Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0260%/8h= +28.5% APRpaid last 24h −0.086%

Price spread now: MEXC against Lighter RH+0.028%7-day average −0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$260.258% of the position

Long on Lighter RH Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.012%+$1 on $10k

Price spread, last 4 days (all we have)−0.127%−$13 · spread now +0.028%, 7d avg −0.028%

Together, before fees−0.115%+ Points / potential airdropLighter RH: Points live · farm board−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and MEXC is 0.056% dearer against Lighter RH than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.028%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.012% in total (about 0.6% 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	Lighter RH PONS	0.6053	0.0160	pay 0.0020% / 1h	17m 25s	$425K	$2.5M	3x
Short	MEXC PONS_USDT	0.6055	0.0420	get 0.0210% / 4h	2h 17m	$7.8M	$4.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Lighter RH. 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 Lighter RHbpFee MEXCbpOrdersPrice spread, now +0.028%Rate

Funding earned: $54.6
Price spread: +0.028% → −0.028%: $5.57
Slippage, 4 orders: −$25.83
Fee Lighter RH: 0 bp × 2 orders: $0
Fee MEXC: 0 bp × 2 orders: $0
Net: $34.34
Costs to cover: 0.258%
Break-even: 2.6 days

Slippage from Lighter RH: live order book, 6 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 Lighter RH live order book, 6 min ago	3.87 bp	7.8 bp −$8	36.7 bp −$367	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	1.65 bp	5.3 bp −$5	14.3 bp −$143	424.5 bp −$42.5K	doesn't fit

PONS on 29 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	0.6048	−0.082%	$240K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.384%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6060	+0.111%	$20K	$423K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6066	+0.216%	$1.4M	$4.0M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6062	+0.139%	$33K	$354K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6071	+0.289%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6058	+0.069%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6067	+0.225%	$26K	$524K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6081	+0.451%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6058	+0.078%	$1.7M	$3.2M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONSlong	+0.0160%	1h	0.6053	long leg	$425K	$2.5M	3x
Aevo PONS-PERP	+0.0184%	1h	0.6069	+0.267%	$378	—	3x	as long as short
Nado PONS-PERP	+0.0208%	1h	0.6052	−0.024%	$71K	$131K	5x	as long as short
Lighter PONS	+0.0224%	1h	0.6054	+0.012%	$1.7M	$885K	3x	as long as short
KuCoin PONSUSDTM	+0.0242%	4h	0.6056	+0.050%	$1.7M	$3.6M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0249%	4h	0.6057	+0.061%	$13.9M	$55.1M	20x	as long as short
Bitget PONSUSDT	+0.0324%	4h	0.6059	+0.089%	$4.7M	$11.3M	20x	as long as short
Bybit PONSUSDT	+0.0352%	4h	0.6056	+0.045%	$18.2M	$30.5M	20x	as long as short
BingX PONS-USDT	+0.0400%	4h	0.6059	+0.094%	—	$3.0M	—	as long as short
Aster PONSUSDT	+0.0406%	4h	0.6055	+0.023%	$1.1M	$2.0M	20x	as long as short
MEXC PONS_USDTshort	+0.0420%	4h	0.6055	+0.028%	$7.8M	$4.8M	20x
Binance PONSUSDT	+0.0424%	4h	0.6055	+0.023%	$39.7M	$94.7M	20x	as long as short
Extended PONS-USD	+0.0424%	1h	0.6056	+0.047%	$250K	$672K	5x	as long as short
edgeX PONSUSDC	+0.0433%	4h	0.6056	+0.053%	$21K	$293K	10x	as long as short
Gate PONS_USDT	+0.0636%	4h	0.6050	−0.055%	$5.3M	$6.2M	20x	as long as short
Hyperliquid PONS	+0.0677%	1h	0.6060	+0.106%	$61.7M	$28.0M	3x	as long as short
Polymarket Perps PONS-USD	+0.0749%	1h	0.6060	+0.107%	$46K	$1.5M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6051	−0.036%	$48K	$75K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6070	+0.279%	$31K	$107K	3x	as long as short