Funding arb · Price arb /

PNUT

all PNUT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1458%/8h= −159.7% APRpaid last 24h −0.333%

Price spread now: Bybit against Coinbase International−2.267%7-day average −0.662% · you buy dearer than you sell

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

Long on Coinbase International Short on Bybit

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)+1.611%+$161 · spread now −2.267%, 7d avg −0.662%

Together, before fees−0.067%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$44 a day on $10k at the current rate, and Bybit is 1.604% cheaper against Coinbase International than usual: you would sell low and buy high (−$160 if the spread goes back to its 7-day average of −0.662%). 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	39m 30s	$364K	$40K	50x
Short	Bybit PNUTUSDT	0.05605	0.0014	get 0.0007% / 4h	2h 39m	$2.6M	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −2.267%Rate

Funding earned: −$306.23
Price spread: −2.267% → −0.662%: −$160.44
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$487.68
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 9 min ago; Bybit: live order book, 3 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, 9 min ago	20.28 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	3.55 bp	37.8 bp −$38	319.2 bp −$3,192	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	−0.0041%	4h	0.05603	−2.302%	$1.6M	$6.3M	20x	as long as short
BloFin PNUT-USDT	−0.0026%	4h	0.05621	−1.988%	$289K	$26K	50x	as long as short
Bybit PNUTUSDTshort	+0.0014%	4h	0.05605	−2.267%	$2.6M	$1.5M	50x
Aster PNUTUSDT	+0.0100%	4h	0.05611	−2.158%	$3K	$19K	5x	as long as short
Binance PNUTUSDT	+0.0100%	4h	0.05612	−2.152%	$5.4M	$10.8M	50x	as long as short
Gate PNUT_USDT	+0.0100%	4h	0.05613	−2.127%	$898K	$1.2M	50x	as long as short
MEXC PNUT_USDT	+0.0100%	4h	0.05611	−2.162%	$1.1M	$433K	100x	as long as short
Bitget PNUTUSDT	+0.0100%	4h	0.05611	−2.162%	$780K	$1.2M	50x	as long as short
BingX PNUT-USDC	+0.0100%	4h	0.05609	−2.197%	—	$6.5M	—	as long as short
Variational Omni PNUT	+0.0100%	4h	0.05617	−2.055%	$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	0.05612	−2.152%	$7K	$79K	5x	as long as short
KuCoin PNUTUSDTM	+0.0176%	4h	0.05623	−1.953%	$1.1M	$112K	30x	as long as short
Deribit PNUT_USDC-PERPETUAL	+0.0284%	1h	0.05619	−2.023%	$4	—	10x	as long as short
Hyperliquid PNUT	+0.0887%	1h	0.05625	−1.918%	$1.6M	$509K	3x	as long as short
Kraken Futures PF_PNUTUSD	+0.0941%	1h	0.05634	−1.761%	$24K	$13K	10x	as long as short
Coinbase International PNUT-PERP-INTXlong	+0.1472%	1h	0.05735	long leg	$364K	$40K	50x