Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h −0.015%

Price spread now: Aster against Nado−0.001%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1261.260% of the position

Long on Nado Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.041%−$4 on $10k

Price spread, last 3 days (all we have)−0.208%−$21 · spread now −0.001%, 7d avg −0.050%

Together, before fees−0.249%+ Points / potential airdropNado: Active · Aster: Stage 5 · farm board−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.049% dearer against Nado than usual: you sell high and buy low (spread −0.001% now, against its 7-day average of −0.050%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado PONS-PERP	0.6085	0.0190	pay 0.0024% / 1h	9m 25s	$105K	$116K	5x
Short	Aster PONSUSDT	0.6085	0.0146	get 0.0073% / 4h	9m 25s	$1.1M	$2.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Nado. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 NadobpFee AsterbpOrdersPrice spread, now −0.001%Rate

Funding earned: −$9.26
Price spread: −0.001% → −0.050%: $4.86
Slippage, 4 orders: −$118
Fee Nado: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$130.4
Costs to cover: 1.260%
Break-even: never at this rate

Slippage from Nado: live order book, 59 min ago; Aster: live order book, 4 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 Nado live order book, 59 min ago	17.17 bp	54.8 bp −$55	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 4 min ago	1.80 bp	8.9 bp −$9	26.9 bp −$269	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	−1.902%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6079	−0.102%	$241K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6095	+0.161%	$426K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6083	−0.036%	$20K	$425K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6086	+0.013%	$18.3M	$31.4M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6086	+0.013%	$13.9M	$57.6M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6091	+0.089%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6087	+0.028%	$32K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6096	+0.171%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6112	+0.435%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USD	+0.0100%	1h	0.6097	+0.194%	$28K	$544K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6126	+0.674%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6093	+0.128%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0126%	4h	0.6084	−0.015%	$1.7M	$3.7M	20x	as long as short
Aster PONSUSDTshort	+0.0146%	4h	0.6085	−0.001%	$1.1M	$2.2M	20x
Aevo PONS-PERP	+0.0152%	1h	0.6090	+0.079%	$379	—	3x	as long as short
Bitget PONSUSDT	+0.0162%	4h	0.6087	+0.034%	$4.7M	$11.7M	20x	as long as short
Nado PONS-PERPlong	+0.0190%	1h	0.6085	long leg	$105K	$116K	5x
Extended PONS-USD	+0.0296%	1h	0.6084	−0.019%	$252K	$682K	5x	as long as short
MEXC PONS_USDT	+0.0298%	4h	0.6084	−0.020%	$8.0M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0303%	4h	0.6088	+0.049%	$39.9M	$98.4M	20x	as long as short
BingX PONS-USDT	+0.0304%	4h	0.6089	+0.062%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0311%	4h	0.6094	+0.141%	$21K	$292K	10x	as long as short
Lighter PONS	+0.0352%	1h	0.6095	+0.161%	$1.7M	$932K	3x	as long as short
BloFin PONS-USDT	+0.0539%	4h	0.6092	+0.112%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0642%	1h	0.6086	+0.010%	$42K	$1.7M	3x	as long as short
Hyperliquid PONS	+0.0843%	1h	0.6085	−0.005%	$61.9M	$29.9M	3x	as long as short
Pacifica PONS	+0.0899%	1h	0.6090	+0.081%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6100	+0.243%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2336%	4h	0.6084	−0.020%	$5.3M	$6.3M	20x	as long as short