Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0336%/8h= −36.8% APRpaid last 24h −0.045%

Price spread now: Popdex against Aster+0.355%52s7-day average +0.061% · you sell dearer than you buy

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

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

costs, in and out, $10k−$2142.135% of the position

Long on Aster Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.128%−$13 on $10k

Price spread, last 4 days (all we have)−0.335%−$33 · spread now +0.355%, 7d avg +0.061%

Together, before fees−0.463%+ Points / potential airdropAster: Stage 5 · farm board−$46 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Popdex is 0.294% dearer against Aster than usual: you sell high and buy low (spread +0.355% now, against its 7-day average of +0.061%): +$29 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 2.9 days. At the pace of the last 4 days (−0.128% in total) that is about 8.0 days. The two prices were read 52 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	0.6042	0.0432	pay 0.0216% / 4h	1h 59m	$1.1M	$2.0M	20x
Short	Popdex PONSUSDT	0.6063	0.0096	get 0.0012% / 1h	59m 45s	$20K	$423K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Aster. 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 AsterbpFee PopdexbpOrdersPrice spread, now +0.355%Rate

Funding earned: −$70.65
Price spread: +0.355% → +0.061%: $29.37
Slippage, 4 orders: −$199.11
Fee Aster: 4 bp × 2 orders: −$8
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$254.79
Costs to cover: 2.135%
Break-even: never at this rate

Slippage from Aster: live order book, 4 min ago; Popdex: 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 Aster live order book, 4 min ago	3.63 bp	9.8 bp −$10	29.8 bp −$298	doesn't fit	doesn't fit
Sell Popdex live order book, 4 min ago	5.44 bp	92.1 bp −$92	doesn't fit	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	0.6024	−0.298%	$239K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.192%	$614	$10K	5.5x	as long as short
Popdex PONSUSDTshort	+0.0096%	1h	0.6063	+0.355%	$20K	$423K	20x
Variational Omni PONS	+0.0100%	4h	0.6048	+0.106%	$1.4M	$3.9M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6070	+0.474%	$33K	$351K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6044	+0.039%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6055	+0.221%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6035	−0.102%	$26K	$520K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6044	+0.034%	$64K	$508K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6034	−0.125%	$1.6M	$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	+0.0184%	1h	0.6045	+0.057%	$425K	$2.5M	3x	as long as short
Aevo PONS-PERP	+0.0192%	1h	0.6037	−0.079%	$376	—	3x	as long as short
Lighter PONS	+0.0264%	1h	0.6045	+0.062%	$1.7M	$871K	3x	as long as short
OKX PONS-USDT-SWAP	+0.0265%	4h	0.6037	−0.075%	$13.9M	$54.4M	20x	as long as short
Nado PONS-PERP	+0.0284%	1h	0.6063	+0.348%	$71K	$131K	5x	as long as short
KuCoin PONSUSDTM	+0.0316%	4h	0.6046	+0.066%	$1.7M	$3.6M	20x	as long as short
Bitget PONSUSDT	+0.0370%	4h	0.6043	+0.018%	$4.7M	$11.2M	20x	as long as short
Aster PONSUSDTlong	+0.0432%	4h	0.6042	long leg	$1.1M	$2.0M	20x
BingX PONS-USDT	+0.0438%	4h	0.6040	−0.026%	—	$3.0M	—	as long as short
edgeX PONSUSDC	+0.0448%	4h	0.6061	+0.322%	$21K	$293K	10x	as long as short
MEXC PONS_USDT	+0.0452%	4h	0.6046	+0.074%	$7.8M	$4.6M	20x	as long as short
Binance PONSUSDT	+0.0455%	4h	0.6039	−0.036%	$39.5M	$93.7M	20x	as long as short
Extended PONS-USD	+0.0456%	1h	0.6040	−0.033%	$250K	$670K	5x	as long as short
Bybit PONSUSDT	+0.0515%	4h	0.6041	−0.009%	$18.0M	$30.3M	20x	as long as short
Hyperliquid PONS	+0.0626%	1h	0.6054	+0.203%	$61.7M	$27.8M	3x	as long as short
Polymarket Perps PONS-USD	+0.0785%	1h	0.6062	+0.339%	$48K	$1.5M	3x	as long as short
Gate PONS_USDT	+0.0862%	4h	0.6038	−0.059%	$5.3M	$6.1M	20x	as long as short
Pacifica PONS	+0.0869%	1h	0.6042	+0.014%	$48K	$72K	3x	as long as short
Phoenix PONS	+0.1695%	1h	0.6060	+0.314%	$31K	$107K	3x	as long as short