Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0053%/8h= +5.8% APRpaid last 24h −0.141%

Price spread now: Aster against Lighter−0.054%7-day average −0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$350.353% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.785%−$79 on $10k

Price spread, last 7 days−0.015%−$1 · spread now −0.054%, 7d avg −0.066%

Together, before fees−0.800%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board−$80 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.066%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.785%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PONS	0.5908	0.0456	pay 0.0057% / 1h	1m 03s	$1.6M	$897K	3x
Short	Aster PONSUSDT	0.5905	0.0509	get 0.0254% / 4h	3h 01m	$1.1M	$2.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now −0.054%Rate

Funding earned: $11.11
Price spread: −0.054% → −0.066%: $1.15
Slippage, 4 orders: −$27.3
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$23.04
Costs to cover: 0.353%
Break-even: 21.5 days

Slippage from Lighter: live order book, 5 min ago; Aster: live order book, 2 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 Lighter live order book, 5 min ago	2.28 bp	7.1 bp −$7	14.1 bp −$141	doesn't fit	doesn't fit
Sell Aster live order book, 2 min ago	4.22 bp	12.0 bp −$12	40.8 bp −$408	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	0.5898	−0.176%	$234K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+1.043%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5905	−0.049%	$416K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5911	+0.052%	$21K	$417K	20x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5908	+0.002%	$69K	$130K	5x	as long as short
Gate PONS_USDT	+0.0100%	4h	0.5907	−0.015%	$5.2M	$6.3M	20x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5930	+0.377%	$34K	$337K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5912	+0.064%	$2K	$3K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5905	−0.052%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5906	−0.029%	$25K	$543K	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	0.5928	+0.335%	$64K	$513K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5912	+0.069%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0232%	1h	0.5907	−0.012%	$368	—	3x	as long as short
OKX PONS-USDT-SWAP	+0.0370%	4h	0.5906	−0.032%	$13.4M	$54.5M	20x	as long as short
Lighter PONSlong	+0.0456%	1h	0.5908	long leg	$1.6M	$897K	3x
Hyperliquid PONS	+0.0460%	1h	0.5906	−0.027%	$59.9M	$28.9M	3x	as long as short
Variational Omni PONS	+0.0495%	4h	0.5904	−0.067%	$1.4M	$4.1M	—	as long as short
Aster PONSUSDTshort	+0.0509%	4h	0.5905	−0.054%	$1.1M	$2.2M	20x
Bitget PONSUSDT	+0.0544%	4h	0.5907	−0.007%	$4.6M	$11.7M	20x	as long as short
MEXC PONS_USDT	+0.0612%	4h	0.5908	+0.002%	$7.5M	$4.8M	20x	as long as short
Binance PONSUSDT	+0.0614%	4h	0.5909	+0.015%	$38.6M	$94.6M	20x	as long as short
edgeX PONSUSDC	+0.0614%	4h	0.5928	+0.341%	$18K	$294K	10x	as long as short
Extended PONS-USD	+0.0616%	1h	0.5906	−0.039%	$106K	$807K	5x	as long as short
Polymarket Perps PONS-USD	+0.0734%	1h	0.5908	+0.008%	$81K	$1.7M	3x	as long as short
KuCoin PONSUSDTM	+0.0752%	4h	0.5902	−0.095%	$1.6M	$3.8M	20x	as long as short
BingX PONS-USDT	+0.0782%	4h	0.5909	+0.019%	—	$3.0M	—	as long as short
Bybit PONSUSDT	+0.0828%	4h	0.5904	−0.066%	$17.7M	$31.0M	20x	as long as short
BloFin PONS-USDT	+0.0854%	4h	0.5911	+0.052%	$1.7M	$941K	20x	as long as short
Pacifica PONS	+0.1081%	1h	0.5905	−0.044%	$46K	$68K	3x	as long as short
Phoenix PONS	+0.1586%	1h	0.5931	+0.394%	$45K	$109K	3x	as long as short