Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +11.0% APRpaid last 24h −0.096%

Price spread now: MEXC against Lighter−0.022%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$280.285% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.451%−$45 on $10k

Price spread, last 4 days (all we have)+0.099%+$10 · spread now −0.022%, 7d avg −0.053%

Together, before fees−0.352%+ Points / potential airdropLighter: Season 3 · farm board−$35 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and MEXC is 0.031% dearer against Lighter than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.053%. Mind the row above: over the last 7 days funding on this pair cost −0.451%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.5994	0.0520	pay 0.0065% / 1h	20m 43s	$1.6M	$893K	3x
Short	MEXC PONS_USDT	0.5993	0.0620	get 0.0310% / 4h	3h 20m	$7.6M	$4.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Lighter. 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 LighterbpFee MEXCbpOrdersPrice spread, now −0.022%Rate

Funding earned: $21
Price spread: −0.022% → −0.053%: $3.11
Slippage, 4 orders: −$28.48
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 0 bp × 2 orders: $0
Net: −$4.37
Costs to cover: 0.285%
Break-even: 8.5 days

Slippage from Lighter: live order book, 6 min ago; MEXC: live order book, 2 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 live order book, 6 min ago	3.15 bp	5.7 bp −$6	29.2 bp −$292	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	1.67 bp	5.7 bp −$6	16.6 bp −$166	323.1 bp −$32.3K	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 +0.0033% / S −0.0032%	1h	0.5981	−0.214%	$238K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.414%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5992	−0.038%	$21K	$417K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5991	−0.049%	$70K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6004	+0.163%	$34K	$339K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5996	+0.035%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5992	−0.042%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5991	−0.048%	$26K	$534K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6013	+0.309%	$65K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5992	−0.038%	$1.7M	$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	+0.0120%	1h	0.5993	−0.028%	$408K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.5988	−0.105%	$373	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0364%	4h	0.5990	−0.072%	$13.6M	$54.8M	20x	as long as short
Variational Omni PONS	+0.0465%	4h	0.5989	−0.089%	$1.4M	$4.0M	—	as long as short
Hyperliquid PONS	+0.0476%	1h	0.5994	−0.011%	$61.3M	$28.0M	3x	as long as short
Aster PONSUSDT	+0.0514%	4h	0.5986	−0.143%	$1.1M	$2.2M	20x	as long as short
Lighter PONSlong	+0.0520%	1h	0.5994	long leg	$1.6M	$893K	3x
Bitget PONSUSDT	+0.0540%	4h	0.5996	+0.032%	$4.6M	$11.6M	20x	as long as short
Extended PONS-USD	+0.0616%	1h	0.5992	−0.032%	$107K	$809K	5x	as long as short
Binance PONSUSDT	+0.0617%	4h	0.5995	+0.012%	$39.2M	$94.1M	20x	as long as short
MEXC PONS_USDTshort	+0.0620%	4h	0.5993	−0.022%	$7.6M	$4.7M	20x
edgeX PONSUSDC	+0.0642%	4h	0.6002	+0.126%	$18K	$293K	10x	as long as short
Polymarket Perps PONS-USD	+0.0714%	1h	0.5993	−0.023%	$71K	$1.6M	3x	as long as short
KuCoin PONSUSDTM	+0.0762%	4h	0.5993	−0.017%	$1.6M	$3.8M	20x	as long as short
BloFin PONS-USDT	+0.0857%	4h	0.5990	−0.072%	$1.7M	$953K	20x	as long as short
BingX PONS-USDT	+0.0920%	4h	0.5995	+0.012%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0926%	4h	0.5991	−0.055%	$17.9M	$30.5M	20x	as long as short
Pacifica PONS	+0.1081%	1h	0.5986	−0.144%	$47K	$68K	3x	as long as short
Gate PONS_USDT	+0.1116%	4h	0.5991	−0.055%	$5.3M	$6.2M	20x	as long as short
Phoenix PONS	+0.1586%	1h	0.5978	−0.279%	$45K	$109K	3x	as long as short