Funding arb · Price arb /

PUMP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0197%/8h= +21.6% APRpaid last 24h +0.047%

Price spread now: Phoenix against Orderly−0.042%66s7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.042% cheaper against Orderly than usual: you would sell low and buy high (spread −0.042% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 17 hours of funding at the current rate (+$6 a day). The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PUMP_USDC	0.004317	−0.0012	get 0.0006% / 4h	1h 31m	$41K	$10K	10x
Short	Phoenix PUMP	0.004315	0.0185	get 0.0023% / 1h	31m 36s	$39K	$99K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now −0.042%Rate

Funding earned: $41.43
Price spread: −0.042% → 0.000%: −$4.17
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $24.26
Costs to cover: 0.130%
Break-even: 2.9 days

Slippage unknown: Orderly: no order-book sample; Phoenix: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix no order-book sample	—	—	—	—	—

Orderly and Phoenix: 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.

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	−0.5022%	1h	0.004324	+0.173%	$20K	$8K	5x	as long as short
OKX PUMP-USDT-SWAP	−0.0047%	4h	0.004323	+0.139%	$22.6M	$95.5M	50x	as long as short
Orderly PERP_PUMP_USDClong	−0.0012%	4h	0.004317	long leg	$41K	$10K	10x
Perpl PUMP	0.0000%	43m	0.004317	0.000%	$20K	$206K	20x	as long as short
Deribit PUMP_USDC-PERPETUAL	0.0000%	1h	0.004320	+0.069%	$69K	$126K	25x	as long as short
gTrade (Gains Network) PUMP/USD	L +0.0002% / S −0.0002%	1h	0.004320	+0.069%	$55K	—	150x	as long as short
Backpack PUMP_USDC_PERP	+0.0064%	1h	0.004320	+0.074%	$770K	$180K	5x	as long as short
Lighter PUMP	+0.0096%	1h	0.004324	+0.162%	$2.9M	$5.5M	10x	as long as short
Popdex PUMPUSDT	+0.0096%	1h	0.004300	−0.394%	$29K	$764K	20x	as long as short
Gate PUMP_USDT	+0.0098%	4h	0.004324	+0.162%	$4.6M	$11.7M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex PUMP-USD-PERP	+0.0100%	8h	0.004325	+0.186%	$42K	—	5x	as long as short
Nado PUMP-PERP	+0.0100%	1h	0.004320	+0.081%	$1.6M	$2.0M	10x	as long as short
Hyperliquid PUMP	+0.0100%	1h	0.004331	+0.324%	$158.6M	$52.6M	10x	as long as short
Aster PUMPUSDT	+0.0100%	4h	0.004323	+0.138%	$780K	$2.0M	50x	as long as short
Pacifica PUMP	+0.0100%	1h	0.004326	+0.208%	$448K	$606K	10x	as long as short
Binance PUMPUSDT	+0.0100%	4h	0.004326	+0.202%	$77.0M	$163.4M	75x	as long as short
Ondo Perps PUMP-USD.P	+0.0100%	1h	0.004318	+0.012%	$25K	$178K	5x	as long as short
Arcus PUMP-USD	+0.0100%	1h	0.004325	+0.185%	$42K	$53K	10x	as long as short
KuCoin PUMPUSDTM	+0.0100%	4h	0.004326	+0.208%	$22.9M	$13.9M	50x	as long as short
Bitget PUMPUSDT	+0.0100%	4h	0.004325	+0.185%	$17.1M	$19.1M	75x	as long as short
BingX PUMP-USDT	+0.0100%	4h	0.004323	+0.139%	—	$12.7M	—	as long as short
edgeX PUMPUSDC	+0.0100%	4h	0.004315	−0.041%	$64K	$3.0M	20x	as long as short
GRVT PUMP_USDT_Perp	+0.0100%	4h	0.004317	−0.006%	$1.2M	$9.7M	10x	as long as short
ApeX Omni PUMPUSDT	+0.0100%	1h	0.004321	+0.093%	$136K	$766K	50x	as long as short
Polymarket Perps PUMP-USD	+0.0100%	1h	0.004321	+0.093%	$91K	$1.9M	10x	as long as short
Derive PUMP-PERP	+0.0100%	1h	0.004319	+0.046%	$4K	$13K	6.7x	as long as short
SunX PUMP-USDT	+0.0100%	4h	0.004320	+0.069%	$2K	$711K	20x	as long as short
SoDEX PUMP-USD	+0.0100%	1h	0.004319	+0.046%	$712	$6K	10x	as long as short
HTX PUMP-USDT	+0.0100%	4h	0.004315	−0.046%	$21K	$139K	20x	as long as short
Phemex PUMPUSDT	+0.0100%	4h	0.004320	+0.069%	$2.0M	$4.0M	20x	as long as short
Extended PUMP-USD	+0.0104%	1h	0.004323	+0.133%	$3.5M	$3.7M	50x	as long as short
01 Exchange PUMPUSD	+0.0104%	1h	0.004327	+0.232%	$6K	$497	10x	as long as short
Aevo PUMP-PERP	+0.0104%	1h	0.004317	0.000%	$71K	$18K	3x	as long as short
RISEx PUMP/USDC	+0.0147%	1h	0.004326	+0.220%	$489K	$1.0M	10x	as long as short
Phoenix PUMPshort	+0.0185%	1h	0.004315	−0.042%	$39K	$99K	10x
Coinbase International PUMP-PERP-INTX	+0.0280%	1h	0.004322	+0.116%	$655K	$5.4M	50x	as long as short
GMX PUMP/USD [WBTC.b-USDC]	L +0.0311% / S −0.0229%	1h	0.004318	+0.023%	$67K	—	100x	as long as short
BloFin PUMP-USDT	+0.0340%	4h	0.004326	+0.208%	$3.4M	$3.7M	75x	as long as short
Reya PUMPRUSDPERP	+0.0344%	1h	0.004317	−0.003%	$2	—	3x	as long as short
Aftermath Perps PUMPUSD	+0.0399%	1h	0.004320	+0.076%	$180	$106K	10x	as long as short
Injective PUMP/USDC PERP	+0.0652%	1h	0.004319	+0.046%	$38K	$207K	12x	as long as short
Kraken Futures PF_PUMPUSD	+0.0809%	1h	0.004325	+0.174%	$1.3M	$3.5M	50x	as long as short