Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0506%/8h= −55.4% APRpaid last 24h +0.036%

Price spread now: Lighter RH against MEXC−0.012%7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$280.281% of the position

Long on MEXC Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now −0.012%, 7d avg +0.024%

Together, before fees−0.053%+ Points / potential airdropLighter RH: Points live · farm board−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Lighter RH is 0.036% cheaper against MEXC than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.024%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.033% in total (about -1.7% 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	MEXC PONS_USDT	0.5915	0.0602	pay 0.0301% / 4h	2h 06m	$7.5M	$4.8M	20x
Short	Lighter RH PONS	0.5914	0.0096	get 0.0012% / 1h	6m 05s	$405K	$2.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against MEXC. 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 MEXCbpFee Lighter RHbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$106.26
Price spread: −0.012% → +0.024%: −$3.61
Slippage, 4 orders: −$28.14
Fee MEXC: 0 bp × 2 orders: $0
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$138.01
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Lighter RH: 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 MEXC live order book, 2 min ago	0.85 bp	4.8 bp −$5	13.3 bp −$133	373.5 bp −$37.4K	doesn't fit
Sell Lighter RH live order book, 2 min ago	3.72 bp	8.4 bp −$8	48.1 bp −$481	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/USD	L +0.0033% / S −0.0032%	1h	0.5906	−0.160%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.921%	$614	$10K	5.5x	as long as short
Lighter RH PONSshort	+0.0096%	1h	0.5914	−0.012%	$405K	$2.6M	3x
Popdex PONSUSDT	+0.0096%	1h	0.5913	−0.034%	$21K	$424K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5920	+0.093%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5913	−0.031%	$69K	$131K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5912	−0.051%	$5.3M	$6.4M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5905	−0.169%	$29K	$329K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5917	+0.030%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5917	+0.029%	$26K	$585K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.5906	−0.157%	$64K	$524K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5909	−0.101%	$1.6M	$3.2M	20x	as long as short
Hyperliquid PONS	+0.0226%	1h	0.5917	+0.029%	$60.1M	$29.5M	3x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5904	−0.185%	$368	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0430%	4h	0.5916	+0.017%	$13.4M	$55.8M	20x	as long as short
Aster PONSUSDT	+0.0485%	4h	0.5911	−0.071%	$1.1M	$2.2M	20x	as long as short
Binance PONSUSDT	+0.0597%	4h	0.5917	+0.030%	$37.4M	$98.3M	20x	as long as short
Extended PONS-USD	+0.0600%	1h	0.5913	−0.036%	$101K	$811K	5x	as long as short
MEXC PONS_USDTlong	+0.0602%	4h	0.5915	long leg	$7.5M	$4.8M	20x
edgeX PONSUSDC	+0.0605%	4h	0.5912	−0.057%	$20K	$294K	10x	as long as short
Bitget PONSUSDT	+0.0640%	4h	0.5920	+0.093%	$4.7M	$12.2M	20x	as long as short
Variational Omni PONS	+0.0661%	4h	0.5911	−0.060%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTM	+0.0700%	4h	0.5917	+0.027%	$1.6M	$3.8M	20x	as long as short
Pacifica PONS	+0.0715%	1h	0.5913	−0.040%	$45K	$69K	3x	as long as short
Polymarket Perps PONS-USD	+0.0732%	1h	0.5915	0.000%	$91K	$1.9M	3x	as long as short
Lighter PONS	+0.0792%	1h	0.5916	+0.012%	$1.7M	$939K	3x	as long as short
BloFin PONS-USDT	+0.0843%	4h	0.5915	0.000%	$1.7M	$959K	20x	as long as short
BingX PONS-USDT	+0.0926%	4h	0.5919	+0.068%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0968%	4h	0.5916	+0.017%	$17.6M	$31.5M	20x	as long as short
Phoenix PONS	+0.1719%	1h	0.5911	−0.064%	$45K	$121K	3x	as long as short