Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0415%/8h= +45.4% APRpaid last 24h +0.116%

Price spread now: Hyperliquid against Aster+0.252%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$410.413% of the position

Long on Aster Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.328%+$33 on $10k

Price spread, last 7 days−0.140%−$14 · spread now +0.252%, 7d avg +0.064%

Together, before fees+0.187%+ Points / potential airdropAster: Stage 5 · Hyperliquid: Season 2 · farm board+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Hyperliquid is 0.188% dearer against Aster than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of +0.064%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PONSUSDT	0.6030	0.0314	pay 0.0157% / 4h	2h 52m	$1.1M	$2.0M	20x
Short	Hyperliquid PONS	0.6045	0.0729	get 0.0091% / 1h	52m 34s	$61.5M	$28.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Aster. 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 AsterbpFee HyperliquidbpOrdersPrice spread, now +0.252%Rate

Funding earned: $87.1
Price spread: +0.252% → +0.064%: $18.81
Slippage, 4 orders: −$24.27
Fee Aster: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $64.65
Costs to cover: 0.413%
Break-even: 1.8 days

Slippage from Aster: live order book, 1 min ago; Hyperliquid: live order book, 11 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 Aster live order book, 1 min ago	3.90 bp	9.5 bp −$10	31.4 bp −$314	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	3.46 bp	8.0 bp −$8	doesn't fit	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 −0.0033%	1h	0.6013	−0.277%	$238K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.007%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6049	+0.312%	$18K	$422K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5976	−0.906%	$1.4M	$4.1M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6016	−0.241%	$33K	$353K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6022	−0.138%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6020	−0.169%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6027	−0.062%	$26K	$532K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6030	0.000%	$64K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6024	−0.103%	$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
Aevo PONS-PERP	+0.0176%	1h	0.6015	−0.256%	$375	—	3x	as long as short
Lighter RH PONS	+0.0176%	1h	0.6036	+0.096%	$424K	$2.5M	3x	as long as short
Lighter PONS	+0.0200%	1h	0.6036	+0.096%	$1.7M	$881K	3x	as long as short
OKX PONS-USDT-SWAP	+0.0231%	4h	0.6043	+0.212%	$13.9M	$55.8M	20x	as long as short
KuCoin PONSUSDTM	+0.0234%	4h	0.6036	+0.103%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0292%	4h	0.6046	+0.262%	$4.7M	$11.4M	20x	as long as short
Aster PONSUSDTlong	+0.0314%	4h	0.6030	long leg	$1.1M	$2.0M	20x
Extended PONS-USD	+0.0376%	1h	0.6042	+0.197%	$249K	$682K	5x	as long as short
Bybit PONSUSDT	+0.0377%	4h	0.6042	+0.195%	$18.2M	$30.8M	20x	as long as short
MEXC PONS_USDT	+0.0378%	4h	0.6041	+0.179%	$7.8M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0380%	4h	0.6050	+0.330%	$39.7M	$96.1M	20x	as long as short
edgeX PONSUSDC	+0.0403%	4h	0.6016	−0.235%	$21K	$291K	10x	as long as short
Nado PONS-PERP	+0.0434%	1h	0.6048	+0.295%	$71K	$132K	5x	as long as short
BingX PONS-USDT	+0.0434%	4h	0.6046	+0.262%	—	$3.1M	—	as long as short
BloFin PONS-USDT	+0.0620%	4h	0.6022	−0.136%	$1.8M	$982K	20x	as long as short
Hyperliquid PONSshort	+0.0729%	1h	0.6045	+0.252%	$61.5M	$28.7M	3x
Gate PONS_USDT	+0.0810%	4h	0.6026	−0.070%	$5.3M	$6.1M	20x	as long as short
Polymarket Perps PONS-USD	+0.0841%	1h	0.6046	+0.257%	$46K	$1.6M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6039	+0.148%	$48K	$78K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6016	−0.236%	$31K	$107K	3x	as long as short