There is actually a great arbitrage opportunity for PUMP @ pumpdotfun, but the risk and return need to be carefully weighed by oneself. Simply put, it means short selling the Binance @ binancezh contract (current price 0.0049), participating in the Pump public offering (cost 0.004), and locking in the profit difference between the futures and cash in advance. The current yield is about 20%. The risk lies in the fact that Pump's public offering will not end until 22:00 (UTC+8) on July 15th, and the token can be transferred within 48 to 72 hours after the public sale ends. The holding cost of about a week needs to take into account the changes in Binance's capital fee rate at that time. If the 20% profit of the set is not enough to pay the capital fee rate, it will hit oneself in the foot. I miss the time when HT public funds were raised, where there were two levels coexisting, with one level buying and the other selling, resulting in a profit of around 10-20% in half an hour. It was very comfortable to eat meat with large positions.