Funding arb · Price arb /

PNUT

all PNUT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1028%/8h= +112.6% APRpaid last 24h +0.329%

Price spread now: Coinbase International against MEXC+0.301%7-day average +0.624% · you sell dearer than you buy

Net, funding: paid 7d − costs+$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$600.602% of the position

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+1.659%+$166 on $10k

Price spread, last 4 days (all we have)+0.238%+$24 · spread now +0.301%, 7d avg +0.624%

Together, before fees+1.897%+$190 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.323% cheaper against MEXC than usual: you would sell low and buy high (spread +0.301% now, against its 7-day average of +0.624%). If the spread goes back, that is −$32 on $10k: about 25 hours of funding at the current rate (+$31 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PNUT_USDT	0.05652	0.0100	pay 0.0050% / 4h	26m 57s	$1.2M	$408K	100x
Short	Coinbase International PNUT-PERP-INTX	0.05669	0.1128	get 0.0141% / 1h	26m 57s	$360K	$53K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against MEXC. 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 MEXCbpFee Coinbase InternationalbpOrdersPrice spread, now +0.301%Rate

Funding earned: $215.88
Price spread: +0.301% → +0.624%: −$32.33
Slippage, 4 orders: −$46.23
Fee MEXC: 2 bp × 2 orders: −$4
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $123.32
Costs to cover: 0.602%
Break-even: 3.0 days

Slippage from MEXC: live order book, 4 min ago; Coinbase International: live order book, 31 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 MEXC live order book, 4 min ago	0.89 bp	5.6 bp −$6	14.7 bp −$147	117.4 bp −$11.7K	269.5 bp −$134.7K
Sell Coinbase International live order book, 31 min ago	12.55 bp	28.8 bp −$29	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-SWAP	+0.0052%	4h	0.05644	−0.142%	$1.6M	$6.0M	20x	as long as short
BloFin PNUT-USDT	+0.0072%	4h	0.05638	−0.248%	$281K	$25K	50x	as long as short
Aster PNUTUSDT	+0.0100%	4h	0.05652	0.000%	$3K	$19K	5x	as long as short
Binance PNUTUSDT	+0.0100%	4h	0.05654	+0.034%	$5.3M	$10.1M	50x	as long as short
Bybit PNUTUSDT	+0.0100%	4h	0.05651	−0.018%	$2.6M	$1.3M	50x	as long as short
Gate PNUT_USDT	+0.0100%	4h	0.05658	+0.106%	$896K	$1.1M	50x	as long as short
MEXC PNUT_USDTlong	+0.0100%	4h	0.05652	long leg	$1.2M	$408K	100x
Bitget PNUTUSDT	+0.0100%	4h	0.05651	−0.018%	$769K	$1.0M	50x	as long as short
BingX PNUT-USDT	+0.0100%	4h	0.05654	+0.035%	—	$6.6M	—	as long as short
Variational Omni PNUT	+0.0100%	4h	0.05622	−0.539%	$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	0.05651	−0.023%	$6K	$142K	5x	as long as short
KuCoin PNUTUSDTM	+0.0250%	4h	0.05663	+0.195%	$1.1M	$119K	30x	as long as short
Deribit PNUT_USDC-PERPETUAL	+0.0458%	1h	0.05652	0.000%	$4	—	10x	as long as short
Kraken Futures PF_PNUTUSD	+0.0858%	1h	0.05655	+0.052%	$24K	$14K	10x	as long as short
Coinbase International PNUT-PERP-INTXshort	+0.1128%	1h	0.05669	+0.301%	$360K	$53K	50x
Hyperliquid PNUT	+0.1166%	1h	0.05665	+0.230%	$1.6M	$484K	3x	as long as short