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: BingX against Coinbase International−0.284%7-day average −0.620% · you buy dearer than you sell

Net, funding: paid 7d − costs−$244as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$800.802% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.633%−$163 on $10k

Price spread, last 4 days (all we have)−0.120%−$12 · spread now −0.284%, 7d avg −0.620%

Together, before fees−1.753%−$175 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.336% dearer against Coinbase International than usual: you sell high and buy low (spread −0.284% now, against its 7-day average of −0.620%): +$34 on $10k if it goes back. Holding the pair costs −$31 a day in funding at the current rate, which eats that in about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PNUT-PERP-INTX	0.05637	0.1128	pay 0.0141% / 1h	30m 27s	$358K	$53K	50x
Short	BingX PNUT-USDT	0.05621	0.0100	get 0.0050% / 4h	30m 27s	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.284%Rate

Funding earned: −$215.88
Price spread: −0.284% → −0.620%: $33.65
Slippage, 4 orders: −$60.24
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$262.47
Costs to cover: 0.802%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 28 min ago; BingX: live order book, 6 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 Coinbase International live order book, 28 min ago	12.55 bp	17.5 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	3.59 bp	17.5 bp −$18	46.4 bp −$464	509.3 bp −$50.9K	948.6 bp −$474.3K

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	+0.0050%	4h	0.05619	−0.319%	$1.6M	$6.0M	20x	as long as short
Aster PNUTUSDT	+0.0100%	4h	0.05633	−0.077%	$3K	$18K	5x	as long as short
Binance PNUTUSDT	+0.0100%	4h	0.05628	−0.156%	$5.3M	$10.0M	50x	as long as short
Bybit PNUTUSDT	+0.0100%	4h	0.05627	−0.177%	$2.6M	$1.3M	50x	as long as short
Gate PNUT_USDT	+0.0100%	4h	0.05639	+0.035%	$893K	$1.1M	50x	as long as short
MEXC PNUT_USDT	+0.0100%	4h	0.05629	−0.142%	$1.2M	$408K	100x	as long as short
Bitget PNUTUSDT	+0.0100%	4h	0.05620	−0.302%	$765K	$1.0M	50x	as long as short
BingX PNUT-USDTshort	+0.0100%	4h	0.05621	−0.284%	—	$6.6M	—
Variational Omni PNUT	+0.0100%	4h	0.05622	−0.275%	$32	$2K	—	as long as short
Extended PNUT-USD	+0.0104%	1h	0.05628	−0.152%	$6K	$142K	5x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PNUT-USDT	+0.0147%	4h	0.05622	−0.266%	$284K	$25K	50x	as long as short
KuCoin PNUTUSDTM	+0.0264%	4h	0.05636	−0.018%	$1.1M	$119K	30x	as long as short
Deribit PNUT_USDC-PERPETUAL	+0.0817%	1h	0.05629	−0.142%	$4	—	10x	as long as short
Kraken Futures PF_PNUTUSD	+0.0862%	1h	0.05632	−0.094%	$24K	$14K	10x	as long as short
Coinbase International PNUT-PERP-INTXlong	+0.1128%	1h	0.05637	long leg	$358K	$53K	50x
Hyperliquid PNUT	+0.1183%	1h	0.05639	+0.035%	$1.6M	$484K	3x	as long as short