Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0526%/8h= +57.6% APRpaid last 24h −0.049%

Price spread now: MEXC against Polymarket Perps+0.154%49s7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as 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−$230.233% of the position

Long on Polymarket Perps Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.107%−$11 on $10k

Price spread, last 4 days (all we have)−0.838%−$84 · spread now +0.154%, 7d avg −0.022%

Together, before fees−0.944%−$94 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and MEXC is 0.175% dearer against Polymarket Perps than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.022%. Mind the row above: over the last 7 days funding on this pair cost −0.107%, so the current rate has only just turned in your favour. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.107% in total (about -5.6% 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	Polymarket Perps PONS-USD	0.6189	0.0100	pay 0.0013% / 1h	42m 40s	$72K	$2.3M	3x
Short	MEXC PONS_USDT	0.6198	0.0626	get 0.0313% / 4h	3h 42m	$7.9M	$4.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Polymarket Perps. 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 Polymarket PerpsbpFee MEXCbpOrdersPrice spread, now +0.154%Rate

Funding earned: $110.46
Price spread: +0.154% → −0.022%: $17.51
Slippage, 4 orders: −$15.27
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee MEXC: 0 bp × 2 orders: $0
Net: $104.7
Costs to cover: 0.233%
Break-even: 0.4 days

Slippage from Polymarket Perps: live order book, 21 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 Polymarket Perps live order book, 21 min ago	0.81 bp	8.7 bp −$9	9.0 bp −$90	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.81 bp	3.6 bp −$4	14.7 bp −$147	417.3 bp −$41.7K	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 +0.0032% / S −0.0030%	1h	0.6190	+0.032%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−4.040%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6203	+0.234%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6200	+0.185%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6204	+0.252%	$31K	$293K	5x	as long as short
Polymarket Perps PONS-USDlong	+0.0100%	1h	0.6189	long leg	$72K	$2.3M	3x
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6203	+0.234%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6204	+0.246%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6198	+0.145%	$26K	$615K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6211	+0.364%	$66K	$528K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6202	+0.218%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6202	+0.217%	$386	—	3x	as long as short
Hyperliquid PONS	+0.0289%	1h	0.6199	+0.170%	$63.5M	$30.9M	3x	as long as short
Lighter RH PONS	+0.0312%	1h	0.6197	+0.137%	$419K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0395%	4h	0.6200	+0.186%	$14.1M	$60.7M	20x	as long as short
Gate PONS_USDT	+0.0408%	4h	0.6194	+0.089%	$5.4M	$6.3M	20x	as long as short
Aster PONSUSDT	+0.0424%	4h	0.6195	+0.107%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0466%	4h	0.6202	+0.223%	$1.6M	$4.0M	20x	as long as short
Variational Omni PONS	+0.0551%	4h	0.6199	+0.169%	$1.5M	$4.4M	—	as long as short
Binance PONSUSDT	+0.0623%	4h	0.6201	+0.199%	$40.6M	$104.2M	20x	as long as short
Extended PONS-USD	+0.0624%	1h	0.6197	+0.132%	$104K	$828K	5x	as long as short
MEXC PONS_USDTshort	+0.0626%	4h	0.6198	+0.154%	$7.9M	$4.6M	20x
edgeX PONSUSDC	+0.0644%	4h	0.6213	+0.389%	$20K	$293K	10x	as long as short
Bitget PONSUSDT	+0.0698%	4h	0.6203	+0.229%	$4.9M	$13.1M	20x	as long as short
Lighter PONS	+0.0752%	1h	0.6199	+0.171%	$1.7M	$867K	3x	as long as short
Pacifica PONS	+0.0853%	1h	0.6197	+0.141%	$47K	$77K	3x	as long as short
BloFin PONS-USDT	+0.0866%	4h	0.6199	+0.170%	$1.8M	$1.1M	20x	as long as short
BingX PONS-USDT	+0.0964%	4h	0.6195	+0.105%	—	$3.2M	—	as long as short
Bybit PONSUSDT	+0.1182%	4h	0.6199	+0.170%	$18.8M	$33.2M	20x	as long as short
Phoenix PONS	+0.1714%	1h	0.6205	+0.273%	$47K	$159K	3x	as long as short