PNUT arbitrage explained
Right now Peanut the Squirrel (PNUT) trades on 10 venues we scan: 10 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on OKX perp at $0.05 and the highest bid on Gate spot at $0.0501.
The widest PNUT perpetual spread is between Binance and Gate: long PNUT on Binance at $0.05 and short on Gate at $0.05 for +0.04% gross, or -0.12% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is -0.409% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best PNUT route is to buy spot on Bitget and short the perpetual on Gate: -0.12% gross, -0.32% net, with -0.397% a day of funding on the short leg.
Spot–spot PNUT arbitrage (buy on Bitget, withdraw, deposit and sell on Gate) shows +0.18% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small PNUT gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: PNUT funding rates · PNUT spread charts · Peanut the Squirrel price · arbitrage scanner for all coins.