Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0484%/8h= +53.0% APRpaid last 24h +0.118%

Price spread now: MEXC against gTrade (Gains Network)+0.043%104s7-day average +0.149% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$4,60146.007% of the position

Long on gTrade (Gains Network)Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)+0.162%+$16 on $10k

Price spread, last 4 days (all we have)+0.180%+$18 · spread now +0.043%, 7d avg +0.149%

Together, before fees+0.341%+$34 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.105% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread +0.043% now, against its 7-day average of +0.149%). If the spread goes back, that is −$11 on $10k: about 17 hours of funding at the current rate (+$15 a day). The two prices were read 104 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	gTrade (Gains Network) PONS/USD	0.5942	L +0.0032% / S −0.0030%	pay 0.0004% / 1h	21m 39s	$243K	—	150x
Short	MEXC PONS_USDT	0.5945	0.0516	get 0.0258% / 4h	1h 21m	$7.6M	$4.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee MEXCbpOrdersPrice spread, now +0.043%Rate

Funding earned: $101.58
Price spread: +0.043% → +0.149%: −$10.54
Slippage, 4 orders: −$4,588.7
Fee gTrade (Gains Network): 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: −$4,509.66
Costs to cover: 46.007%
Break-even: 317.8 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 22 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 gTrade (Gains Network) virtual book (oracle venue), 22 min ago	130.01 bp	2119.7 bp −$2,120	16868.8 bp −$168.7K	doesn't fit	doesn't fit
Sell MEXC live order book, 1 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/USDlong	L +0.0032% / S −0.0030%	1h	0.5942	long leg	$243K	—	150x
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.455%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5939	−0.058%	$22K	$420K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5946	+0.053%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5944	+0.026%	$69K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5940	−0.046%	$29K	$314K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5950	+0.136%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5939	−0.049%	$26K	$583K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5954	+0.191%	$65K	$525K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5933	−0.159%	$1.6M	$3.2M	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0104%	1h	0.5942	−0.009%	$418K	$2.6M	3x	as long as short
Hyperliquid PONS	+0.0187%	1h	0.5945	+0.042%	$60.4M	$29.5M	3x	as long as short
Aevo PONS-PERP	+0.0208%	1h	0.5940	−0.033%	$370	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0406%	4h	0.5937	−0.092%	$13.4M	$55.8M	20x	as long as short
Aster PONSUSDT	+0.0460%	4h	0.5944	+0.019%	$1.1M	$2.2M	20x	as long as short
Binance PONSUSDT	+0.0507%	4h	0.5940	−0.041%	$37.4M	$98.3M	20x	as long as short
MEXC PONS_USDTshort	+0.0516%	4h	0.5945	+0.043%	$7.6M	$4.7M	20x
Polymarket Perps PONS-USD	+0.0518%	1h	0.5942	−0.002%	$92K	$1.9M	3x	as long as short
Extended PONS-USD	+0.0520%	1h	0.5942	−0.005%	$102K	$808K	5x	as long as short
edgeX PONSUSDC	+0.0527%	4h	0.5951	+0.152%	$20K	$291K	10x	as long as short
Pacifica PONS	+0.0556%	1h	0.5944	+0.024%	$45K	$68K	3x	as long as short
Variational Omni PONS	+0.0590%	4h	0.5938	−0.067%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTM	+0.0608%	4h	0.5947	+0.080%	$1.6M	$3.8M	20x	as long as short
Bitget PONSUSDT	+0.0678%	4h	0.5946	+0.065%	$4.7M	$12.2M	20x	as long as short
BingX PONS-USDT	+0.0692%	4h	0.5944	+0.026%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0716%	4h	0.5937	−0.092%	$17.6M	$31.3M	20x	as long as short
BloFin PONS-USDT	+0.0758%	4h	0.5952	+0.161%	$1.7M	$948K	20x	as long as short
Gate PONS_USDT	+0.0790%	4h	0.5945	+0.043%	$5.3M	$6.3M	20x	as long as short
Lighter PONS	+0.0912%	1h	0.5947	+0.072%	$1.7M	$832K	3x	as long as short
Phoenix PONS	+0.1472%	1h	0.5964	+0.361%	$45K	$127K	3x	as long as short