Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0197%/8h= +21.6% APRpaid last 24h −0.021%

Price spread now: Aster against Nado−0.127%48s7-day average −0.051% · 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—prices read too far apart to compare

costs, in and out, $10k−$1191.193% 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)−0.050%−$5 on $10k

Price spread, last 4 days (all we have)−0.056%−$6 · spread now −0.127%, 7d avg −0.051%

Together, before fees−0.107%+ Points / potential airdropNado: Active · Aster: Stage 5 · farm board−$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aster is 0.076% cheaper against Nado than usual: you would sell low and buy high (spread −0.127% now, against its 7-day average of −0.051%). If the spread goes back, that is −$8 on $10k: about 31 hours of funding at the current rate (+$6 a day). Mind the row above: over the last 3 days funding on this pair cost −0.050%, so the current rate has only just turned in your favour. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.050% in total (about -5.5% 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	Nado PONS-PERP	0.6048	0.0276	pay 0.0034% / 1h	24m 45s	$71K	$129K	5x
Short	Aster PONSUSDT	0.6040	0.0473	get 0.0237% / 4h	24m 45s	$1.1M	$2.1M	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 −0.127%Rate

Funding earned: $41.46
Price spread: −0.127% → −0.051%: −$7.6
Slippage, 4 orders: −$111.27
Fee Nado: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$85.41
Costs to cover: 1.193%
Break-even: 21.4 days

Slippage from Nado: live order book, 24 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, 24 min ago	17.02 bp	49.7 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 4 min ago	3.26 bp	10.1 bp −$10	46.5 bp −$465	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 +0.0033% / S −0.0032%	1h	0.6037	−0.170%	$240K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	−1.292%	$614	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6046	−0.027%	$20K	$435K	20x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.6029	−0.308%	$5.3M	$6.3M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6000	−0.779%	$34K	$348K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6049	+0.026%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6051	+0.058%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6041	−0.109%	$26K	$533K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6060	+0.198%	$66K	$512K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6032	−0.258%	$1.7M	$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
Aevo PONS-PERP	+0.0224%	1h	0.6048	−0.002%	$377	—	3x	as long as short
Variational Omni PONS	+0.0242%	4h	0.6026	−0.351%	$1.4M	$4.0M	—	as long as short
Nado PONS-PERPlong	+0.0276%	1h	0.6048	long leg	$71K	$129K	5x
Lighter PONS	+0.0288%	1h	0.6040	−0.129%	$1.7M	$884K	3x	as long as short
OKX PONS-USDT-SWAP	+0.0324%	4h	0.6042	−0.093%	$13.8M	$55.4M	20x	as long as short
Lighter RH PONS	+0.0448%	1h	0.6041	−0.114%	$409K	$2.5M	3x	as long as short
Bybit PONSUSDT	+0.0462%	4h	0.6032	−0.258%	$18.0M	$30.8M	20x	as long as short
Bitget PONSUSDT	+0.0472%	4h	0.6045	−0.050%	$4.6M	$11.5M	20x	as long as short
Aster PONSUSDTshort	+0.0473%	4h	0.6040	−0.127%	$1.1M	$2.1M	20x
BingX PONS-USDT	+0.0542%	4h	0.6044	−0.060%	—	$3.0M	—	as long as short
MEXC PONS_USDT	+0.0574%	4h	0.6042	−0.093%	$7.7M	$4.7M	20x	as long as short
Extended PONS-USD	+0.0584%	1h	0.6044	−0.062%	$108K	$812K	5x	as long as short
edgeX PONSUSDC	+0.0588%	4h	0.6012	−0.585%	$18K	$292K	10x	as long as short
Binance PONSUSDT	+0.0601%	4h	0.6039	−0.142%	$39.5M	$95.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0652%	4h	0.6047	−0.005%	$1.7M	$3.8M	20x	as long as short
Hyperliquid PONS	+0.0762%	1h	0.6045	−0.040%	$61.8M	$28.2M	3x	as long as short
BloFin PONS-USDT	+0.0827%	4h	0.6041	−0.109%	$1.7M	$956K	20x	as long as short
Pacifica PONS	+0.0859%	1h	0.6046	−0.032%	$48K	$67K	3x	as long as short
Polymarket Perps PONS-USD	+0.0917%	1h	0.6048	+0.002%	$69K	$1.6M	3x	as long as short
Phoenix PONS	+0.1736%	1h	0.6020	−0.460%	$31K	$104K	3x	as long as short