Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0520%/8h= +56.9% APRpaid last 24h +0.099%

Price spread now: MEXC against Popdex+0.067%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$208as in the Price arb table

costs, in and out, $10k−$2152.150% of the position

Long on Popdex Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.339%+$34 on $10k

Price spread, last 4 days (all we have)−0.013%−$1 · spread now +0.067%, 7d avg −0.008%

Together, before fees+0.326%+$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and MEXC is 0.074% dearer against Popdex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex PONSUSDT	0.6012	0.0096	pay 0.0012% / 1h	20m 03s	$21K	$417K	20x
Short	MEXC PONS_USDT	0.6016	0.0616	get 0.0308% / 4h	3h 20m	$7.6M	$4.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Popdex. 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 PopdexbpFee MEXCbpOrdersPrice spread, now +0.067%Rate

Funding earned: $109.2
Price spread: +0.067% → −0.008%: $7.45
Slippage, 4 orders: −$208.65
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee MEXC: 0 bp × 2 orders: $0
Net: −$98.4
Costs to cover: 2.150%
Break-even: 13.3 days

Slippage from Popdex: live order book, 34 min ago; MEXC: live order book, 3 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 Popdex live order book, 34 min ago	6.36 bp	81.2 bp −$81	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 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	0.6004	−0.133%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−0.707%	$614	$10K	5.5x	as long as short
Popdex PONSUSDTlong	+0.0096%	1h	0.6012	long leg	$21K	$417K	20x
Nado PONS-PERP	+0.0100%	1h	0.6011	−0.017%	$70K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6004	−0.131%	$34K	$339K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6018	+0.100%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6015	+0.055%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6012	0.000%	$26K	$533K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6019	+0.111%	$65K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6008	−0.067%	$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	0.6009	−0.043%	$411K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6010	−0.038%	$374	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0365%	4h	0.6009	−0.050%	$13.7M	$55.0M	20x	as long as short
Variational Omni PONS	+0.0465%	4h	0.5989	−0.383%	$1.4M	$4.0M	—	as long as short
Hyperliquid PONS	+0.0481%	1h	0.6009	−0.048%	$61.4M	$28.0M	3x	as long as short
Lighter PONS	+0.0520%	1h	0.6011	−0.023%	$1.6M	$893K	3x	as long as short
Aster PONSUSDT	+0.0525%	4h	0.6006	−0.093%	$1.1M	$2.1M	20x	as long as short
Bitget PONSUSDT	+0.0540%	4h	0.6013	+0.015%	$4.6M	$11.6M	20x	as long as short
MEXC PONS_USDTshort	+0.0616%	4h	0.6016	+0.067%	$7.6M	$4.7M	20x
Binance PONSUSDT	+0.0623%	4h	0.6014	+0.033%	$39.3M	$94.1M	20x	as long as short
Extended PONS-USD	+0.0624%	1h	0.6012	+0.006%	$108K	$809K	5x	as long as short
edgeX PONSUSDC	+0.0642%	4h	0.6002	−0.169%	$18K	$293K	10x	as long as short
Polymarket Perps PONS-USD	+0.0727%	1h	0.6016	+0.060%	$71K	$1.6M	3x	as long as short
KuCoin PONSUSDTM	+0.0760%	4h	0.6013	+0.013%	$1.6M	$3.8M	20x	as long as short
BloFin PONS-USDT	+0.0857%	4h	0.5990	−0.366%	$1.7M	$953K	20x	as long as short
Bybit PONSUSDT	+0.0885%	4h	0.6006	−0.100%	$18.0M	$30.5M	20x	as long as short
BingX PONS-USDT	+0.0920%	4h	0.6011	−0.017%	—	$3.0M	—	as long as short
Gate PONS_USDT	+0.1072%	4h	0.6004	−0.133%	$5.3M	$6.2M	20x	as long as short
Pacifica PONS	+0.1081%	1h	0.5998	−0.239%	$47K	$68K	3x	as long as short
Phoenix PONS	+0.1586%	1h	0.5978	−0.572%	$45K	$109K	3x	as long as short