Funding arb · Price arb /

PNUT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0717%/8h= −78.5% APRpaid last 24h +0.015%

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

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

Long on Deribit Short on Gate

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

The price spread pays, funding is against you. Gate is 0.053% dearer against Deribit than usual: you sell high and buy low (spread +0.053% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PNUT_USDC-PERPETUAL	0.05629	0.0817	pay 0.0102% / 1h	31m 04s	$4	—	10x
Short	Gate PNUT_USDT	0.05632	0.0100	get 0.0050% / 4h	31m 04s	$892K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.053%Rate

Funding earned: −$150.58
Price spread: +0.053% → 0.000%: $5.33
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$167.25
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Gate: live order book, 1 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 Gate live order book, 1 min ago	7.12 bp	36.8 bp −$37	doesn't fit	doesn't fit	doesn't fit

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 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	+0.0046%	4h	0.05617	−0.213%	$1.6M	$6.0M	20x	as long as short
Aster PNUTUSDT	+0.0100%	4h	0.05625	−0.067%	$3K	$18K	5x	as long as short
Binance PNUTUSDT	+0.0100%	4h	0.05631	+0.030%	$5.3M	$10.0M	50x	as long as short
Bybit PNUTUSDT	+0.0100%	4h	0.05621	−0.142%	$2.6M	$1.3M	50x	as long as short
Gate PNUT_USDTshort	+0.0100%	4h	0.05632	+0.053%	$892K	$1.1M	50x
MEXC PNUT_USDT	+0.0100%	4h	0.05628	−0.018%	$1.2M	$408K	100x	as long as short
Bitget PNUTUSDT	+0.0100%	4h	0.05615	−0.249%	$765K	$1.0M	50x	as long as short
BingX PNUT-USDT	+0.0100%	4h	0.05616	−0.231%	—	$6.6M	—	as long as short
Variational Omni PNUT	+0.0100%	4h	0.05622	−0.133%	$32	$2K	—	as long as short
Extended PNUT-USD	+0.0104%	1h	0.05621	−0.134%	$6K	$142K	5x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin PNUT-USDT	+0.0147%	4h	0.05622	−0.124%	$284K	$25K	50x	as long as short
KuCoin PNUTUSDTM	+0.0252%	4h	0.05615	−0.249%	$1.1M	$119K	30x	as long as short
Deribit PNUT_USDC-PERPETUALlong	+0.0817%	1h	0.05629	long leg	$4	—	10x
Kraken Futures PF_PNUTUSD	+0.0862%	1h	0.05632	+0.048%	$24K	$14K	10x	as long as short
Coinbase International PNUT-PERP-INTX	+0.1128%	1h	0.05637	+0.142%	$358K	$53K	50x	as long as short
Hyperliquid PNUT	+0.1183%	1h	0.05641	+0.213%	$1.6M	$484K	3x	as long as short