Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0321%/8h= −35.1% APRpaid last 24h −0.118%

Price spread now: Aster against Lighter+0.053%7-day average −0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$360.357% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.793%−$79 on $10k

Price spread, last 7 days−0.220%−$22 · spread now +0.053%, 7d avg −0.066%

Together, before fees−1.013%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board−$101 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.119% dearer against Lighter than usual: you sell high and buy low (spread +0.053% now, against its 7-day average of −0.066%): +$12 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.6207	0.0752	pay 0.0094% / 1h	44m 55s	$1.7M	$867K	3x
Short	Aster PONSUSDT	0.6210	0.0431	get 0.0216% / 4h	3h 44m	$1.1M	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$67.37
Price spread: +0.053% → −0.066%: $11.93
Slippage, 4 orders: −$27.72
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$91.16
Costs to cover: 0.357%
Break-even: never at this rate

Slippage from Lighter: live order book, 2 min ago; Aster: live order book, 3 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 Lighter live order book, 2 min ago	4.67 bp	4.7 bp −$5	12.9 bp −$129	doesn't fit	doesn't fit
Sell Aster live order book, 3 min ago	4.75 bp	10.8 bp −$11	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
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0030%	1h	0.6196	−0.173%	$242K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−4.326%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6205	−0.032%	$23K	$437K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6210	+0.046%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6193	−0.232%	$31K	$293K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6195	−0.193%	$72K	$2.3M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6210	+0.048%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6204	−0.047%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6208	+0.008%	$26K	$615K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6221	+0.230%	$66K	$527K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.6206	−0.016%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0240%	1h	0.6209	+0.032%	$387	—	3x	as long as short
Hyperliquid PONS	+0.0307%	1h	0.6214	+0.119%	$63.6M	$30.8M	3x	as long as short
Lighter RH PONS	+0.0312%	1h	0.6205	−0.032%	$420K	$2.7M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0392%	4h	0.6210	+0.048%	$14.1M	$60.9M	20x	as long as short
Aster PONSUSDTshort	+0.0431%	4h	0.6210	+0.053%	$1.1M	$2.3M	20x
KuCoin PONSUSDTM	+0.0468%	4h	0.6217	+0.155%	$1.6M	$4.0M	20x	as long as short
Gate PONS_USDT	+0.0548%	4h	0.6202	−0.081%	$5.4M	$6.3M	20x	as long as short
Variational Omni PONS	+0.0551%	4h	0.6199	−0.129%	$1.5M	$4.4M	—	as long as short
Binance PONSUSDT	+0.0623%	4h	0.6215	+0.129%	$40.6M	$104.4M	20x	as long as short
Extended PONS-USD	+0.0624%	1h	0.6211	+0.068%	$104K	$828K	5x	as long as short
MEXC PONS_USDT	+0.0624%	4h	0.6216	+0.145%	$7.9M	$4.6M	20x	as long as short
edgeX PONSUSDC	+0.0637%	4h	0.6186	−0.334%	$20K	$292K	10x	as long as short
Bitget PONSUSDT	+0.0696%	4h	0.6217	+0.166%	$4.9M	$13.1M	20x	as long as short
Lighter PONSlong	+0.0752%	1h	0.6207	long leg	$1.7M	$867K	3x
Pacifica PONS	+0.0853%	1h	0.6205	−0.032%	$47K	$77K	3x	as long as short
BloFin PONS-USDT	+0.0863%	4h	0.6207	0.000%	$1.8M	$1.1M	20x	as long as short
BingX PONS-USDT	+0.0964%	4h	0.6211	+0.064%	—	$3.3M	—	as long as short
Bybit PONSUSDT	+0.1078%	4h	0.6212	+0.081%	$18.8M	$33.2M	20x	as long as short
Phoenix PONS	+0.1714%	1h	0.6205	−0.026%	$47K	$159K	3x	as long as short