Pump.fun’s PUMP token posted a double-digit gain over the past day, with capital entering its perpetual market identified as the main driver. Open Interest (capital committed to perpetual contracts) increased by about $40.83 million to $355.08 million across centralized and decentralized venues. The Funding Rate, which reflects the cost of holding leveraged positions, climbed from roughly 0.0007% during the earlier hours of 12 September to around 0.0072%, indicating that more newly committed capital came from traders positioned for a short-term rally. Whale Retail Delta reached 0.274, showing substantial whale buying activity. Market sentiment, measured on a scale from -10 to 10, stood at 3.53 on CoinMarketCap, with the indicator trending higher. Spot-market activity was also bullish: CoinGlass recorded Netflow of -$1.13 million over the past 12 hours, meaning outflows exceeded inflows as more PUMP moved into private wallets. Together, the derivatives positioning, whale participation, rising sentiment and spot accumulation supported PUMP’s near-term price momentum.