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 −0.117%

Price spread now: gTrade (Gains Network) against MEXC−0.114%134s7-day average −0.149% · 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—prices read too far apart to compare

costs, in and out, $10k−$4,60146.008% of the position

Long on MEXC Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)−0.157%−$16 on $10k

Price spread, last 4 days (all we have)−0.109%−$11 · spread now −0.114%, 7d avg −0.149%

Together, before fees−0.266%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.035% dearer against MEXC than usual: you sell high and buy low (spread −0.114% now, against its 7-day average of −0.149%): +$3 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 6 hours. The two prices were read 134 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	MEXC PONS_USDT	0.5933	0.0516	pay 0.0258% / 4h	1h 29m	$7.6M	$4.7M	20x
Short	gTrade (Gains Network) PONS/USD	0.5926	L +0.0033% / S −0.0032%	get 0.0004% / 1h	29m 06s	$235K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 MEXCbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.114%Rate

Funding earned: −$101.56
Price spread: −0.114% → −0.149%: $3.49
Slippage, 4 orders: −$4,588.8
Fee MEXC: 0 bp × 2 orders: $0
Fee gTrade (Gains Network): 6 bp × 2 orders: −$12
Net: −$4,698.87
Costs to cover: 46.008%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 min ago; gTrade (Gains Network): virtual book (oracle venue), 15 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 MEXC live order book, 4 min ago	0.84 bp	4.6 bp −$5	12.9 bp −$129	311.3 bp −$31.1K	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 15 min ago	130.01 bp	2471.3 bp −$2,471	doesn't fit	doesn't fit	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/USDshort	L +0.0033% / S −0.0032%	1h	0.5926	−0.114%	$235K	—	150x
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.615%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5931	−0.040%	$417K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5934	+0.017%	$22K	$420K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5939	+0.105%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5930	−0.051%	$69K	$131K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5929	−0.061%	$29K	$315K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5933	−0.005%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5933	−0.008%	$26K	$586K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5931	−0.034%	$65K	$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	0.5927	−0.101%	$1.6M	$3.2M	20x	as long as short
Hyperliquid PONS	+0.0195%	1h	0.5932	−0.013%	$60.2M	$29.5M	3x	as long as short
Aevo PONS-PERP	+0.0208%	1h	0.5933	0.000%	$370	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0399%	4h	0.5932	−0.017%	$13.4M	$55.8M	20x	as long as short
Polymarket Perps PONS-USD	+0.0459%	1h	0.5931	−0.030%	$94K	$1.9M	3x	as long as short
Aster PONSUSDT	+0.0462%	4h	0.5936	+0.057%	$1.1M	$2.2M	20x	as long as short
MEXC PONS_USDTlong	+0.0516%	4h	0.5933	long leg	$7.6M	$4.7M	20x
Binance PONSUSDT	+0.0518%	4h	0.5934	+0.009%	$37.3M	$98.4M	20x	as long as short
Extended PONS-USD	+0.0520%	1h	0.5933	−0.002%	$101K	$811K	5x	as long as short
Gate PONS_USDT	+0.0520%	4h	0.5931	−0.034%	$5.3M	$6.3M	20x	as long as short
edgeX PONSUSDC	+0.0532%	4h	0.5934	+0.018%	$20K	$293K	10x	as long as short
Pacifica PONS	+0.0556%	1h	0.5936	+0.054%	$45K	$68K	3x	as long as short
Variational Omni PONS	+0.0575%	4h	0.5930	−0.043%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTM	+0.0624%	4h	0.5931	−0.030%	$1.6M	$3.8M	20x	as long as short
Bitget PONSUSDT	+0.0678%	4h	0.5935	+0.027%	$4.7M	$12.2M	20x	as long as short
BingX PONS-USDT	+0.0706%	4h	0.5931	−0.034%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0723%	4h	0.5932	−0.017%	$17.6M	$31.3M	20x	as long as short
BloFin PONS-USDT	+0.0758%	4h	0.5934	+0.017%	$1.7M	$945K	20x	as long as short
Lighter PONS	+0.0800%	1h	0.5934	+0.024%	$1.6M	$830K	3x	as long as short
Phoenix PONS	+0.1472%	1h	0.5936	+0.052%	$45K	$127K	3x	as long as short