Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1125%/8h= −123.2% APRpaid last 24h −0.296%

Price spread now: MEXC against Phoenix−0.517%62s7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$207as 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−$480.483% of the position

Long on Phoenix Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−1.591%−$159 on $10k

Price spread, last 4 days (all we have)+0.587%+$59 · spread now −0.517%, 7d avg −0.008%

Together, before fees−1.004%−$100 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$34 a day on $10k at the current rate, and MEXC is 0.509% cheaper against Phoenix than usual: you would sell low and buy high (−$51 if the spread goes back to its 7-day average of −0.008%). Swap the legs. The two prices were read 62 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	Phoenix PONS	0.5922	0.1719	pay 0.0215% / 1h	38m 15s	$45K	$121K	3x
Short	MEXC PONS_USDT	0.5891	0.0594	get 0.0297% / 4h	2h 38m	$7.4M	$4.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Phoenix. 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 PhoenixbpFee MEXCbpOrdersPrice spread, now −0.517%Rate

Funding earned: −$236.32
Price spread: −0.517% → −0.008%: −$50.88
Slippage, 4 orders: −$41.34
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$335.53
Costs to cover: 0.483%
Break-even: never at this rate

Slippage from Phoenix: live order book, 2 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 Phoenix live order book, 2 min ago	4.06 bp	19.1 bp −$19	61.3 bp −$613	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.85 bp	5.2 bp −$5	11.4 bp −$114	344.0 bp −$34.4K	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 −0.0032%	1h	0.5882	−0.669%	$234K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.809%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5892	−0.507%	$416K	$2.5M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5889	−0.551%	$21K	$418K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5888	−0.567%	$69K	$130K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5891	−0.517%	$5.2M	$6.2M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5907	−0.243%	$34K	$335K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5892	−0.498%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5886	−0.596%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5892	−0.507%	$25K	$547K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5909	−0.204%	$64K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5897	−0.415%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5878	−0.738%	$366	—	3x	as long as short
Hyperliquid PONS	+0.0240%	1h	0.5889	−0.549%	$59.9M	$29.1M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0369%	4h	0.5894	−0.466%	$13.3M	$54.5M	20x	as long as short
Aster PONSUSDT	+0.0473%	4h	0.5890	−0.538%	$1.1M	$2.2M	20x	as long as short
Variational Omni PONS	+0.0551%	4h	0.5915	−0.110%	$1.4M	$4.1M	—	as long as short
Bitget PONSUSDT	+0.0560%	4h	0.5895	−0.448%	$4.7M	$11.8M	20x	as long as short
Lighter PONS	+0.0576%	1h	0.5895	−0.458%	$1.6M	$886K	3x	as long as short
Extended PONS-USD	+0.0592%	1h	0.5888	−0.564%	$105K	$807K	5x	as long as short
Binance PONSUSDT	+0.0592%	4h	0.5897	−0.415%	$38.6M	$94.9M	20x	as long as short
MEXC PONS_USDTshort	+0.0594%	4h	0.5891	−0.517%	$7.4M	$4.7M	20x
edgeX PONSUSDC	+0.0627%	4h	0.5923	+0.028%	$20K	$294K	10x	as long as short
Pacifica PONS	+0.0715%	1h	0.5884	−0.642%	$46K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0732%	4h	0.5890	−0.539%	$1.6M	$3.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0781%	1h	0.5890	−0.534%	$115K	$1.7M	3x	as long as short
BingX PONS-USDT	+0.0808%	4h	0.5892	−0.500%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0810%	4h	0.5896	−0.432%	$17.7M	$31.0M	20x	as long as short
BloFin PONS-USDT	+0.0835%	4h	0.5880	−0.703%	$1.7M	$936K	20x	as long as short
Phoenix PONSlong	+0.1719%	1h	0.5922	long leg	$45K	$121K	3x