PUMP

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0379%/8h= −41.5% APRnext payment −$0.47 per $10,000 · paid last 24h −0.059%

Price spread now: Backpack against Hyperliquid−0.167%7-day average −0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$400.396% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.246%−$25 on $10k

Price spread, last 4 days (all we have)+0.351%+$35 · spread now −0.167%, 7d avg −0.108%

Together, before fees+0.105%+ Points / potential airdropHyperliquid: Season 2 · farm board+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Backpack is 0.059% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.108%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.246% in total (about -12.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.47 per $10,000. 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	Hyperliquid PUMP	0.004441	0.0479	pay 0.0060% / 1h	8m 45s	$166.4M	$54.9M	10x
Short	Backpack PUMP_USDC_PERP	0.004434	0.0100	get 0.0013% / 1h	8m 45s	$789K	$203K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now −0.167%Rate

Funding earned: −$79.61
Price spread: −0.167% → −0.108%: −$5.89
Slippage, 4 orders: −$20.64
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$125.14
Costs to cover: 0.396%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Backpack: live order book, 50 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 Hyperliquid live order book, 5 min ago	1.13 bp	8.2 bp −$8	21.6 bp −$216	doesn't fit	doesn't fit
Sell Backpack live order book, 50 min ago	2.50 bp	7.7 bp −$8	13.3 bp −$133	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	−0.4135%	1h	0.004428	−0.289%	$20K	$9K	5x	as long as short
Perpl PUMP	−0.0112%	43m	0.004430	−0.248%	$19K	$237K	20x	as long as short
gTrade (Gains Network) PUMP/USD	L +0.0002% / S −0.0002%	1h	0.004432	−0.206%	$53K	—	150x	as long as short
Lighter PUMP	+0.0096%	1h	0.004436	−0.113%	$2.8M	$5.5M	10x	as long as short
Popdex PUMPUSDT	+0.0096%	1h	0.004400	−0.923%	$29K	$782K	20x	as long as short
Nado PUMP-PERP	+0.0100%	1h	0.004435	−0.124%	$1.6M	$2.1M	10x	as long as short
Aster PUMPUSDT	+0.0100%	4h	0.004433	−0.183%	$703K	$2.3M	50x	as long as short
Pacifica PUMP	+0.0100%	1h	0.004432	−0.203%	$497K	$823K	10x	as long as short
Binance PUMPUSDT	+0.0100%	4h	0.004434	−0.164%	$80.7M	$173.3M	75x	as long as short
OKX PUMP-USDT-SWAP	+0.0100%	4h	0.004434	−0.158%	$24.1M	$98.1M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps PUMP-USD.P	+0.0100%	1h	0.004429	−0.266%	$31K	$192K	5x	as long as short
Arcus PUMP-USD	+0.0100%	1h	0.004434	−0.158%	$62K	$102K	10x	as long as short
Gate PUMP_USDT	+0.0100%	4h	0.004429	−0.270%	$4.9M	$11.5M	75x	as long as short
KuCoin PUMPUSDTM	+0.0100%	4h	0.004435	−0.135%	$23.7M	$13.9M	50x	as long as short
Bitget PUMPUSDT	+0.0100%	4h	0.004433	−0.180%	$17.5M	$20.0M	75x	as long as short
BingX PUMP-USDT	+0.0100%	4h	0.004433	−0.180%	—	$12.9M	—	as long as short
Backpack PUMP_USDC_PERPshort	+0.0100%	1h	0.004434	−0.167%	$789K	$203K	5x
edgeX PUMPUSDC	+0.0100%	4h	0.004431	−0.235%	$65K	$3.2M	20x	as long as short
GRVT PUMP_USDT_Perp	+0.0100%	4h	0.004433	−0.171%	$1.2M	$10.7M	10x	as long as short
ApeX Omni PUMPUSDT	+0.0100%	1h	0.004431	−0.225%	$147K	$755K	50x	as long as short
Polymarket Perps PUMP-USD	+0.0100%	1h	0.004438	−0.068%	$103K	$2.1M	10x	as long as short
Orderly PERP_PUMP_USDC	+0.0100%	4h	0.004434	−0.158%	$42K	$11K	10x	as long as short
Derive PUMP-PERP	+0.0100%	1h	0.004433	−0.179%	$5K	$13K	6.7x	as long as short
SunX PUMP-USDT	+0.0100%	4h	0.004431	−0.225%	$2K	$770K	20x	as long as short
SoDEX PUMP-USD	+0.0100%	1h	0.004434	−0.158%	$278	$7K	10x	as long as short
HTX PUMP-USDT	+0.0100%	4h	0.004425	−0.360%	$21K	$107K	20x	as long as short
Phemex PUMPUSDT	+0.0100%	4h	0.004433	−0.180%	$2.0M	$4.0M	20x	as long as short
Paradex PUMP-USD-PERP	+0.0101%	8h	0.004432	−0.198%	$42K	$276	5x	as long as short
Aevo PUMP-PERP	+0.0104%	1h	0.004432	−0.203%	$66K	$13K	3x	as long as short
Extended PUMP-USD	+0.0256%	1h	0.004431	−0.219%	$3.9M	$4.3M	50x	as long as short
GMX PUMP/USD [WBTC.b-USDC]	L +0.0270% / S −0.0198%	1h	0.004432	−0.203%	$53K	—	100x	as long as short
01 Exchange PUMPUSD	+0.0272%	1h	0.004436	−0.113%	$6K	$625	10x	as long as short
BloFin PUMP-USDT	+0.0340%	4h	0.004434	−0.158%	$3.6M	$4.5M	75x	as long as short
Reya PUMPRUSDPERP	+0.0344%	1h	0.004435	−0.141%	$2	—	3x	as long as short
Phoenix PUMP	+0.0345%	1h	0.004436	−0.113%	$42K	$120K	10x	as long as short
Deribit PUMP_USDC-PERPETUAL	+0.0427%	1h	0.004436	−0.113%	$70K	$122K	25x	as long as short
Coinbase International PUMP-PERP-INTX	+0.0440%	1h	0.004442	+0.023%	$703K	$5.9M	50x	as long as short
Hyperliquid PUMPlong	+0.0479%	1h	0.004441	long leg	$166.4M	$54.9M	10x
RISEx PUMP/USDC	+0.0570%	1h	0.004435	−0.128%	$527K	$1.0M	10x	as long as short
Injective PUMP/USDC PERP	+0.0706%	1h	0.004436	−0.113%	$38K	$204K	12x	as long as short
Kraken Futures PF_PUMPUSD	+0.0799%	1h	0.004436	−0.110%	$1.0M	$3.4M	50x	as long as short
Aftermath Perps PUMPUSD	+0.0980%	1h	0.004431	−0.230%	$585	$113K	10x	as long as short