Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0365%/8h= −39.9% APRpaid last 24h +0.014%

Price spread now: Nado against Aster−0.173%7-day average +0.049% · 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−$137as in the Price arb table

costs, in and out, $10k−$1141.143% of the position

Long on Aster Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.034%+$3 on $10k

Price spread, last 4 days (all we have)+0.365%+$37 · spread now −0.173%, 7d avg +0.049%

Together, before fees+0.399%+ Points / potential airdropAster: Stage 5 · Nado: Active · farm board+$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Nado is 0.222% cheaper against Aster than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.049%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.034% in total (about 3.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PONSUSDT	0.5959	0.0465	pay 0.0232% / 4h	1h 05m	$1.1M	$2.2M	20x
Short	Nado PONS-PERP	0.5949	0.0100	get 0.0012% / 1h	5m 37s	$70K	$130K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.173%Rate

Funding earned: −$76.61
Price spread: −0.173% → +0.049%: −$22.23
Slippage, 4 orders: −$106.3
Fee Aster: 4 bp × 2 orders: −$8
Fee Nado: 0 bp × 2 orders: $0
Net: −$213.14
Costs to cover: 1.143%
Break-even: never at this rate

Slippage from Aster: live order book, 3 min ago; Nado: live order book, 28 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	3.97 bp	10.7 bp −$11	29.4 bp −$294	doesn't fit	doesn't fit
Sell Nado live order book, 28 min ago	16.33 bp	49.1 bp −$49	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 +0.0032% / S −0.0030%	1h	0.5954	−0.086%	$244K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−0.344%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5947	−0.201%	$22K	$420K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5964	+0.079%	$2K	$3K	10x	as long as short
Nado PONS-PERPshort	+0.0100%	1h	0.5949	−0.173%	$70K	$130K	5x
ApeX Omni PONSUSDT	+0.0100%	1h	0.5921	−0.641%	$29K	$314K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5960	+0.017%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5962	+0.059%	$26K	$581K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5960	+0.012%	$65K	$526K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5954	−0.084%	$1.6M	$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
Lighter RH PONS	+0.0112%	1h	0.5956	−0.052%	$412K	$2.6M	3x	as long as short
Aevo PONS-PERP	+0.0200%	1h	0.5957	−0.028%	$371	—	3x	as long as short
Hyperliquid PONS	+0.0304%	1h	0.5957	−0.035%	$60.5M	$29.5M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0419%	4h	0.5952	−0.117%	$13.4M	$55.6M	20x	as long as short
Aster PONSUSDTlong	+0.0465%	4h	0.5959	long leg	$1.1M	$2.2M	20x
Extended PONS-USD	+0.0488%	1h	0.5954	−0.078%	$102K	$807K	5x	as long as short
MEXC PONS_USDT	+0.0488%	4h	0.5957	−0.033%	$7.7M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0490%	4h	0.5950	−0.151%	$37.5M	$98.0M	20x	as long as short
edgeX PONSUSDC	+0.0500%	4h	0.5918	−0.696%	$20K	$290K	10x	as long as short
Variational Omni PONS	+0.0548%	4h	0.5964	+0.092%	$1.4M	$4.1M	—	as long as short
Pacifica PONS	+0.0556%	1h	0.5957	−0.030%	$45K	$68K	3x	as long as short
KuCoin PONSUSDTM	+0.0596%	4h	0.5958	−0.016%	$1.6M	$3.8M	20x	as long as short
BingX PONS-USDT	+0.0656%	4h	0.5954	−0.084%	—	$3.0M	—	as long as short
Polymarket Perps PONS-USD	+0.0657%	1h	0.5960	+0.017%	$87K	$1.9M	3x	as long as short
Bybit PONSUSDT	+0.0661%	4h	0.5948	−0.184%	$17.6M	$31.2M	20x	as long as short
Bitget PONSUSDT	+0.0688%	4h	0.5960	+0.015%	$4.7M	$12.2M	20x	as long as short
BloFin PONS-USDT	+0.0723%	4h	0.5934	−0.419%	$1.7M	$944K	20x	as long as short
Gate PONS_USDT	+0.0732%	4h	0.5955	−0.067%	$5.3M	$6.3M	20x	as long as short
Lighter PONS	+0.0912%	1h	0.5959	−0.001%	$1.7M	$832K	3x	as long as short
Phoenix PONS	+0.1472%	1h	0.5918	−0.686%	$45K	$127K	3x	as long as short