Funding arb · Price arb /

PUMP

all PUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0324%/8h= +35.5% APRpaid last 24h +0.008%

Price spread now: GRVT against Backpack+0.452%85s7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.344% of the position

Long on Backpack Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.038%−$4 on $10k

Price spread, last 4 days (all we have)−0.566%−$57 · spread now +0.452%, 7d avg +0.018%

Together, before fees−0.605%+ Points / potential airdropGRVT: Active · farm board−$60 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and GRVT is 0.435% dearer against Backpack than usual: you sell high and buy low: +$43 more if the spread goes back to its 7-day average of +0.018%. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.038% in total (about -2.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PUMP_USDC_PERP	0.004332	−0.0224	get 0.0028% / 1h	18m 12s	$772K	$183K	5x
Short	GRVT PUMP_USDT_Perp	0.004352	0.0100	get 0.0050% / 4h	2h 18m	$1.2M	$9.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Backpack. 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 BackpackbpFee GRVTbpOrdersPrice spread, now +0.452%Rate

Funding earned: $68.09
Price spread: +0.452% → +0.018%: $43.46
Slippage, 4 orders: −$15.37
Fee Backpack: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $77.18
Costs to cover: 0.344%
Break-even: from the start

Slippage from Backpack: live order book, 6 min ago; GRVT: live order book, 6 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 Backpack live order book, 6 min ago	0.81 bp	12.2 bp −$12	21.2 bp −$212	doesn't fit	doesn't fit
Sell GRVT live order book, 6 min ago	1.15 bp	6.4 bp −$6	27.3 bp −$273	doesn't fit	doesn't fit

PUMP on 42 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
dYdX PUMP-USD	−0.4815%	1h	0.004335	+0.063%	$20K	$8K	5x	as long as short
Backpack PUMP_USDC_PERPlong	−0.0224%	1h	0.004332	long leg	$772K	$183K	5x
Perpl PUMP	−0.0112%	43m	0.004333	+0.018%	$20K	$206K	20x	as long as short
OKX PUMP-USDT-SWAP	−0.0069%	4h	0.004331	−0.028%	$22.7M	$96.0M	50x	as long as short
Orderly PERP_PUMP_USDC	−0.0024%	4h	0.004334	+0.042%	$41K	$10K	10x	as long as short
Deribit PUMP_USDC-PERPETUAL	0.0000%	1h	0.004336	+0.088%	$69K	$126K	25x	as long as short
gTrade (Gains Network) PUMP/USD	L +0.0002% / S −0.0002%	1h	0.004335	+0.056%	$55K	—	150x	as long as short
Gate PUMP_USDT	+0.0070%	4h	0.004333	+0.018%	$4.6M	$11.7M	75x	as long as short
Lighter PUMP	+0.0096%	1h	0.004333	+0.018%	$2.9M	$5.5M	10x	as long as short
01 Exchange PUMPUSD	+0.0096%	1h	0.004334	+0.042%	$6K	$497	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex PUMPUSDT	+0.0096%	1h	0.004300	−0.743%	$29K	$766K	20x	as long as short
Paradex PUMP-USD-PERP	+0.0100%	8h	0.004333	+0.029%	$42K	—	5x	as long as short
Nado PUMP-PERP	+0.0100%	1h	0.004333	+0.030%	$1.6M	$2.0M	10x	as long as short
Hyperliquid PUMP	+0.0100%	1h	0.004337	+0.111%	$159.0M	$52.4M	10x	as long as short
Aster PUMPUSDT	+0.0100%	4h	0.004332	−0.005%	$785K	$2.0M	50x	as long as short
Pacifica PUMP	+0.0100%	1h	0.004335	+0.065%	$449K	$611K	10x	as long as short
Binance PUMPUSDT	+0.0100%	4h	0.004331	−0.022%	$76.9M	$164.2M	75x	as long as short
Ondo Perps PUMP-USD.P	+0.0100%	1h	0.004345	+0.284%	$26K	$179K	5x	as long as short
Arcus PUMP-USD	+0.0100%	1h	0.004333	+0.018%	$42K	$53K	10x	as long as short
KuCoin PUMPUSDTM	+0.0100%	4h	0.004338	+0.134%	$22.9M	$13.9M	50x	as long as short
Bitget PUMPUSDT	+0.0100%	4h	0.004334	+0.042%	$17.1M	$19.1M	75x	as long as short
BingX PUMP-USDT	+0.0100%	4h	0.004331	−0.028%	—	$12.7M	—	as long as short
edgeX PUMPUSDC	+0.0100%	4h	0.004341	+0.192%	$64K	$3.0M	20x	as long as short
GRVT PUMP_USDT_Perpshort	+0.0100%	4h	0.004352	+0.452%	$1.2M	$9.7M	10x
ApeX Omni PUMPUSDT	+0.0100%	1h	0.004342	+0.226%	$137K	$769K	50x	as long as short
Polymarket Perps PUMP-USD	+0.0100%	1h	0.004338	+0.134%	$91K	$1.9M	10x	as long as short
Derive PUMP-PERP	+0.0100%	1h	0.004335	+0.070%	$5K	$13K	6.7x	as long as short
SunX PUMP-USDT	+0.0100%	4h	0.004335	+0.065%	$2K	$710K	20x	as long as short
SoDEX PUMP-USD	+0.0100%	1h	0.004333	+0.018%	$715	$6K	10x	as long as short
HTX PUMP-USDT	+0.0100%	4h	0.004334	+0.042%	$21K	$147K	20x	as long as short
Phemex PUMPUSDT	+0.0100%	4h	0.004333	+0.018%	$2.0M	$4.0M	20x	as long as short
Extended PUMP-USD	+0.0104%	1h	0.004332	−0.004%	$3.6M	$3.7M	50x	as long as short
Aevo PUMP-PERP	+0.0104%	1h	0.004332	−0.005%	$71K	$18K	3x	as long as short
RISEx PUMP/USDC	+0.0125%	1h	0.004336	+0.093%	$492K	$1.0M	10x	as long as short
Phoenix PUMP	+0.0129%	1h	0.004348	+0.374%	$39K	$99K	10x	as long as short
Coinbase International PUMP-PERP-INTX	+0.0240%	1h	0.004343	+0.249%	$659K	$5.4M	50x	as long as short
GMX PUMP/USD [WBTC.b-USDC]	L +0.0307% / S −0.0225%	1h	0.004334	+0.042%	$67K	—	100x	as long as short
BloFin PUMP-USDT	+0.0340%	4h	0.004334	+0.042%	$3.4M	$3.7M	75x	as long as short
Aftermath Perps PUMPUSD	+0.0341%	1h	0.004337	+0.110%	$180	$106K	10x	as long as short
Reya PUMPRUSDPERP	+0.0344%	1h	0.004332	+0.003%	$2	—	3x	as long as short
Injective PUMP/USDC PERP	+0.0521%	1h	0.004324	−0.189%	$38K	$207K	12x	as long as short
Kraken Futures PF_PUMPUSD	+0.0684%	1h	0.004341	+0.195%	$1.3M	$3.5M	50x	as long as short