Funding arb · Price arb /

PNUT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.011%

Price spread now: BingX against Deribit−0.053%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. BingX is 0.053% cheaper against Deribit than usual: you would sell low and buy high (spread −0.053% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 42 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PNUT_USDC-PERPETUAL	0.05658	0	get 0.0000% / 1h	7m 50s	$4	—	10x
Short	BingX PNUT-USDT	0.05655	0.0100	get 0.0050% / 4h	2h 07m	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Deribit. 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 DeribitbpFee BingXbpOrdersPrice spread, now −0.053%Rate

Funding earned: $21
Price spread: −0.053% → 0.000%: −$5.3
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$1.3
Costs to cover: 0.170%
Break-even: 7.4 days

Slippage unknown: Deribit: no order-book sample; BingX: live order book, 14 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 Deribit no order-book sample	—	—	—	—	—
Sell BingX live order book, 14 min ago	3.54 bp	17.4 bp −$17	40.9 bp −$409	478.3 bp −$47.8K	924.1 bp −$462.1K

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

PNUT on 15 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
Deribit PNUT_USDC-PERPETUALlong	0.0000%	1h	0.05658	long leg	$4	—	10x
OKX PNUT-USDT-SWAP	+0.0056%	4h	0.05656	−0.035%	$1.7M	$5.8M	20x	as long as short
Aster PNUTUSDT	+0.0100%	4h	0.05656	−0.027%	$3K	$18K	5x	as long as short
Binance PNUTUSDT	+0.0100%	4h	0.05660	+0.035%	$5.3M	$10.0M	50x	as long as short
Bybit PNUTUSDT	+0.0100%	4h	0.05654	−0.071%	$2.6M	$1.3M	50x	as long as short
Gate PNUT_USDT	+0.0100%	4h	0.05657	−0.018%	$895K	$1.1M	50x	as long as short
MEXC PNUT_USDT	+0.0100%	4h	0.05658	0.000%	$1.2M	$398K	100x	as long as short
Bitget PNUTUSDT	+0.0100%	4h	0.05655	−0.053%	$765K	$1.1M	50x	as long as short
BingX PNUT-USDTshort	+0.0100%	4h	0.05655	−0.053%	—	$6.6M	—
Variational Omni PNUT	+0.0100%	4h	0.05653	−0.097%	$32	$3K	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PNUT-USD	+0.0104%	1h	0.05656	−0.040%	$8K	$143K	5x	as long as short
KuCoin PNUTUSDTM	+0.0242%	4h	0.05651	−0.124%	$1.1M	$131K	30x	as long as short
Kraken Futures PF_PNUTUSD	+0.0738%	1h	0.05662	+0.069%	$24K	$14K	10x	as long as short
Hyperliquid PNUT	+0.0808%	1h	0.05672	+0.247%	$1.6M	$477K	3x	as long as short
Coinbase International PNUT-PERP-INTX	+0.1072%	1h	0.05662	+0.071%	$359K	$54K	50x	as long as short