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: MEXC against Coinbase International−1.831%7-day average −0.635% · you buy dearer than you sell

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

Long on Coinbase International Short on MEXC

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)+1.127%+$113 · spread now −1.831%, 7d avg −0.635%

Together, before fees−0.552%−$55 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 MEXC is 1.196% cheaper against Coinbase International than usual: you would sell low and buy high (−$120 if the spread goes back to its 7-day average of −0.635%). 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	37m 49s	$364K	$40K	50x
Short	MEXC PNUT_USDT	0.05630	0.0100	get 0.0050% / 4h	2h 37m	$1.1M	$433K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −1.831%Rate

Funding earned: −$288.12
Price spread: −1.831% → −0.635%: −$119.57
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$421.69
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 10 min ago; MEXC: 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, 10 min ago	20.28 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.89 bp	4.3 bp −$4	28.3 bp −$283	104.1 bp −$10.4K	245.7 bp −$122.8K

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	−0.0037%	4h	0.05626	−1.901%	$1.6M	$6.3M	20x	as long as short
BloFin PNUT-USDT	+0.0020%	4h	0.05603	−2.302%	$288K	$26K	50x	as long as short
Bybit PNUTUSDT	+0.0038%	4h	0.05623	−1.953%	$2.6M	$1.5M	50x	as long as short
Aster PNUTUSDT	+0.0100%	4h	0.05621	−1.982%	$3K	$19K	5x	as long as short
Binance PNUTUSDT	+0.0100%	4h	0.05626	−1.894%	$5.4M	$10.9M	50x	as long as short
Gate PNUT_USDT	+0.0100%	4h	0.05621	−1.988%	$899K	$1.2M	50x	as long as short
MEXC PNUT_USDTshort	+0.0100%	4h	0.05630	−1.831%	$1.1M	$433K	100x
Bitget PNUTUSDT	+0.0100%	4h	0.05619	−2.023%	$781K	$1.2M	50x	as long as short
BingX PNUT-USDC	+0.0100%	4h	0.05619	−2.023%	—	$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	0.05622	−1.962%	$7K	$79K	5x	as long as short
KuCoin PNUTUSDTM	+0.0178%	4h	0.05634	−1.761%	$1.1M	$112K	30x	as long as short
Deribit PNUT_USDC-PERPETUAL	+0.0284%	1h	0.05625	−1.918%	$4	—	10x	as long as short
Hyperliquid PNUT	+0.0893%	1h	0.05639	−1.674%	$1.6M	$509K	3x	as long as short
Kraken Futures PF_PNUTUSD	+0.0940%	1h	0.05639	−1.683%	$24K	$13K	10x	as long as short
Coinbase International PNUT-PERP-INTXlong	+0.1472%	1h	0.05735	long leg	$364K	$40K	50x