Funding arb · Price arb /

PNUT

all PNUT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1372%/8h= +150.2% APRpaid last 24h +0.333%

Price spread now: Coinbase International against Bybit+0.769%7-day average +0.662% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.678%+$168 on $10k

Price spread, last 4 days (all we have)−0.113%−$11 · spread now +0.769%, 7d avg +0.662%

Together, before fees+1.564%+$156 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$41 a day on $10k at the current rate, and Coinbase International is 0.107% dearer against Bybit than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.662%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PNUTUSDT	0.05718	0.0100	pay 0.0050% / 4h	2h 00m	$2.6M	$1.5M	50x
Short	Coinbase International PNUT-PERP-INTX	0.05762	0.1472	get 0.0184% / 1h	0m 02s	$366K	$42K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.769%Rate

Funding earned: $288.12
Price spread: +0.769% → +0.662%: $10.71
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $277.83
Costs to cover: 0.210%
Break-even: 0.2 days

Slippage unknown: Bybit: live order book, 2 min ago; Coinbase International: live order book, 48 min ago. Net counts fees only.

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 Bybit live order book, 2 min ago	4.38 bp	35.0 bp −$35	1969.9 bp −$19.7K	doesn't fit	doesn't fit
Sell Coinbase International live order book, 48 min ago	20.28 bp	54.9 bp −$55	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	+0.0062%	4h	0.05715	−0.052%	$1.7M	$6.5M	20x	as long as short
BloFin PNUT-USDT	+0.0077%	4h	0.05725	+0.122%	$289K	$27K	50x	as long as short
Aster PNUTUSDT	+0.0100%	4h	0.05720	+0.039%	$3K	$19K	5x	as long as short
Binance PNUTUSDT	+0.0100%	4h	0.05720	+0.035%	$5.5M	$11.0M	50x	as long as short
Bybit PNUTUSDTlong	+0.0100%	4h	0.05718	long leg	$2.6M	$1.5M	50x
Gate PNUT_USDT	+0.0100%	4h	0.05717	−0.017%	$897K	$1.3M	50x	as long as short
MEXC PNUT_USDT	+0.0100%	4h	0.05720	+0.035%	$1.1M	$450K	100x	as long as short
Bitget PNUTUSDT	+0.0100%	4h	0.05718	0.000%	$783K	$1.1M	50x	as long as short
BingX PNUT-USDT	+0.0100%	4h	0.05716	−0.035%	—	$6.6M	—	as long as short
Variational Omni PNUT	+0.0100%	4h	0.05710	−0.132%	$33	$2K	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PNUT-USD	+0.0104%	1h	0.05718	+0.007%	$6K	$81K	5x	as long as short
Deribit PNUT_USDC-PERPETUAL	+0.0274%	1h	0.05727	+0.157%	$4	—	10x	as long as short
KuCoin PNUTUSDTM	+0.0280%	4h	0.05730	+0.210%	$1.1M	$113K	30x	as long as short
Hyperliquid PNUT	+0.0812%	1h	0.05733	+0.262%	$1.7M	$511K	3x	as long as short
Kraken Futures PF_PNUTUSD	+0.0926%	1h	0.05726	+0.134%	$25K	$13K	10x	as long as short
Coinbase International PNUT-PERP-INTXshort	+0.1472%	1h	0.05762	+0.769%	$366K	$42K	50x