Stonkpile/
Backpack
SPDR S&P 500 ETF Trust rates C Thin.
42 out of 100 for the market around SPY: $30k you can sell into, $963k of volume in a day, 2 pools and a perp on Phoenix. It rates the market, never the company.
SPY contractcheck it on Solscan
SPY rates C42 Thin
Each part is scored out of 10 and carries its own weight, so ten across all four is exactly 100. Nothing here is about the company, or about whether the price is fair.
Depth is read from indexed AMM pools. Market makers quoting from their own inventory, request-for-quote venues and exchange order books can all fill a trade this score cannot see, so a thin pool does not always mean a hard exit. What the rating covers
- Liquidity2.4/10 ×4$30k in the pool
- Real volume0.0/10 ×2.5turns over 31.6x its own size a day
- Pools & perps8.5/10 ×22 venues, a perp to hedge with
- Pricing10.0/10 ×1.5priced around the clock, another issuer agrees within 1%
Each token is redeemable 1:1 for the real underlying security, held as a claim on an SPV that owns the assets. Dividends are reinvested into additional tokenized shares.
Through Backpack Securities. Eligibility terms are not set out on the page we read.
Read 2026-10-04 from Backpack Securities support documentation. source. Terms change, so check them before you act on this.
- Volume is 32 times the pool. That is the same money going round, not demand.
Is SPY what it says it is?
Five arithmetic checks on the tokenized stock itself, before you look at anything quoted against it.
Metadata is served from Backpack's own domain, which is how this index separates real tokenized stocks from the hundreds of lookalikes that simply put the name in their title.
Very thin. Expect significant slippage on anything but small orders.
Pyth publishes an always-on price for SPY, so there is something independent to check the on-chain price against at any hour.
Only two venues. Liquidity is concentrated.
Modest holder base for a tokenized equity.
These are arithmetic checks on public data, not advice. They tell you what the numbers look like, not what to do about them.
Where to buy SPY
Every market we found behind SPY, deepest first, each one a link straight to that pool rather than to a front page. The depth figure is what is sitting in the pool now, which is roughly what you could sell into before the price moves against you.
$30k across 2 pools, and it does not move between them: a sale bigger than the deepest one costs you more than the top line suggests.
One link on this page is a referral: buying on Backpack through it pays us a share of the trading fee, at no cost to you. It is the only one, it is marked, and it changes nothing about the rating. Every score on this site is computed before any link is attached, from figures the site publishes, and no issuer applies or pays to be rated.
What is priced in it
Turnover is 24-hour volume divided by the liquidity behind it. Anything far above about 5x is churning faster than real demand usually does. Each row carries the coin’s contract address so you can copy the right one. It identifies the coin and says nothing about whether it is any good.
| Coin | Venue | Liquidity | 24h volume | Turnover | 24h |
|---|---|---|---|---|---|
| 1 SP500 | raydium | $4k | $97 | 0.0x | -1.3% |
| 2 SP500 | raydium | $3k | $0 | 0.0x | — |
| 3 SPDR | pumpswap | — | $0 | — | -0.8% |
| 4 ALICE | pumpfun | — | $0 | — | — |
| 5 S&P500 | pumpfun | — | $0 | — | — |
| 6 Spyder | pumpfun | — | $0 | — | — |
| 7 SPYCAT | pumpfun | — | $0 | — | — |
| 8 SPY | pumpfun | — | $0 | — | — |
| 9 SCAT | pumpfun | — | $0 | — | — |
| 10 FROG | pumpfun | — | $0 | — | — |
The biggest one: SP500
SP500 is the largest coin quoted against SPY right now. Same checks, applied to it.
Volume is proportionate to the liquidity behind it, which is what organic trading looks like.
Almost no depth. You may not be able to sell what you buy.
Created in the last week. The overwhelming majority of pools this young go to zero.
These are arithmetic checks on public data, not advice. They tell you what the numbers look like, not what to do about them.