Funding arb · Price arb /

PNUT

all PNUT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0708%/8h= +77.5% APRpaid last 24h +0.096%

Price spread now: Hyperliquid against Variational Omni+0.532%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and Hyperliquid is 0.532% dearer against Variational Omni than usual: you sell high and buy low: +$53 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PNUT	0.05644	0.0100	pay 0.0050% / 4h	2h 12m	$32	$3K	—
Short	Hyperliquid PNUT	0.05674	0.0808	get 0.0101% / 1h	12m 26s	$1.6M	$484K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. 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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.532%Rate

Funding earned: $148.69
Price spread: +0.532% → 0.000%: $53.23
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $192.92
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: no order-book sample; Hyperliquid: live order book, 8 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 Variational Omni no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 8 min ago	0.88 bp	17.6 bp −$18	doesn't fit	doesn't fit	doesn't fit

Variational Omni: 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	+0.178%	$4	—	10x	as long as short
OKX PNUT-USDT-SWAP	+0.0035%	4h	0.05657	+0.231%	$1.7M	$5.8M	20x	as long as short
Aster PNUTUSDT	+0.0100%	4h	0.05650	+0.106%	$3K	$18K	5x	as long as short
Binance PNUTUSDT	+0.0100%	4h	0.05660	+0.284%	$5.3M	$10.0M	50x	as long as short
Bybit PNUTUSDT	+0.0100%	4h	0.05657	+0.231%	$2.6M	$1.3M	50x	as long as short
Gate PNUT_USDT	+0.0100%	4h	0.05655	+0.196%	$894K	$1.1M	50x	as long as short
MEXC PNUT_USDT	+0.0100%	4h	0.05660	+0.284%	$1.2M	$397K	100x	as long as short
Bitget PNUTUSDT	+0.0100%	4h	0.05657	+0.231%	$765K	$1.1M	50x	as long as short
BingX PNUT-USDT	+0.0100%	4h	0.05654	+0.178%	—	$6.6M	—	as long as short
Variational Omni PNUTlong	+0.0100%	4h	0.05644	long leg	$32	$3K	—

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	+0.277%	$8K	$143K	5x	as long as short
KuCoin PNUTUSDTM	+0.0232%	4h	0.05661	+0.302%	$1.1M	$131K	30x	as long as short
Kraken Futures PF_PNUTUSD	+0.0738%	1h	0.05660	+0.278%	$24K	$14K	10x	as long as short
Hyperliquid PNUTshort	+0.0808%	1h	0.05674	+0.532%	$1.6M	$484K	3x
Coinbase International PNUT-PERP-INTX	+0.1072%	1h	0.05685	+0.727%	$361K	$55K	50x	as long as short