Funding arb · Price arb /

PNUT

all PNUT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1298%/8h= −142.1% APRpaid last 24h −0.320%

Price spread now: KuCoin against Coinbase International−1.796%7-day average −0.530% · you buy dearer than you sell

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

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−1.578%−$158 on $10k

Price spread, last 4 days (all we have)+1.236%+$124 · spread now −1.796%, 7d avg −0.530%

Together, before fees−0.342%−$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$39 a day on $10k at the current rate, and KuCoin is 1.266% cheaper against Coinbase International than usual: you would sell low and buy high (−$127 if the spread goes back to its 7-day average of −0.530%). 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	36m 42s	$364K	$40K	50x
Short	KuCoin PNUTUSDTM	0.05632	0.0174	get 0.0087% / 4h	2h 36m	$1.1M	$112K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −1.796%Rate

Funding earned: −$272.58
Price spread: −1.796% → −0.530%: −$126.55
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$421.13
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 11 min ago; KuCoin: 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, 11 min ago	20.28 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	15.12 bp	189.6 bp −$190	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	−0.0033%	4h	0.05624	−1.935%	$1.6M	$6.3M	20x	as long as short
BloFin PNUT-USDT	+0.0007%	4h	0.05613	−2.127%	$290K	$26K	50x	as long as short
Bybit PNUTUSDT	+0.0061%	4h	0.05624	−1.935%	$2.6M	$1.5M	50x	as long as short
Aster PNUTUSDT	+0.0100%	4h	0.05628	−1.867%	$3K	$19K	5x	as long as short
Binance PNUTUSDT	+0.0100%	4h	0.05631	−1.817%	$5.4M	$10.9M	50x	as long as short
Gate PNUT_USDT	+0.0100%	4h	0.05626	−1.901%	$900K	$1.2M	50x	as long as short
MEXC PNUT_USDT	+0.0100%	4h	0.05631	−1.813%	$1.1M	$433K	100x	as long as short
Bitget PNUTUSDT	+0.0100%	4h	0.05627	−1.883%	$782K	$1.2M	50x	as long as short
BingX PNUT-USDC	+0.0100%	4h	0.05623	−1.953%	—	$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	0.05630	−1.839%	$7K	$79K	5x	as long as short
KuCoin PNUTUSDTMshort	+0.0174%	4h	0.05632	−1.796%	$1.1M	$112K	30x
Deribit PNUT_USDC-PERPETUAL	+0.0283%	1h	0.05633	−1.779%	$4	—	10x	as long as short
Hyperliquid PNUT	+0.0897%	1h	0.05643	−1.604%	$1.6M	$509K	3x	as long as short
Kraken Futures PF_PNUTUSD	+0.0940%	1h	0.05640	−1.660%	$24K	$13K	10x	as long as short
Coinbase International PNUT-PERP-INTXlong	+0.1472%	1h	0.05735	long leg	$364K	$40K	50x