Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1076%/8h= −117.8% APRpaid last 24h −0.287%

Price spread now: MEXC against Phoenix−0.393%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$207as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$490.487% of the position

Long on Phoenix Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−1.582%−$158 on $10k

Price spread, last 4 days (all we have)+0.216%+$22 · spread now −0.393%, 7d avg −0.006%

Together, before fees−1.366%−$137 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$32 a day on $10k at the current rate, and MEXC is 0.387% cheaper against Phoenix than usual: you would sell low and buy high (−$39 if the spread goes back to its 7-day average of −0.006%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix PONS	0.6208	0.1714	pay 0.0214% / 1h	32m 52s	$47K	$159K	3x
Short	MEXC PONS_USDT	0.6184	0.0638	get 0.0319% / 4h	3h 32m	$7.9M	$4.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Phoenix. 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 PhoenixbpFee MEXCbpOrdersPrice spread, now −0.393%Rate

Funding earned: −$225.96
Price spread: −0.393% → −0.006%: −$38.7
Slippage, 4 orders: −$41.73
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$313.39
Costs to cover: 0.487%
Break-even: never at this rate

Slippage from Phoenix: live order book, 58 min ago; MEXC: live order book, 5 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 Phoenix live order book, 58 min ago	4.41 bp	20.7 bp −$21	67.4 bp −$674	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.80 bp	3.0 bp −$3	15.4 bp −$154	444.8 bp −$44.5K	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 +0.0032% / S −0.0030%	1h	0.6178	−0.494%	$241K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−4.347%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6182	−0.425%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6182	−0.425%	$72K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6239	+0.488%	$31K	$291K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6177	−0.514%	$72K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6192	−0.267%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6184	−0.388%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6184	−0.387%	$26K	$622K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6197	−0.179%	$66K	$527K	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	0.6185	−0.377%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6188	−0.337%	$385	—	3x	as long as short
Hyperliquid PONS	+0.0303%	1h	0.6186	−0.356%	$63.3M	$30.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0402%	4h	0.6182	−0.425%	$14.2M	$60.7M	20x	as long as short
Lighter RH PONS	+0.0408%	1h	0.6188	−0.332%	$419K	$2.7M	3x	as long as short
Aster PONSUSDT	+0.0434%	4h	0.6187	−0.351%	$1.1M	$2.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0460%	4h	0.6185	−0.385%	$1.6M	$4.1M	20x	as long as short
Variational Omni PONS	+0.0577%	4h	0.6231	+0.372%	$1.6M	$4.4M	—	as long as short
Lighter PONS	+0.0624%	1h	0.6189	−0.317%	$1.7M	$868K	3x	as long as short
MEXC PONS_USDTshort	+0.0638%	4h	0.6184	−0.393%	$7.9M	$4.7M	20x
Binance PONSUSDT	+0.0639%	4h	0.6180	−0.459%	$40.5M	$104.2M	20x	as long as short
Extended PONS-USD	+0.0640%	1h	0.6183	−0.416%	$104K	$828K	5x	as long as short
edgeX PONSUSDC	+0.0651%	4h	0.6214	+0.083%	$20K	$292K	10x	as long as short
Bitget PONSUSDT	+0.0716%	4h	0.6187	−0.353%	$5.0M	$13.2M	20x	as long as short
Gate PONS_USDT	+0.0812%	4h	0.6183	−0.409%	$5.4M	$6.4M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6198	−0.176%	$47K	$77K	3x	as long as short
BloFin PONS-USDT	+0.0879%	4h	0.6191	−0.280%	$1.8M	$1.1M	20x	as long as short
Bybit PONSUSDT	+0.0978%	4h	0.6179	−0.474%	$18.7M	$33.1M	20x	as long as short
BingX PONS-USDT	+0.1064%	4h	0.6176	−0.522%	—	$3.2M	—	as long as short
Phoenix PONSlong	+0.1714%	1h	0.6208	long leg	$47K	$159K	3x