Funding arb · Price arb /

PONS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0409%/8h= +44.8% APRpaid last 24h −0.006%

Price spread now: Aster against Nado+0.052%7-day average −0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$1211.209% of the position

Long on Nado Short on Aster

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.015%−$1 on $10k

Price spread, last 4 days (all we have)−0.319%−$32 · spread now +0.052%, 7d avg −0.047%

Together, before fees−0.334%+ Points / potential airdropNado: Active · Aster: Stage 5 · farm board−$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Aster is 0.098% dearer against Nado than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.047%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.015% in total (about -1.5% 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	Nado PONS-PERP	0.6393	0.0100	pay 0.0012% / 1h	3m 06s	$74K	$130K	5x
Short	Aster PONSUSDT	0.6396	0.0509	get 0.0254% / 4h	3h 03m	$1.2M	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Nado. 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 NadobpFee AsterbpOrdersPrice spread, now +0.052%Rate

Funding earned: $85.84
Price spread: +0.052% → −0.047%: $9.82
Slippage, 4 orders: −$112.85
Fee Nado: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$25.2
Costs to cover: 1.209%
Break-even: 9.1 days

Slippage from Nado: live order book, 20 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 Nado live order book, 20 min ago	16.15 bp	51.7 bp −$52	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	3.91 bp	11.6 bp −$12	47.3 bp −$473	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 +0.0032% / S −0.0030%	1h	0.6388	−0.071%	$251K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5938	−7.107%	$610	$10K	5.5x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.6401	+0.128%	$20K	$424K	20x	as long as short
Nado PONS-PERPlong	+0.0100%	1h	0.6393	long leg	$74K	$130K	5x
ApeX Omni PONSUSDT	+0.0100%	1h	0.6385	−0.117%	$32K	$286K	5x	as long as short
Polymarket Perps PONS-USD	+0.0100%	1h	0.6392	−0.013%	$75K	$2.2M	3x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.6395	+0.036%	$2K	$4K	10x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.6397	+0.067%	—	$1.1M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.6398	+0.081%	$27K	$626K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.6393	+0.005%	$67K	$529K	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	0.6395	+0.034%	$1.7M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0272%	1h	0.6391	−0.036%	$398	—	3x	as long as short
Hyperliquid PONS	+0.0403%	1h	0.6397	+0.067%	$65.6M	$31.0M	3x	as long as short
OKX PONS-USDT-SWAP	+0.0479%	4h	0.6392	−0.013%	$14.7M	$61.5M	20x	as long as short
Aster PONSUSDTshort	+0.0509%	4h	0.6396	+0.052%	$1.2M	$2.3M	20x
KuCoin PONSUSDTM	+0.0572%	4h	0.6401	+0.122%	$1.8M	$4.2M	20x	as long as short
Lighter RH PONS	+0.0592%	1h	0.6400	+0.114%	$436K	$2.7M	3x	as long as short
Variational Omni PONS	+0.0702%	4h	0.6380	−0.193%	$1.6M	$4.5M	—	as long as short
edgeX PONSUSDC	+0.0751%	4h	0.6394	+0.019%	$19K	$294K	10x	as long as short
Lighter PONS	+0.0752%	1h	0.6398	+0.081%	$1.8M	$880K	3x	as long as short
MEXC PONS_USDT	+0.0754%	4h	0.6397	+0.066%	$8.1M	$4.9M	20x	as long as short
Binance PONSUSDT	+0.0757%	4h	0.6389	−0.060%	$42.3M	$103.5M	20x	as long as short
Extended PONS-USD	+0.0760%	1h	0.6395	+0.040%	$107K	$807K	5x	as long as short
Bitget PONSUSDT	+0.0780%	4h	0.6402	+0.145%	$5.2M	$13.4M	20x	as long as short
Pacifica PONS	+0.0853%	1h	0.6391	−0.032%	$48K	$77K	3x	as long as short
BloFin PONS-USDT	+0.0997%	4h	0.6399	+0.097%	$1.9M	$1.1M	20x	as long as short
BingX PONS-USDT	+0.1201%	4h	0.6390	−0.044%	—	$3.1M	—	as long as short
Bybit PONSUSDT	+0.1242%	4h	0.6398	+0.081%	$19.5M	$33.3M	20x	as long as short
Phoenix PONS	+0.1714%	1h	0.6377	−0.241%	$49K	$159K	3x	as long as short
Gate PONS_USDT	+0.3192%	4h	0.6395	+0.034%	$5.6M	$6.6M	20x	as long as short