Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0039%/8h= +4.3% APRpaid last 24h +0.155%

Price spread now: Lighter RH against Aster−0.081%7-day average +0.049% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$400.403% of the position

Long on Aster Short on Lighter RH

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+0.079%+$8 · spread now −0.081%, 7d avg +0.049%

Together, before fees+0.408%+ Points / potential airdropAster: Stage 5 · Lighter RH: Points live · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.129% cheaper against Aster than usual: you would sell low and buy high (spread −0.081% now, against its 7-day average of +0.049%). If the spread goes back, that is −$13 on $10k: about 11 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.328% in total) that is about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PONSUSDT	0.6096	0.0193	pay 0.0096% / 4h	58m 05s	$1.1M	$2.2M	20x
Short	Lighter RH PONS	0.6091	0.0232	get 0.0029% / 1h	58m 05s	$430K	$2.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.081%Rate

Funding earned: $8.24
Price spread: −0.081% → +0.049%: −$12.93
Slippage, 4 orders: −$32.26
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$44.96
Costs to cover: 0.403%
Break-even: 45.2 days

Slippage from Aster: live order book, 5 min ago; Lighter RH: 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 Aster live order book, 5 min ago	3.64 bp	10.7 bp −$11	33.8 bp −$338	doesn't fit	doesn't fit
Sell Lighter RH live order book, 5 min ago	3.53 bp	5.9 bp −$6	69.1 bp −$691	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.072%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0036%	1h	0.6082	−0.227%	$229K	—	150x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6096	+0.003%	$21K	$448K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6090	−0.090%	$86K	$107K	5x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6089	−0.112%	$18.4M	$31.7M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6088	−0.128%	$13.8M	$57.8M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.6092	−0.058%	$1.8M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.6094	−0.035%	$4.8M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6093	−0.043%	$1.4M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6050	−0.744%	$35K	$356K	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	0.6099	+0.050%	$3K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6099	+0.057%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6088	−0.125%	$28K	$548K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6096	−0.002%	$65K	$509K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6084	−0.194%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0144%	1h	0.6091	−0.079%	$379	—	3x	as long as short
Aster PONSUSDTlong	+0.0193%	4h	0.6096	long leg	$1.1M	$2.2M	20x
edgeX PONSUSDC	+0.0195%	4h	0.6058	−0.628%	$21K	$294K	10x	as long as short
BingX PONS-USDT	+0.0202%	4h	0.6086	−0.161%	—	$3.1M	—	as long as short
Lighter RH PONSshort	+0.0232%	1h	0.6091	−0.081%	$430K	$2.6M	3x
Extended PONS-USD	+0.0248%	1h	0.6089	−0.113%	$253K	$680K	5x	as long as short
MEXC PONS_USDT	+0.0250%	4h	0.6093	−0.046%	$8.1M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0251%	4h	0.6090	−0.093%	$39.7M	$98.7M	20x	as long as short
Lighter PONS	+0.0392%	1h	0.6091	−0.081%	$1.7M	$921K	3x	as long as short
BloFin PONS-USDT	+0.0491%	4h	0.6097	+0.019%	$1.7M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0533%	1h	0.6096	+0.008%	$40K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0664%	1h	0.6094	−0.037%	$61.8M	$30.5M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6090	−0.098%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1398%	1h	0.6074	−0.365%	$31K	$95K	3x	as long as short
Gate PONS_USDT	+0.1760%	4h	0.6090	−0.096%	$5.3M	$6.2M	20x	as long as short