Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0422%/8h= −46.2% APRpaid last 24h −0.074%

Price spread now: Injective against Aster−4.692%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Aster Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Injective is 4.692% cheaper against Aster than usual: you would sell low and buy high (−$469 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PONSUSDT	0.6231	0.0456	pay 0.0228% / 4h	3h 57m	$1.1M	$2.3M	20x
Short	Injective PONS/USDC PERP	0.5938	0.0033	get 0.0004% / 1h	57m 10s	$610	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −4.692%Rate

Funding earned: −$88.69
Price spread: −4.692% → 0.000%: −$469.23
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$565.94
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Aster: live order book, 1 min ago; Injective: no order-book sample. Net counts fees only.

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, 1 min ago	3.84 bp	10.9 bp −$11	34.9 bp −$349	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Phemex PONSUSDT	−0.6278%	4h	0.6232	+0.018%	$1.7M	$3.2M	20x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0030%	1h	0.6219	−0.191%	$243K	—	150x	as long as short
Injective PONS/USDC PERPshort	+0.0033%	1h	0.5938	−4.692%	$610	$10K	5.5x
Popdex PONSUSDT	+0.0096%	1h	0.6229	−0.030%	$23K	$456K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.6223	−0.134%	$73K	$130K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6202	−0.465%	$31K	$299K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6207	−0.383%	$73K	$2.3M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6239	+0.126%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6229	−0.033%	—	$1.2M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6233	+0.034%	$26K	$610K	3x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX PONS-USDT	+0.0100%	4h	0.6256	+0.395%	$67K	$533K	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.6232	+0.018%	$388	—	3x	as long as short
Hyperliquid PONS	+0.0264%	1h	0.6240	+0.150%	$63.9M	$31.0M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0389%	4h	0.6239	+0.130%	$14.1M	$61.2M	20x	as long as short
Aster PONSUSDTlong	+0.0456%	4h	0.6231	long leg	$1.1M	$2.3M	20x
KuCoin PONSUSDTM	+0.0482%	4h	0.6230	−0.016%	$1.6M	$4.1M	20x	as long as short
Variational Omni PONS	+0.0494%	4h	0.6148	−1.335%	$1.6M	$4.3M	—	as long as short
edgeX PONSUSDC	+0.0598%	4h	0.6206	−0.394%	$20K	$290K	10x	as long as short
Extended PONS-USD	+0.0600%	1h	0.6227	−0.063%	$105K	$832K	5x	as long as short
MEXC PONS_USDT	+0.0602%	4h	0.6231	+0.002%	$7.9M	$4.6M	20x	as long as short
Binance PONSUSDT	+0.0603%	4h	0.6233	+0.033%	$40.5M	$106.1M	20x	as long as short
BingX PONS-USDT	+0.0648%	4h	0.6237	+0.098%	—	$3.3M	—	as long as short
Bitget PONSUSDT	+0.0680%	4h	0.6241	+0.156%	$5.0M	$13.0M	20x	as long as short
Lighter RH PONS	+0.0696%	1h	0.6229	−0.030%	$423K	$2.6M	3x	as long as short
BloFin PONS-USDT	+0.0843%	4h	0.6239	+0.130%	$1.8M	$1.1M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6239	+0.130%	$47K	$77K	3x	as long as short
Lighter PONS	+0.1104%	1h	0.6234	+0.052%	$1.7M	$841K	3x	as long as short
Phoenix PONS	+0.1405%	1h	0.6261	+0.485%	$48K	$159K	3x	as long as short
Bybit PONSUSDT	+0.1601%	4h	0.6241	+0.163%	$18.7M	$33.1M	20x	as long as short
Gate PONS_USDT	+0.3216%	4h	0.6223	−0.126%	$5.4M	$6.3M	20x	as long as short