Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0695%/8h= −76.2% APRpaid last 24h −0.118%

Price spread now: Aster against Hyperliquid−0.093%7-day average −0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$440.436% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.312%−$31 on $10k

Price spread, last 7 days−0.018%−$2 · spread now −0.093%, 7d avg −0.064%

Together, before fees−0.330%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Aster is 0.029% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.064%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.312% in total (about -16.3% 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	Hyperliquid PONS	0.6097	0.0842	pay 0.0105% / 1h	8m 11s	$62.0M	$29.9M	3x
Short	Aster PONSUSDT	0.6091	0.0147	get 0.0074% / 4h	8m 11s	$1.1M	$2.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hyperliquid. 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 HyperliquidbpFee AsterbpOrdersPrice spread, now −0.093%Rate

Funding earned: −$146.05
Price spread: −0.093% → −0.064%: −$2.92
Slippage, 4 orders: −$26.64
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$192.61
Costs to cover: 0.436%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Aster: 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 Hyperliquid live order book, 5 min ago	0.08 bp	11.7 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	1.80 bp	8.9 bp −$9	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
Injective PONS/USDC PERP	−0.0047%	1h	0.5969	−2.093%	$614	$10K	5.5x	as long as short
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0033%	1h	0.6086	−0.176%	$241K	—	150x	as long as short
Lighter RH PONS	+0.0096%	1h	0.6095	−0.036%	$425K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6104	+0.113%	$20K	$423K	20x	as long as short
Bybit PONSUSDT	+0.0100%	4h	0.6094	−0.051%	$18.3M	$31.4M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.6094	−0.051%	$13.9M	$57.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.6091	−0.106%	$1.4M	$4.2M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.6087	−0.167%	$32K	$359K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6098	+0.008%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6095	−0.039%	—	$1.4M	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX PONS-USD	+0.0100%	1h	0.6095	−0.031%	$28K	$547K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6117	+0.325%	$65K	$510K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.6098	+0.015%	$1.7M	$3.3M	20x	as long as short
KuCoin PONSUSDTM	+0.0130%	4h	0.6093	−0.064%	$1.7M	$3.7M	20x	as long as short
Aster PONSUSDTshort	+0.0147%	4h	0.6091	−0.093%	$1.1M	$2.2M	20x
Aevo PONS-PERP	+0.0152%	1h	0.6086	−0.186%	$379	—	3x	as long as short
Bitget PONSUSDT	+0.0162%	4h	0.6095	−0.033%	$4.7M	$11.7M	20x	as long as short
Nado PONS-PERP	+0.0187%	1h	0.6090	−0.111%	$105K	$116K	5x	as long as short
Extended PONS-USD	+0.0296%	1h	0.6095	−0.027%	$252K	$682K	5x	as long as short
Binance PONSUSDT	+0.0298%	4h	0.6096	−0.018%	$40.0M	$98.3M	20x	as long as short
MEXC PONS_USDT	+0.0302%	4h	0.6097	−0.002%	$8.0M	$4.9M	20x	as long as short
BingX PONS-USDT	+0.0304%	4h	0.6097	−0.002%	—	$3.1M	—	as long as short
edgeX PONSUSDC	+0.0311%	4h	0.6094	−0.054%	$21K	$292K	10x	as long as short
Lighter PONS	+0.0320%	1h	0.6095	−0.031%	$1.7M	$933K	3x	as long as short
BloFin PONS-USDT	+0.0543%	4h	0.6085	−0.198%	$1.8M	$1.0M	20x	as long as short
Polymarket Perps PONS-USD	+0.0647%	1h	0.6094	−0.054%	$42K	$1.7M	3x	as long as short
Hyperliquid PONSlong	+0.0842%	1h	0.6097	long leg	$62.0M	$29.9M	3x
Pacifica PONS	+0.0899%	1h	0.6088	−0.144%	$48K	$96K	3x	as long as short
Phoenix PONS	+0.1307%	1h	0.6100	+0.048%	$31K	$102K	3x	as long as short
Gate PONS_USDT	+0.2310%	4h	0.6092	−0.084%	$5.3M	$6.3M	20x	as long as short