Funding arb · Price arb /

PNUT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0707%/8h= −77.4% APRpaid last 24h −0.096%

Price spread now: Aster against Hyperliquid−0.301%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on Aster

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—+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Aster is 0.301% cheaper against Hyperliquid than usual: you would sell low and buy high (−$30 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PNUT	0.05667	0.0807	pay 0.0101% / 1h	12m 34s	$1.6M	$484K	3x
Short	Aster PNUTUSDT	0.05650	0.0100	get 0.0050% / 4h	2h 12m	$3K	$18K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hyperliquid. 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 HyperliquidbpFee AsterbpOrdersPrice spread, now −0.301%Rate

Funding earned: −$148.47
Price spread: −0.301% → 0.000%: −$30.1
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$195.57
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; Aster: no order-book sample. 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 Hyperliquid live order book, 8 min ago	0.88 bp	15.5 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Aster no order-book sample	—	—	—	—	—

Aster: 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-PERPETUAL	0.0000%	1h	0.05654	−0.229%	$4	—	10x	as long as short
OKX PNUT-USDT-SWAP	+0.0035%	4h	0.05658	−0.159%	$1.7M	$5.8M	20x	as long as short
Aster PNUTUSDTshort	+0.0100%	4h	0.05650	−0.301%	$3K	$18K	5x
Binance PNUTUSDT	+0.0100%	4h	0.05656	−0.202%	$5.3M	$10.0M	50x	as long as short
Bybit PNUTUSDT	+0.0100%	4h	0.05657	−0.176%	$2.6M	$1.3M	50x	as long as short
Gate PNUT_USDT	+0.0100%	4h	0.05655	−0.212%	$894K	$1.1M	50x	as long as short
MEXC PNUT_USDT	+0.0100%	4h	0.05660	−0.124%	$1.2M	$397K	100x	as long as short
Bitget PNUTUSDT	+0.0100%	4h	0.05657	−0.176%	$766K	$1.1M	50x	as long as short
BingX PNUT-USDT	+0.0100%	4h	0.05654	−0.229%	—	$6.6M	—	as long as short
Variational Omni PNUT	+0.0100%	4h	0.05644	−0.407%	$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	0.05660	−0.131%	$8K	$143K	5x	as long as short
KuCoin PNUTUSDTM	+0.0234%	4h	0.05657	−0.176%	$1.1M	$131K	30x	as long as short
Kraken Futures PF_PNUTUSD	+0.0738%	1h	0.05660	−0.130%	$24K	$14K	10x	as long as short
Hyperliquid PNUTlong	+0.0807%	1h	0.05667	long leg	$1.6M	$484K	3x
Coinbase International PNUT-PERP-INTX	+0.1072%	1h	0.05685	+0.318%	$361K	$55K	50x	as long as short