Costs to cover: 0.503%
Break-even: 3.6 days

Slippage from MEXC: live order book, 2 min ago; Phoenix: live order book, 47 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, 2 min ago	0.79 bp	4.3 bp −$4	13.9 bp −$139	413.4 bp −$41.3K	doesn't fit
Sell Phoenix live order book, 47 min ago	4.46 bp	21.0 bp −$21	71.5 bp −$715	doesn't fit	doesn't fit

PONS on 30 exchanges

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 −0.0030%	1h	0.6335	−0.822%	$249K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−7.037%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6346	−0.657%	$23K	$405K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6349	−0.618%	$77K	$109K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6360	−0.437%	$32K	$280K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6345	−0.665%	$75K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6359	−0.462%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6346	−0.657%	—	$902K	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6355	−0.517%	$27K	$636K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6359	−0.448%	$67K	$535K	20x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6353	−0.548%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6358	−0.470%	$396	—	3x	as long as short
Lighter RH PONS	+0.0288%	1h	0.6384	−0.056%	$451K	$2.6M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0410%	4h	0.6377	−0.172%	$14.5M	$60.6M	20x	as long as short
KuCoin PONSUSDTM	+0.0478%	4h	0.6382	−0.086%	$1.8M	$4.3M	20x	as long as short
Aster PONSUSDT	+0.0535%	4h	0.6375	−0.207%	$1.2M	$2.2M	20x	as long as short
Pacifica PONS	+0.0616%	1h	0.6385	−0.050%	$47K	$76K	3x	as long as short
Variational Omni PONS	+0.0662%	4h	0.6340	−0.751%	$1.6M	$4.3M	—	as long as short
MEXC PONS_USDTlong	+0.0676%	4h	0.6388	long leg	$7.9M	$4.5M	20x
Binance PONSUSDT	+0.0679%	4h	0.6385	−0.054%	$41.9M	$101.3M	20x	as long as short
edgeX PONSUSDC	+0.0679%	4h	0.6348	−0.621%	$19K	$294K	10x	as long as short
Extended PONS-USD	+0.0680%	1h	0.6364	−0.382%	$183K	$879K	5x	as long as short
Bitget PONSUSDT	+0.0758%	4h	0.6393	+0.075%	$5.2M	$13.6M	20x	as long as short
BingX PONS-USDT	+0.0794%	4h	0.6383	−0.078%	—	$3.1M	—	as long as short
Bybit PONSUSDT	+0.0820%	4h	0.6382	−0.094%	$19.4M	$32.6M	20x	as long as short
Hyperliquid PONS	+0.0889%	1h	0.6388	+0.005%	$65.6M	$31.0M	3x	as long as short
Gate PONS_USDT	+0.0898%	4h	0.6369	−0.297%	$5.5M	$6.3M	20x	as long as short
BloFin PONS-USDT	+0.0916%	4h	0.6346	−0.657%	$1.9M	$1.1M	20x	as long as short
Lighter PONS	+0.1208%	1h	0.6389	+0.016%	$1.8M	$851K	3x	as long as short
Phoenix PONSshort	+0.1668%	1h	0.6353	−0.553%	$48K	$162K	3x