Funding arb · Price arb /

PUMP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0439%/8h= −48.1% APRpaid last 24h −0.033%

Price spread now: edgeX against Hyperliquid−0.396%46s7-day average −0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as 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−$420.418% of the position

Long on Hyperliquid Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.046%−$5 on $10k

Price spread, last 7 days+0.350%+$35 · spread now −0.396%, 7d avg −0.091%

Together, before fees+0.304%+ Points / potential airdropHyperliquid: Season 2 · edgeX: Active · farm board+$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and edgeX is 0.305% cheaper against Hyperliquid than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of −0.091%). Swap the legs. The two prices were read 46 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 -0.046% in total (about -2.4% 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	Hyperliquid PUMP	0.004448	0.0539	pay 0.0067% / 1h	34m 41s	$166.6M	$53.8M	10x
Short	edgeX PUMPUSDC	0.004430	0.0100	get 0.0050% / 4h	3h 34m	$65K	$3.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.396%Rate

Funding earned: −$92.23
Price spread: −0.396% → −0.091%: −$30.55
Slippage, 4 orders: −$23.81
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$164.58
Costs to cover: 0.418%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; edgeX: live order book, 4 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, 9 min ago	1.12 bp	8.6 bp −$9	23.3 bp −$233	doesn't fit	doesn't fit
Sell edgeX live order book, 4 min ago	4.53 bp	11.1 bp −$11	14.0 bp −$140	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	−0.4490%	1h	0.004441	−0.152%	$20K	$11K	5x	as long as short
Perpl PUMP	−0.0112%	43m	0.004430	−0.405%	$18K	$239K	20x	as long as short
Gate PUMP_USDT	−0.0096%	4h	0.004439	−0.202%	$4.9M	$10.4M	75x	as long as short
gTrade (Gains Network) PUMP/USD	L +0.0003% / S −0.0002%	1h	0.004432	−0.351%	$56K	—	150x	as long as short
Lighter PUMP	+0.0096%	1h	0.004445	−0.067%	$2.9M	$4.8M	10x	as long as short
Popdex PUMPUSDT	+0.0096%	1h	0.004400	−1.079%	$29K	$686K	20x	as long as short
Nado PUMP-PERP	+0.0100%	1h	0.004437	−0.236%	$1.6M	$2.1M	10x	as long as short
Aster PUMPUSDT	+0.0100%	4h	0.004438	−0.219%	$710K	$2.3M	50x	as long as short
Pacifica PUMP	+0.0100%	1h	0.004445	−0.067%	$493K	$824K	10x	as long as short
Binance PUMPUSDT	+0.0100%	4h	0.004446	−0.045%	$81.0M	$170.4M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PUMP-USDT-SWAP	+0.0100%	4h	0.004444	−0.090%	$24.3M	$97.3M	50x	as long as short
Ondo Perps PUMP-USD.P	+0.0100%	1h	0.004431	−0.391%	$31K	$187K	5x	as long as short
Arcus PUMP-USD	+0.0100%	1h	0.004448	0.000%	$62K	$99K	10x	as long as short
KuCoin PUMPUSDTM	+0.0100%	4h	0.004448	0.000%	$23.9M	$13.8M	50x	as long as short
Bitget PUMPUSDT	+0.0100%	4h	0.004445	−0.067%	$17.5M	$19.9M	75x	as long as short
BingX PUMP-USDT	+0.0100%	4h	0.004441	−0.157%	—	$12.8M	—	as long as short
Backpack PUMP_USDC_PERP	+0.0100%	1h	0.004434	−0.308%	$791K	$208K	5x	as long as short
edgeX PUMPUSDCshort	+0.0100%	4h	0.004430	−0.396%	$65K	$3.2M	20x
GRVT PUMP_USDT_Perp	+0.0100%	4h	0.004414	−0.764%	$1.2M	$10.4M	10x	as long as short
ApeX Omni PUMPUSDT	+0.0100%	1h	0.004435	−0.292%	$147K	$746K	50x	as long as short
Polymarket Perps PUMP-USD	+0.0100%	1h	0.004438	−0.225%	$104K	$2.1M	10x	as long as short
Orderly PERP_PUMP_USDC	+0.0100%	4h	0.004434	−0.315%	$42K	$11K	10x	as long as short
Derive PUMP-PERP	+0.0100%	1h	0.004433	−0.343%	$5K	$13K	6.7x	as long as short
SunX PUMP-USDT	+0.0100%	4h	0.004429	−0.427%	$1K	$760K	20x	as long as short
SoDEX PUMP-USD	+0.0100%	1h	0.004433	−0.337%	$278	$7K	10x	as long as short
HTX PUMP-USDT	+0.0100%	4h	0.004434	−0.315%	$21K	$105K	20x	as long as short
Phemex PUMPUSDT	+0.0100%	4h	0.004433	−0.337%	$2.0M	$4.0M	20x	as long as short
Paradex PUMP-USD-PERP	+0.0103%	8h	0.004449	+0.012%	$42K	$276	5x	as long as short
Aevo PUMP-PERP	+0.0104%	1h	0.004434	−0.315%	$66K	$13K	3x	as long as short
GMX PUMP/USD [WBTC.b-USDC]	L +0.0270% / S −0.0198%	1h	0.004433	−0.337%	$53K	—	100x	as long as short
Extended PUMP-USD	+0.0312%	1h	0.004438	−0.220%	$3.9M	$4.3M	50x	as long as short
BloFin PUMP-USDT	+0.0340%	4h	0.004435	−0.292%	$3.7M	$4.4M	75x	as long as short
Phoenix PUMP	+0.0342%	1h	0.004422	−0.585%	$42K	$119K	10x	as long as short
Reya PUMPRUSDPERP	+0.0344%	1h	0.004436	−0.275%	$2	—	3x	as long as short
01 Exchange PUMPUSD	+0.0360%	1h	0.004435	−0.292%	$6K	$600	10x	as long as short
Injective PUMP/USDC PERP	+0.0419%	1h	0.004423	−0.562%	$38K	$204K	12x	as long as short
Deribit PUMP_USDC-PERPETUAL	+0.0427%	1h	0.004435	−0.292%	$70K	$122K	25x	as long as short
Coinbase International PUMP-PERP-INTX	+0.0472%	1h	0.004440	−0.180%	$709K	$5.8M	50x	as long as short
Hyperliquid PUMPlong	+0.0539%	1h	0.004448	long leg	$166.6M	$53.8M	10x
RISEx PUMP/USDC	+0.0638%	1h	0.004434	−0.314%	$527K	$1.0M	10x	as long as short
Kraken Futures PF_PUMPUSD	+0.0661%	1h	0.004436	−0.266%	$1.0M	$3.3M	50x	as long as short
Aftermath Perps PUMPUSD	+0.0999%	1h	0.004433	−0.342%	$499	$111K	10x	as long as short