For me it depends on the moment.

I do get kicks of being used as a pain toy. In that kind of scenario I need to feel the Dom's arousal for my pain and humiliation, otherwise it won't work.

Punishments are not exactly arousing for me but keep me in the right state of mind. Usually I want pain to be added to sexual stimulation to get the "best result". It's pretty sensitive mental area, too much too soon will kill the mood .

Sometimes I don't even know when stimulation turns from pleasure to pain, and for me this kind of pain is absolutely the best. A Dom I know described it pretty well while whipping me: "this is just a way to caress you, pet."