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: Binance against Coinbase International−1.801%7-day average −0.628% · you buy dearer than you sell

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

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−1.677%−$168 on $10k

Price spread, last 4 days (all we have)+1.081%+$108 · spread now −1.801%, 7d avg −0.628%

Together, before fees−0.597%−$60 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$41 a day on $10k at the current rate, and Binance is 1.173% cheaper against Coinbase International than usual: you would sell low and buy high (−$117 if the spread goes back to its 7-day average of −0.628%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PNUT-PERP-INTX	0.05735	0.1472	pay 0.0184% / 1h	42m 34s	$364K	$40K	50x
Short	Binance PNUTUSDT	0.05632	0.0100	get 0.0050% / 4h	2h 42m	$5.4M	$10.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now −1.801%Rate

Funding earned: −$288.12
Price spread: −1.801% → −0.628%: −$117.32
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$425.44
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 5 min ago; Binance: live order book, 12 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 Coinbase International live order book, 5 min ago	20.28 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 12 min ago	0.89 bp	16.6 bp −$17	53.4 bp −$534	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
BloFin PNUT-USDT	−0.0062%	4h	0.05628	−1.866%	$288K	$26K	50x	as long as short
Bybit PNUTUSDT	−0.0042%	4h	0.05631	−1.813%	$2.6M	$1.5M	50x	as long as short
OKX PNUT-USDT-SWAP	−0.0026%	4h	0.05622	−1.970%	$1.7M	$6.3M	20x	as long as short
Aster PNUTUSDT	+0.0100%	4h	0.05633	−1.777%	$3K	$19K	5x	as long as short
Binance PNUTUSDTshort	+0.0100%	4h	0.05632	−1.801%	$5.4M	$10.8M	50x
Gate PNUT_USDT	+0.0100%	4h	0.05635	−1.744%	$901K	$1.2M	50x	as long as short
MEXC PNUT_USDT	+0.0100%	4h	0.05632	−1.796%	$1.1M	$431K	100x	as long as short
Bitget PNUTUSDT	+0.0100%	4h	0.05629	−1.848%	$782K	$1.2M	50x	as long as short
BingX PNUT-USDT	+0.0100%	4h	0.05630	−1.831%	—	$6.6M	—	as long as short
Variational Omni PNUT	+0.0100%	4h	0.05642	−1.630%	$32	$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	0.05633	−1.787%	$7K	$79K	5x	as long as short
KuCoin PNUTUSDTM	+0.0178%	4h	0.05639	−1.674%	$1.1M	$112K	30x	as long as short
Deribit PNUT_USDC-PERPETUAL	+0.0460%	1h	0.05638	−1.691%	$4	—	10x	as long as short
Hyperliquid PNUT	+0.0910%	1h	0.05650	−1.482%	$1.6M	$509K	3x	as long as short
Kraken Futures PF_PNUTUSD	+0.0939%	1h	0.05641	−1.644%	$24K	$13K	10x	as long as short
Coinbase International PNUT-PERP-INTXlong	+0.1472%	1h	0.05735	long leg	$364K	$40K	50x