Funding arb · Price arb /

PNUT

all PNUT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1145%/8h= −125.4% APRpaid last 24h −0.333%

Price spread now: OKX against Coinbase International−1.606%7-day average −0.683% · you buy dearer than you sell

Net, funding: paid 7d − costs−$258as in the Funding arb table

Net, price: spread back to 7d avg − costs−$180as in the Price arb table

costs, in and out, $10k−$880.879% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.698%−$170 on $10k

Price spread, last 4 days (all we have)+1.009%+$101 · spread now −1.606%, 7d avg −0.683%

Together, before fees−0.690%−$69 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$34 a day on $10k at the current rate, and OKX is 0.923% cheaper against Coinbase International than usual: you would sell low and buy high (−$92 if the spread goes back to its 7-day average of −0.683%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PNUT-PERP-INTX	0.05667	0.1128	pay 0.0141% / 1h	51m 18s	$360K	$52K	50x
Short	OKX PNUT-USDT-SWAP	0.05576	−0.0017	pay 0.0009% / 4h	51m 18s	$1.6M	$5.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −1.606%Rate

Funding earned: −$240.5
Price spread: −1.606% → −0.683%: −$92.27
Slippage, 4 orders: −$67.87
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$420.64
Costs to cover: 0.879%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 7 min ago; OKX: live order book, 2 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, 7 min ago	12.55 bp	17.5 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.79 bp	23.4 bp −$23	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-SWAPshort	−0.0017%	4h	0.05576	−1.606%	$1.6M	$5.8M	20x
BloFin PNUT-USDT	+0.0088%	4h	0.05571	−1.694%	$284K	$26K	50x	as long as short
Aster PNUTUSDT	+0.0100%	4h	0.05581	−1.511%	$3K	$18K	5x	as long as short
Binance PNUTUSDT	+0.0100%	4h	0.05580	−1.530%	$5.2M	$10.0M	50x	as long as short
Bybit PNUTUSDT	+0.0100%	4h	0.05577	−1.588%	$2.6M	$1.3M	50x	as long as short
Gate PNUT_USDT	+0.0100%	4h	0.05587	−1.412%	$880K	$1.1M	50x	as long as short
MEXC PNUT_USDT	+0.0100%	4h	0.05580	−1.535%	$1.2M	$405K	100x	as long as short
Bitget PNUTUSDT	+0.0100%	4h	0.05577	−1.588%	$756K	$1.1M	50x	as long as short
BingX PNUT-USDC	+0.0100%	4h	0.05578	−1.570%	—	$6.5M	—	as long as short
Variational Omni PNUT	+0.0100%	4h	0.05600	−1.190%	$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	0.05579	−1.545%	$6K	$140K	5x	as long as short
KuCoin PNUTUSDTM	+0.0150%	4h	0.05591	−1.341%	$1.1M	$121K	30x	as long as short
Deribit PNUT_USDC-PERPETUAL	+0.0467%	1h	0.05582	−1.500%	$4	—	10x	as long as short
Kraken Futures PF_PNUTUSD	+0.0870%	1h	0.05580	−1.534%	$24K	$14K	10x	as long as short
Coinbase International PNUT-PERP-INTXlong	+0.1128%	1h	0.05667	long leg	$360K	$52K	50x
Hyperliquid PNUT	+0.1188%	1h	0.05595	−1.271%	$1.6M	$481K	3x	as long as short