PUMP

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0687%/8h= −75.2% APRnext payment −$0.86 per $10,000 · paid last 24h −0.065%

Price spread now: Backpack against Phoenix−0.033%80s7-day average −0.156% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as 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−$550.549% of the position

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.324%−$32 on $10k

Price spread, last 3 days (all we have)−1.250%−$125 · spread now −0.033%, 7d avg −0.156%

Together, before fees−1.574%−$157 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.123% dearer against Phoenix than usual: you sell high and buy low (spread −0.033% now, against its 7-day average of −0.156%): +$12 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 7 days (−0.324% in total) that is about 2.7 days. The two prices were read 80 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 -0.324% in total (about -16.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.86 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	Phoenix PUMP	0.004300	0.0129	pay 0.0016% / 1h	43m 28s	$38K	$99K	10x
Short	Backpack PUMP_USDC_PERP	0.004299	−0.0558	pay 0.0070% / 1h	43m 28s	$769K	$184K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$144.31
Price spread: −0.033% → −0.156%: $12.32
Slippage, 4 orders: −$37.88
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$186.88
Costs to cover: 0.549%
Break-even: never at this rate

Slippage from Phoenix: live order book, 37 min ago; Backpack: live order book, 45 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 Phoenix live order book, 37 min ago	2.09 bp	16.2 bp −$16	58.2 bp −$582	doesn't fit	doesn't fit
Sell Backpack live order book, 45 min ago	0.81 bp	10.4 bp −$10	16.0 bp −$160	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	−0.2570%	1h	0.004303	+0.054%	$20K	$8K	5x	as long as short
Backpack PUMP_USDC_PERPshort	−0.0558%	1h	0.004299	−0.033%	$769K	$184K	5x
OKX PUMP-USDT-SWAP	−0.0072%	4h	0.004299	−0.035%	$22.5M	$94.2M	50x	as long as short
Orderly PERP_PUMP_USDC	−0.0015%	4h	0.004298	−0.058%	$40K	$10K	10x	as long as short
Perpl PUMP	0.0000%	43m	0.004293	−0.174%	$19K	$203K	20x	as long as short
Deribit PUMP_USDC-PERPETUAL	0.0000%	1h	0.004300	−0.012%	$68K	$126K	25x	as long as short
gTrade (Gains Network) PUMP/USD	L +0.0002% / S −0.0002%	1h	0.004299	−0.043%	$54K	—	150x	as long as short
Gate PUMP_USDT	+0.0086%	4h	0.004299	−0.035%	$4.6M	$11.7M	75x	as long as short
Lighter PUMP	+0.0096%	1h	0.004299	−0.035%	$2.9M	$5.5M	10x	as long as short
Popdex PUMPUSDT	+0.0096%	1h	0.004200	−2.337%	$28K	$774K	20x	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	0.004298	−0.058%	$41K	—	5x	as long as short
Nado PUMP-PERP	+0.0100%	1h	0.004299	−0.023%	$1.6M	$2.0M	10x	as long as short
Hyperliquid PUMP	+0.0100%	1h	0.004303	+0.058%	$157.3M	$52.4M	10x	as long as short
Aster PUMPUSDT	+0.0100%	4h	0.004298	−0.069%	$780K	$2.1M	50x	as long as short
Pacifica PUMP	+0.0100%	1h	0.004300	−0.012%	$447K	$611K	10x	as long as short
Binance PUMPUSDT	+0.0100%	4h	0.004299	−0.035%	$76.3M	$164.6M	75x	as long as short
Ondo Perps PUMP-USD.P	+0.0100%	1h	0.004293	−0.165%	$25K	$182K	5x	as long as short
Arcus PUMP-USD	+0.0100%	1h	0.004299	−0.035%	$42K	$53K	10x	as long as short
KuCoin PUMPUSDTM	+0.0100%	4h	0.004301	+0.012%	$22.7M	$14.0M	50x	as long as short
Bitget PUMPUSDT	+0.0100%	4h	0.004298	−0.058%	$16.9M	$19.1M	75x	as long as short
BingX PUMP-USDT	+0.0100%	4h	0.004299	−0.035%	—	$12.7M	—	as long as short
edgeX PUMPUSDC	+0.0100%	4h	0.004297	−0.078%	$63K	$3.1M	20x	as long as short
GRVT PUMP_USDT_Perp	+0.0100%	4h	0.004297	−0.080%	$1.2M	$9.6M	10x	as long as short
ApeX Omni PUMPUSDT	+0.0100%	1h	0.004298	−0.058%	$136K	$767K	50x	as long as short
Polymarket Perps PUMP-USD	+0.0100%	1h	0.004302	+0.035%	$107K	$1.8M	10x	as long as short
Derive PUMP-PERP	+0.0100%	1h	0.004299	−0.033%	$4K	$13K	6.7x	as long as short
SunX PUMP-USDT	+0.0100%	4h	0.004298	−0.058%	$1K	$708K	20x	as long as short
SoDEX PUMP-USD	+0.0100%	1h	0.004297	−0.081%	$709	$6K	10x	as long as short
HTX PUMP-USDT	+0.0100%	4h	0.004292	−0.198%	$21K	$146K	20x	as long as short
Phemex PUMPUSDT	+0.0100%	4h	0.004301	+0.012%	$2.0M	$4.0M	20x	as long as short
Extended PUMP-USD	+0.0104%	1h	0.004298	−0.058%	$3.5M	$3.7M	50x	as long as short
Aevo PUMP-PERP	+0.0104%	1h	0.004298	−0.058%	$71K	$18K	3x	as long as short
RISEx PUMP/USDC	+0.0125%	1h	0.004300	0.000%	$489K	$1.0M	10x	as long as short
Phoenix PUMPlong	+0.0129%	1h	0.004300	long leg	$38K	$99K	10x
01 Exchange PUMPUSD	+0.0136%	1h	0.004301	+0.012%	$6K	$497	10x	as long as short
Coinbase International PUMP-PERP-INTX	+0.0240%	1h	0.004300	−0.012%	$652K	$5.4M	50x	as long as short
Aftermath Perps PUMPUSD	+0.0303%	1h	0.004303	+0.047%	$179	$107K	10x	as long as short
GMX PUMP/USD [WBTC.b-USDC]	L +0.0304% / S −0.0221%	1h	0.004298	−0.058%	$66K	—	100x	as long as short
BloFin PUMP-USDT	+0.0340%	4h	0.004293	−0.174%	$3.4M	$3.6M	75x	as long as short
Reya PUMPRUSDPERP	+0.0344%	1h	0.004297	−0.073%	$2	—	3x	as long as short
Injective PUMP/USDC PERP	+0.0521%	1h	0.004324	+0.546%	$38K	$207K	12x	as long as short
Kraken Futures PF_PUMPUSD	+0.0690%	1h	0.004305	+0.095%	$1.3M	$3.5M	50x	as long as short