Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0724%/8h= +79.3% APRpaid last 24h +0.235%

Price spread now: Lighter against Aster+0.233%7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs+$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$370.367% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.777%+$78 on $10k

Price spread, last 7 days−0.026%−$3 · spread now +0.233%, 7d avg +0.068%

Together, before fees+0.751%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$75 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Lighter is 0.165% dearer against Aster than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PONSUSDT	0.5829	0.0172	pay 0.0086% / 4h	2h 40m	$1.1M	$2.2M	20x
Short	Lighter PONS	0.5842	0.0896	get 0.0112% / 1h	40m 04s	$1.7M	$881K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.233%Rate

Funding earned: $152.04
Price spread: +0.233% → +0.068%: $16.55
Slippage, 4 orders: −$28.72
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: $131.87
Costs to cover: 0.367%
Break-even: 0.9 days

Slippage from Aster: live order book, 3 min ago; Lighter: live order book, 1 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, 3 min ago	4.04 bp	9.1 bp −$9	28.2 bp −$282	doesn't fit	doesn't fit
Sell Lighter live order book, 1 min ago	2.23 bp	5.5 bp −$6	11.9 bp −$119	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 +0.0032% / S −0.0034%	1h	0.5833	+0.080%	$214K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+1.558%	$609	$6K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5837	+0.141%	$21K	$448K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.5834	+0.089%	$17.5M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5835	+0.106%	$13.3M	$55.4M	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5838	+0.158%	$5.1M	$6.8M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5838	+0.160%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5839	+0.172%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5819	−0.176%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5808	−0.362%	$34K	$328K	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5843	+0.245%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5846	+0.295%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5843	+0.240%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5838	+0.166%	$63K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5844	+0.261%	$1.6M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5835	+0.098%	$363	—	3x	as long as short
BingX PONS-USDT	+0.0136%	4h	0.5843	+0.244%	—	$3.1M	—	as long as short
MEXC PONS_USDT	+0.0150%	4h	0.5845	+0.278%	$7.5M	$5.2M	20x	as long as short
Binance PONSUSDT	+0.0151%	4h	0.5836	+0.124%	$38.0M	$98.3M	20x	as long as short
Extended PONS-USD	+0.0152%	1h	0.5836	+0.129%	$104K	$531K	5x	as long as short
edgeX PONSUSDC	+0.0158%	4h	0.5808	−0.361%	$20K	$294K	10x	as long as short
Aster PONSUSDTlong	+0.0172%	4h	0.5829	long leg	$1.1M	$2.2M	20x
Nado PONS-PERP	+0.0173%	1h	0.5834	+0.092%	$88K	$103K	5x	as long as short
Polymarket Perps PONS-USD	+0.0330%	1h	0.5839	+0.178%	$38K	$1.8M	3x	as long as short
Lighter RH PONS	+0.0384%	1h	0.5841	+0.208%	$390K	$2.6M	3x	as long as short
BloFin PONS-USDT	+0.0391%	4h	0.5819	−0.168%	$1.7M	$956K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5836	+0.118%	$46K	$102K	3x	as long as short
Hyperliquid PONS	+0.0581%	1h	0.5843	+0.237%	$58.3M	$30.1M	3x	as long as short
Lighter PONSshort	+0.0896%	1h	0.5842	+0.233%	$1.7M	$881K	3x
Phoenix PONS	+0.1275%	1h	0.5873	+0.762%	$27K	$86K	3x	as long as short