Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0176%/8h= +19.3% APRpaid last 24h +0.099%

Price spread now: MEXC against Popdex−0.081%7-day average −0.005% · 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−$189as in the Price arb table

costs, in and out, $10k−$1811.809% of the position

Long on Popdex Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.301%+$30 on $10k

Price spread, last 3 days (all we have)+0.135%+$13 · spread now −0.081%, 7d avg −0.005%

Together, before fees+0.436%+$44 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.076% cheaper against Popdex than usual: you would sell low and buy high (spread −0.081% now, against its 7-day average of −0.005%). If the spread goes back, that is −$8 on $10k: about 35 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex PONSUSDT	0.6150	0.0096	pay 0.0012% / 1h	52m 04s	$19K	$455K	20x
Short	MEXC PONS_USDT	0.6145	0.0272	get 0.0136% / 4h	52m 04s	$8.2M	$4.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Popdex. 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 PopdexbpFee MEXCbpOrdersPrice spread, now −0.081%Rate

Funding earned: $36.96
Price spread: −0.081% → −0.005%: −$7.6
Slippage, 4 orders: −$174.54
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee MEXC: 0 bp × 2 orders: $0
Net: −$151.58
Costs to cover: 1.809%
Break-even: 35.7 days

Slippage from Popdex: live order book, 27 min ago; MEXC: live order book, 1 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 Popdex live order book, 27 min ago	10.77 bp	85.9 bp −$86	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	0.81 bp	3.3 bp −$3	10.0 bp −$100	290.4 bp −$29.0K	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.935%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0036%	1h	0.6130	−0.327%	$231K	—	150x	as long as short
Popdex PONSUSDTlong	+0.0096%	1h	0.6150	long leg	$19K	$455K	20x
Nado PONS-PERP	+0.0100%	1h	0.6155	+0.081%	$87K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6138	−0.195%	$18.5M	$31.9M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6140	−0.163%	$13.9M	$58.6M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.6141	−0.146%	$1.8M	$3.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6082	−1.103%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6091	−0.959%	$33K	$360K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6146	−0.073%	$3K	$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	0.6149	−0.008%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6135	−0.242%	$28K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6145	−0.085%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6134	−0.260%	$1.7M	$3.3M	20x	as long as short
Bitget PONSUSDT	+0.0116%	4h	0.6145	−0.085%	$4.8M	$11.7M	20x	as long as short
Aevo PONS-PERP	+0.0144%	1h	0.6139	−0.175%	$382	—	3x	as long as short
Aster PONSUSDT	+0.0203%	4h	0.6150	0.000%	$1.1M	$2.2M	20x	as long as short
edgeX PONSUSDC	+0.0252%	4h	0.6109	−0.661%	$21K	$292K	10x	as long as short
BingX PONS-USDT	+0.0254%	4h	0.6142	−0.130%	—	$3.1M	—	as long as short
MEXC PONS_USDTshort	+0.0272%	4h	0.6145	−0.081%	$8.2M	$4.8M	20x
Lighter PONS	+0.0288%	1h	0.6142	−0.132%	$1.7M	$921K	3x	as long as short
Binance PONSUSDT	+0.0295%	4h	0.6144	−0.098%	$40.0M	$99.3M	20x	as long as short
Extended PONS-USD	+0.0296%	1h	0.6142	−0.127%	$254K	$682K	5x	as long as short
BloFin PONS-USDT	+0.0514%	4h	0.6157	+0.114%	$1.8M	$1.0M	20x	as long as short
Lighter RH PONS	+0.0600%	1h	0.6142	−0.132%	$432K	$2.6M	3x	as long as short
Polymarket Perps PONS-USD	+0.0798%	1h	0.6151	+0.013%	$42K	$1.7M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6149	−0.009%	$48K	$96K	3x	as long as short
Hyperliquid PONS	+0.1115%	1h	0.6142	−0.132%	$62.5M	$30.6M	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6117	−0.537%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.1914%	4h	0.6134	−0.260%	$5.3M	$6.2M	20x	as long as short