Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0996%/8h= +109.1% APRpaid last 24h +0.290%

Price spread now: Phoenix against MEXC+0.332%62s7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs+$109as in the Funding arb table

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

costs, in and out, $10k−$500.495% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.588%+$159 on $10k

Price spread, last 4 days (all we have)−0.268%−$27 · spread now +0.332%, 7d avg +0.011%

Together, before fees+1.320%+$132 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$30 a day on $10k at the current rate, and Phoenix is 0.322% dearer against MEXC than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of +0.011%. The two prices were read 62 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	0.6347	0.0672	pay 0.0336% / 4h	1h 54m	$7.9M	$4.5M	20x
Short	Phoenix PONS	0.6368	0.1668	get 0.0208% / 1h	54m 15s	$49K	$162K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.332%Rate

Funding earned: $209.15
Price spread: +0.332% → +0.011%: $32.19
Slippage, 4 orders: −$42.51
Fee MEXC: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $191.84
Costs to cover: 0.495%
Break-even: 0.6 days

Slippage from MEXC: live order book, 2 min ago; Phoenix: live order book, 52 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	0.79 bp	3.6 bp −$4	13.9 bp −$139	445.4 bp −$44.5K	doesn't fit
Sell Phoenix live order book, 52 min ago	4.46 bp	21.0 bp −$21	71.5 bp −$715	doesn't fit	doesn't fit

PONS on 30 exchanges

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	0.6333	−0.215%	$249K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−6.436%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6344	−0.047%	$23K	$405K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6340	−0.104%	$77K	$105K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6362	+0.235%	$32K	$279K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6349	+0.032%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6346	−0.016%	—	$888K	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6344	−0.039%	$27K	$636K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6361	+0.214%	$67K	$537K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6342	−0.079%	$1.7M	$3.2M	20x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0240%	1h	0.6346	−0.010%	$395	—	3x	as long as short
Polymarket Perps PONS-USD	+0.0344%	1h	0.6345	−0.036%	$75K	$2.1M	3x	as long as short
Lighter RH PONS	+0.0352%	1h	0.6343	−0.065%	$448K	$2.6M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0389%	4h	0.6341	−0.095%	$14.4M	$60.2M	20x	as long as short
KuCoin PONSUSDTM	+0.0472%	4h	0.6346	−0.009%	$1.8M	$4.3M	20x	as long as short
Aster PONSUSDT	+0.0540%	4h	0.6344	−0.047%	$1.2M	$2.2M	20x	as long as short
Hyperliquid PONS	+0.0548%	1h	0.6347	+0.002%	$65.2M	$30.9M	3x	as long as short
Pacifica PONS	+0.0616%	1h	0.6340	−0.112%	$46K	$76K	3x	as long as short
Lighter PONS	+0.0640%	1h	0.6346	−0.016%	$1.8M	$852K	3x	as long as short
Variational Omni PONS	+0.0656%	4h	0.6360	+0.203%	$1.6M	$4.3M	—	as long as short
Extended PONS-USD	+0.0672%	1h	0.6343	−0.066%	$183K	$881K	5x	as long as short
MEXC PONS_USDTlong	+0.0672%	4h	0.6347	long leg	$7.9M	$4.5M	20x
Binance PONSUSDT	+0.0673%	4h	0.6343	−0.063%	$41.7M	$101.2M	20x	as long as short
edgeX PONSUSDC	+0.0695%	4h	0.6371	+0.385%	$19K	$292K	10x	as long as short
Bitget PONSUSDT	+0.0758%	4h	0.6347	−0.003%	$5.1M	$13.6M	20x	as long as short
BingX PONS-USDT	+0.0802%	4h	0.6339	−0.126%	—	$3.1M	—	as long as short
Gate PONS_USDT	+0.0808%	4h	0.6345	−0.032%	$5.5M	$6.4M	20x	as long as short
Bybit PONSUSDT	+0.0842%	4h	0.6339	−0.126%	$19.2M	$32.6M	20x	as long as short
BloFin PONS-USDT	+0.0919%	4h	0.6355	+0.126%	$1.9M	$1.1M	20x	as long as short
Phoenix PONSshort	+0.1668%	1h	0.6368	+0.332%	$49K	$162K	3x