Funding arb · Price arb /

PNUT

all PNUT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1028%/8h= +112.6% APRpaid last 24h +0.329%

Price spread now: Coinbase International against Binance+1.233%7-day average +0.607% · you sell dearer than you buy

Net, funding: paid 7d − costs+$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$750.752% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.658%+$166 on $10k

Price spread, last 4 days (all we have)−0.713%−$71 · spread now +1.233%, 7d avg +0.607%

Together, before fees+0.945%+$95 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$31 a day on $10k at the current rate, and Coinbase International is 0.625% dearer against Binance than usual: you sell high and buy low: +$63 more if the spread goes back to its 7-day average of +0.607%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PNUTUSDT	0.05598	0.0100	pay 0.0050% / 4h	53m 28s	$5.3M	$10.0M	50x
Short	Coinbase International PNUT-PERP-INTX	0.05667	0.1128	get 0.0141% / 1h	53m 28s	$360K	$52K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now +1.233%Rate

Funding earned: $215.88
Price spread: +1.233% → +0.607%: $62.52
Slippage, 4 orders: −$55.17
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $203.23
Costs to cover: 0.752%
Break-even: 0.4 days

Slippage from Binance: live order book, 1 min ago; Coinbase International: 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 Binance live order book, 1 min ago	0.89 bp	14.4 bp −$14	55.5 bp −$555	4293.6 bp −$429.4K	doesn't fit
Sell Coinbase International live order book, 5 min ago	12.55 bp	28.8 bp −$29	doesn't fit	doesn't fit	doesn't fit

PNUT on 16 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
OKX PNUT-USDT-SWAP	−0.0030%	4h	0.05590	−0.143%	$1.7M	$5.8M	20x	as long as short
Deribit PNUT_USDC-PERPETUAL	0.0000%	1h	0.05597	−0.018%	$4	—	10x	as long as short
BloFin PNUT-USDT	+0.0071%	4h	0.05595	−0.054%	$286K	$26K	50x	as long as short
Aster PNUTUSDT	+0.0100%	4h	0.05601	+0.054%	$3K	$18K	5x	as long as short
Binance PNUTUSDTlong	+0.0100%	4h	0.05598	long leg	$5.3M	$10.0M	50x
Bybit PNUTUSDT	+0.0100%	4h	0.05597	−0.018%	$2.6M	$1.3M	50x	as long as short
Gate PNUT_USDT	+0.0100%	4h	0.05598	0.000%	$882K	$1.1M	50x	as long as short
MEXC PNUT_USDT	+0.0100%	4h	0.05596	−0.036%	$1.2M	$405K	100x	as long as short
Bitget PNUTUSDT	+0.0100%	4h	0.05597	−0.018%	$760K	$1.1M	50x	as long as short
BingX PNUT-USDC	+0.0100%	4h	0.05597	−0.018%	—	$6.5M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PNUT	+0.0100%	4h	0.05600	+0.028%	$32	$2K	—	as long as short
Extended PNUT-USD	+0.0104%	1h	0.05596	−0.043%	$6K	$140K	5x	as long as short
KuCoin PNUTUSDTM	+0.0136%	4h	0.05599	+0.018%	$1.1M	$121K	30x	as long as short
Kraken Futures PF_PNUTUSD	+0.0867%	1h	0.05598	−0.005%	$24K	$14K	10x	as long as short
Coinbase International PNUT-PERP-INTXshort	+0.1128%	1h	0.05667	+1.233%	$360K	$52K	50x
Hyperliquid PNUT	+0.1249%	1h	0.05612	+0.250%	$1.6M	$481K	3x	as long as short