Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0404%/8h= +44.2% APRpaid last 24h +0.099%

Price spread now: MEXC against Popdex−0.067%7-day average −0.007% · 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−$227as in the Price arb table

costs, in and out, $10k−$2212.212% of the position

Long on Popdex Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.336%+$34 on $10k

Price spread, last 4 days (all we have)+0.127%+$13 · spread now −0.067%, 7d avg −0.007%

Together, before fees+0.463%+$46 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.060% cheaper against Popdex than usual: you would sell low and buy high (spread −0.067% now, against its 7-day average of −0.007%). If the spread goes back, that is −$6 on $10k: about 12 hours of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex PONSUSDT	0.5927	0.0096	pay 0.0012% / 1h	19m 02s	$22K	$420K	20x
Short	MEXC PONS_USDT	0.5923	0.0500	get 0.0250% / 4h	1h 19m	$7.5M	$4.7M	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 −0.067%Rate

Funding earned: $84.84
Price spread: −0.067% → −0.007%: −$6.03
Slippage, 4 orders: −$214.77
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee MEXC: 0 bp × 2 orders: $0
Net: −$142.37
Costs to cover: 2.212%
Break-even: 18.7 days

Slippage from Popdex: live order book, 25 min ago; MEXC: live order book, 4 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, 25 min ago	4.72 bp	85.4 bp −$85	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.84 bp	4.3 bp −$4	11.4 bp −$114	338.5 bp −$33.9K	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	0.5934	+0.110%	$243K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.717%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5923	−0.066%	$413K	$2.6M	3x	as long as short
Popdex PONSUSDTlong	+0.0096%	1h	0.5927	long leg	$22K	$420K	20x
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5930	+0.044%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5929	+0.041%	$69K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5933	+0.098%	$29K	$314K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5926	−0.019%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5925	−0.042%	$26K	$583K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5927	−0.008%	$64K	$525K	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	0.5917	−0.169%	$1.6M	$3.2M	20x	as long as short
Hyperliquid PONS	+0.0182%	1h	0.5924	−0.057%	$60.1M	$29.5M	3x	as long as short
Aevo PONS-PERP	+0.0200%	1h	0.5925	−0.034%	$369	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0405%	4h	0.5920	−0.118%	$13.4M	$55.5M	20x	as long as short
Aster PONSUSDT	+0.0457%	4h	0.5922	−0.086%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDTshort	+0.0500%	4h	0.5923	−0.067%	$7.5M	$4.7M	20x
Binance PONSUSDT	+0.0501%	4h	0.5923	−0.076%	$37.3M	$98.2M	20x	as long as short
Extended PONS-USD	+0.0504%	1h	0.5922	−0.081%	$101K	$808K	5x	as long as short
edgeX PONSUSDC	+0.0527%	4h	0.5951	+0.413%	$20K	$291K	10x	as long as short
Polymarket Perps PONS-USD	+0.0541%	1h	0.5926	−0.020%	$92K	$1.9M	3x	as long as short
Pacifica PONS	+0.0556%	1h	0.5927	−0.007%	$45K	$68K	3x	as long as short
Variational Omni PONS	+0.0577%	4h	0.5938	+0.185%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTM	+0.0604%	4h	0.5923	−0.073%	$1.6M	$3.8M	20x	as long as short
Bitget PONSUSDT	+0.0674%	4h	0.5925	−0.029%	$4.7M	$12.2M	20x	as long as short
BingX PONS-USDT	+0.0692%	4h	0.5924	−0.051%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0715%	4h	0.5920	−0.118%	$17.6M	$31.3M	20x	as long as short
BloFin PONS-USDT	+0.0741%	4h	0.5927	0.000%	$1.7M	$944K	20x	as long as short
Gate PONS_USDT	+0.0828%	4h	0.5924	−0.051%	$5.3M	$6.3M	20x	as long as short
Lighter PONS	+0.0904%	1h	0.5927	0.000%	$1.6M	$832K	3x	as long as short
Phoenix PONS	+0.1472%	1h	0.5949	+0.366%	$45K	$127K	3x	as long as short