Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.1051%/8h= −115.0% APRpaid last 24h −0.351%

Price spread now: Aster against Phoenix−0.040%45s7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$257as in the Funding arb table

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

costs, in and out, $10k−$640.635% of the position

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−1.938%−$194 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now −0.040%, 7d avg −0.052%

Together, before fees−1.974%+ Points / potential airdropAster: Stage 5 · farm board−$197 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.052%, so right now this pair is about funding alone: −$32 a day on $10k at the current rate. The two prices were read 45 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	Phoenix PONS	0.6441	0.1439	pay 0.0180% / 1h	10m 37s	$49K	$153K	3x
Short	Aster PONSUSDT	0.6438	0.0388	get 0.0194% / 4h	10m 37s	$1.2M	$2.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$220.62
Price spread: −0.040% → −0.052%: $1.12
Slippage, 4 orders: −$48.53
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$283.04
Costs to cover: 0.635%
Break-even: never at this rate

Slippage from Phoenix: live order book, 23 min ago; Aster: live order book, 1 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 Phoenix live order book, 23 min ago	4.55 bp	20.7 bp −$21	67.5 bp −$675	doesn't fit	doesn't fit
Sell Aster live order book, 1 min ago	5.20 bp	11.5 bp −$12	35.7 bp −$357	doesn't fit	doesn't fit

PONS on 30 exchanges

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 +0.0031% / S −0.0029%	1h	0.6420	−0.312%	$253K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−7.794%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6443	+0.039%	$21K	$413K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6431	−0.148%	$75K	$94K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6412	−0.438%	$32K	$284K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6438	−0.040%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6429	−0.183%	—	$808K	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6438	−0.036%	$27K	$598K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6433	−0.118%	$67K	$556K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6437	−0.054%	$1.7M	$3.2M	20x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PONS-PERP	+0.0224%	1h	0.6425	−0.241%	$400	—	3x	as long as short
Hyperliquid PONS	+0.0256%	1h	0.6434	−0.093%	$65.6M	$29.6M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0286%	4h	0.6439	−0.023%	$14.2M	$60.7M	20x	as long as short
Aster PONSUSDTshort	+0.0388%	4h	0.6438	−0.040%	$1.2M	$2.1M	20x
Pacifica PONS	+0.0517%	1h	0.6438	−0.033%	$47K	$73K	3x	as long as short
KuCoin PONSUSDTM	+0.0550%	4h	0.6441	+0.005%	$1.8M	$4.3M	20x	as long as short
Lighter RH PONS	+0.0560%	1h	0.6438	−0.039%	$448K	$2.6M	3x	as long as short
Binance PONSUSDT	+0.0561%	4h	0.6442	+0.023%	$41.7M	$98.7M	20x	as long as short
Variational Omni PONS	+0.0564%	4h	0.6434	−0.097%	$1.5M	$3.7M	—	as long as short
MEXC PONS_USDT	+0.0566%	4h	0.6441	+0.008%	$7.8M	$4.6M	20x	as long as short
Extended PONS-USD	+0.0568%	1h	0.6440	−0.011%	$185K	$821K	5x	as long as short
edgeX PONSUSDC	+0.0568%	4h	0.6432	−0.136%	$18K	$294K	10x	as long as short
Bitget PONSUSDT	+0.0662%	4h	0.6444	+0.053%	$5.1M	$13.1M	20x	as long as short
BingX PONS-USDT	+0.0702%	4h	0.6431	−0.148%	—	$3.1M	—	as long as short
Polymarket Perps PONS-USD	+0.0738%	1h	0.6430	−0.163%	$73K	$2.1M	3x	as long as short
Bybit PONSUSDT	+0.0761%	4h	0.6437	−0.054%	$19.4M	$31.5M	20x	as long as short
BloFin PONS-USDT	+0.0808%	4h	0.6444	+0.054%	$1.9M	$1.1M	20x	as long as short
Lighter PONS	+0.0848%	1h	0.6439	−0.025%	$1.8M	$850K	3x	as long as short
Phoenix PONSlong	+0.1439%	1h	0.6441	long leg	$49K	$153K	3x
Gate PONS_USDT	+0.1496%	4h	0.6430	−0.163%	$5.5M	$6.6M	20x	as long as short