Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1273%/8h= +139.4% APRpaid last 24h +0.340%

Price spread now: Phoenix against Aster+0.276%55s7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs+$137as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$550.547% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.919%+$192 on $10k

Price spread, last 4 days (all we have)+0.100%+$10 · spread now +0.276%, 7d avg +0.049%

Together, before fees+2.019%+ Points / potential airdropAster: Stage 5 · farm board+$202 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$38 a day on $10k at the current rate, and Phoenix is 0.227% dearer against Aster than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.049%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PONSUSDT	0.6040	0.0422	pay 0.0211% / 4h	2h 10m	$1.1M	$2.0M	20x
Short	Phoenix PONS	0.6057	0.1695	get 0.0212% / 1h	10m 29s	$31K	$107K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.276%Rate

Funding earned: $267.39
Price spread: +0.276% → +0.049%: $22.7
Slippage, 4 orders: −$39.65
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $235.44
Costs to cover: 0.547%
Break-even: 0.8 days

Slippage from Aster: live order book, 3 min ago; Phoenix: live order book, 31 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	2.15 bp	8.9 bp −$9	28.0 bp −$280	doesn't fit	doesn't fit
Sell Phoenix live order book, 31 min ago	3.31 bp	16.6 bp −$17	54.4 bp −$544	doesn't fit	doesn't fit

PONS on 29 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	0.6029	−0.186%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.170%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6034	−0.103%	$20K	$422K	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6037	−0.046%	$1.4M	$4.0M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6058	+0.300%	$33K	$353K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6047	+0.109%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6042	+0.030%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6049	+0.146%	$26K	$524K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6060	+0.321%	$65K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6047	+0.113%	$1.7M	$3.2M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH PONS	+0.0144%	1h	0.6048	+0.121%	$425K	$2.5M	3x	as long as short
Aevo PONS-PERP	+0.0192%	1h	0.6052	+0.191%	$377	—	3x	as long as short
Lighter PONS	+0.0232%	1h	0.6040	−0.005%	$1.7M	$886K	3x	as long as short
OKX PONS-USDT-SWAP	+0.0256%	4h	0.6025	−0.252%	$13.8M	$54.8M	20x	as long as short
Nado PONS-PERP	+0.0259%	1h	0.6033	−0.124%	$71K	$131K	5x	as long as short
KuCoin PONSUSDTM	+0.0260%	4h	0.6048	+0.127%	$1.7M	$3.6M	20x	as long as short
Bitget PONSUSDT	+0.0346%	4h	0.6031	−0.156%	$4.7M	$11.3M	20x	as long as short
Bybit PONSUSDT	+0.0386%	4h	0.6027	−0.219%	$18.1M	$30.4M	20x	as long as short
BingX PONS-USDT	+0.0414%	4h	0.6042	+0.030%	—	$3.0M	—	as long as short
Aster PONSUSDTlong	+0.0422%	4h	0.6040	long leg	$1.1M	$2.0M	20x
edgeX PONSUSDC	+0.0426%	4h	0.6072	+0.520%	$21K	$294K	10x	as long as short
MEXC PONS_USDT	+0.0428%	4h	0.6040	−0.003%	$7.7M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0432%	4h	0.6034	−0.103%	$39.5M	$94.6M	20x	as long as short
Extended PONS-USD	+0.0432%	1h	0.6040	+0.005%	$250K	$672K	5x	as long as short
Hyperliquid PONS	+0.0687%	1h	0.6032	−0.136%	$61.5M	$28.0M	3x	as long as short
Gate PONS_USDT	+0.0714%	4h	0.6037	−0.053%	$5.3M	$6.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0758%	1h	0.6032	−0.136%	$47K	$1.5M	3x	as long as short
Pacifica PONS	+0.0869%	1h	0.6040	−0.002%	$48K	$75K	3x	as long as short
Phoenix PONSshort	+0.1695%	1h	0.6057	+0.276%	$31K	$107K	3x