Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0379%/8h= −41.6% APRpaid last 24h +0.081%

Price spread now: Lighter RH against Aster+0.111%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$380.377% of the position

Long on Aster Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.301%+$30 on $10k

Price spread, last 7 days+0.107%+$11 · spread now +0.111%, 7d avg +0.050%

Together, before fees+0.409%+ Points / potential airdropAster: Stage 5 · Lighter RH: Points live · farm board+$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter RH is 0.061% dearer against Aster than usual: you sell high and buy low (spread +0.111% now, against its 7-day average of +0.050%): +$6 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 13 hours. Mind the row above: over the last 7 days funding on this pair paid +0.301%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PONSUSDT	0.5904	0.0475	pay 0.0238% / 4h	1h 57m	$1.1M	$2.2M	20x
Short	Lighter RH PONS	0.5911	0.0096	get 0.0012% / 1h	57m 38s	$408K	$2.5M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.111%Rate

Funding earned: −$79.69
Price spread: +0.111% → +0.050%: $6.05
Slippage, 4 orders: −$29.74
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$111.38
Costs to cover: 0.377%
Break-even: never at this rate

Slippage from Aster: live order book, 1 min ago; Lighter RH: live order book, 5 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, 1 min ago	4.39 bp	9.9 bp −$10	27.1 bp −$271	doesn't fit	doesn't fit
Sell Lighter RH live order book, 5 min ago	4.32 bp	9.3 bp −$9	46.8 bp −$468	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	0.5910	+0.088%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+1.103%	$614	$10K	5.5x	as long as short
Lighter RH PONSshort	+0.0096%	1h	0.5911	+0.111%	$408K	$2.5M	3x
Popdex PONSUSDT	+0.0096%	1h	0.5901	−0.057%	$21K	$422K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5923	+0.310%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5901	−0.057%	$69K	$131K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5913	+0.148%	$29K	$329K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5924	+0.326%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5917	+0.212%	$25K	$589K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5923	+0.317%	$64K	$524K	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	0.5914	+0.163%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5917	+0.205%	$369	—	3x	as long as short
Gate PONS_USDT	+0.0260%	4h	0.5897	−0.125%	$5.2M	$6.3M	20x	as long as short
Hyperliquid PONS	+0.0318%	1h	0.5915	+0.180%	$60.1M	$29.6M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0420%	4h	0.5902	−0.040%	$13.3M	$55.6M	20x	as long as short
Aster PONSUSDTlong	+0.0475%	4h	0.5904	long leg	$1.1M	$2.2M	20x
Pacifica PONS	+0.0556%	1h	0.5907	+0.049%	$45K	$69K	3x	as long as short
MEXC PONS_USDT	+0.0580%	4h	0.5908	+0.062%	$7.5M	$4.7M	20x	as long as short
Binance PONSUSDT	+0.0582%	4h	0.5903	−0.021%	$37.2M	$98.5M	20x	as long as short
Extended PONS-USD	+0.0584%	1h	0.5902	−0.042%	$101K	$811K	5x	as long as short
edgeX PONSUSDC	+0.0599%	4h	0.5920	+0.260%	$20K	$293K	10x	as long as short
Bitget PONSUSDT	+0.0650%	4h	0.5903	−0.027%	$4.7M	$12.2M	20x	as long as short
Variational Omni PONS	+0.0651%	4h	0.5917	+0.221%	$1.4M	$4.1M	—	as long as short
Polymarket Perps PONS-USD	+0.0664%	1h	0.5925	+0.349%	$89K	$1.9M	3x	as long as short
KuCoin PONSUSDTM	+0.0684%	4h	0.5901	−0.062%	$1.6M	$3.8M	20x	as long as short
BloFin PONS-USDT	+0.0829%	4h	0.5919	+0.248%	$1.7M	$959K	20x	as long as short
BingX PONS-USDT	+0.0898%	4h	0.5901	−0.057%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0921%	4h	0.5900	−0.074%	$17.6M	$31.5M	20x	as long as short
Lighter PONS	+0.0976%	1h	0.5911	+0.111%	$1.6M	$822K	3x	as long as short
Phoenix PONS	+0.1719%	1h	0.5909	+0.072%	$45K	$120K	3x	as long as short