LDO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0852%/8h= −93.3% APRnext payment −$1.06 per $10,000 · paid last 24h −0.338%

Price spread now: Coinbase International against Backpack−0.095%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$400as in the Funding arb table

Net, price: spread back to 7d avg − costs−$351as in the Price arb table

costs, in and out, $10k−$3483.483% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.512%−$51 on $10k

Price spread, last 3 days (all we have)+0.262%+$26 · spread now −0.095%, 7d avg −0.073%

Together, before fees−0.251%−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and Coinbase International is 0.022% cheaper against Backpack than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.073%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.512% in total (about -26.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.06 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	Backpack LDO_USDC_PERP	0.4308	0.0100	pay 0.0013% / 1h	46m 50s	$86K	$149K	10x
Short	Coinbase International LDO-PERP-INTX	0.4304	−0.0752	pay 0.0094% / 1h	46m 50s	$117K	$53K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Backpack. 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 BackpackbpFee Coinbase InternationalbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$178.92
Price spread: −0.095% → −0.073%: −$2.19
Slippage, 4 orders: −$328.34
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$529.45
Costs to cover: 3.483%
Break-even: never at this rate

Slippage from Backpack: live order book, 26 min ago; Coinbase International: live order book, 26 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 Backpack live order book, 26 min ago	0.58 bp	14.4 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 26 min ago	11.64 bp	222.1 bp −$222	doesn't fit	doesn't fit	doesn't fit

LDO on 29 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
Coinbase International LDO-PERP-INTXshort	−0.0752%	1h	0.4304	−0.095%	$117K	$53K	50x
dYdX LDO-USD	0.0000%	1h	0.4307	−0.018%	$83K	$17K	5x	as long as short
Deribit LDO_USDC-PERPETUAL	0.0000%	1h	0.4305	−0.072%	$3K	$10K	25x	as long as short
Injective LDO/USDC PERP	+0.0033%	1h	0.4110	−4.598%	$4K	$14	12x	as long as short
BloFin LDO-USDT	+0.0090%	8h	0.4308	−0.002%	$792K	$222K	75x	as long as short
Paradex LDO-USD-PERP	+0.0100%	8h	0.4302	−0.149%	$3K	$56	20x	as long as short
Hyperliquid LDO	+0.0100%	1h	0.4310	+0.053%	$12.1M	$4.0M	5x	as long as short
Aster LDOUSDT	+0.0100%	8h	0.4310	+0.037%	$170K	$149K	10x	as long as short
Pacifica LDO	+0.0100%	1h	0.4306	−0.060%	$111K	$178K	10x	as long as short
Binance LDOUSDT	+0.0100%	8h	0.4308	−0.003%	$18.1M	$38.0M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit LDOUSDT	+0.0100%	8h	0.4304	−0.095%	$16.3M	$12.4M	50x	as long as short
OKX LDO-USDT-SWAP	+0.0100%	8h	0.4306	−0.049%	$4.1M	$9.1M	50x	as long as short
Gate LDO_USDT	+0.0100%	8h	0.4302	−0.142%	$1.4M	$1.0M	50x	as long as short
MEXC LDO_USDT	+0.0100%	8h	0.4307	−0.026%	$7.9M	$7.5M	200x	as long as short
KuCoin LDOUSDTM	+0.0100%	8h	0.4308	−0.002%	$2.8M	$4.2M	50x	as long as short
Bitget LDOUSDT	+0.0100%	8h	0.4306	−0.049%	$3.4M	$3.7M	75x	as long as short
BingX LDO-USDT	+0.0100%	8h	0.4307	−0.026%	—	$3.7M	—	as long as short
Backpack LDO_USDC_PERPlong	+0.0100%	1h	0.4308	long leg	$86K	$149K	10x
Variational Omni LDO	+0.0100%	8h	0.4299	−0.203%	$202K	$82K	—	as long as short
GRVT LDO_USDT_Perp	+0.0100%	8h	0.4307	−0.031%	$305K	$3.5M	10x	as long as short
ApeX Omni LDOUSDT	+0.0100%	1h	0.4310	+0.044%	$35K	$644K	50x	as long as short
Polymarket Perps LDO-USD	+0.0100%	1h	0.4306	−0.049%	$23K	$736K	5x	as long as short
SunX LDO-USDT	+0.0100%	8h	0.4405	+2.249%	$2K	$1.5M	20x	as long as short
Extended LDO-USD	+0.0104%	1h	0.4305	−0.063%	$259K	$1.2M	25x	as long as short
Aevo LDO-PERP	+0.0104%	1h	0.4305	−0.060%	$38K	—	3x	as long as short
Kraken Futures PF_LDOUSD	+0.0197%	1h	0.4307	−0.034%	$1.1M	$524K	50x	as long as short
GMX LDO/USD [ETH-USDC]	L +0.0319% / S −0.0201%	1h	0.4305	−0.069%	$23K	—	100x	as long as short
Reya LDORUSDPERP	+0.0336%	1h	0.4301	−0.156%	$300K	—	15x	as long as short
Lighter LDO	+0.0472%	1h	0.4316	+0.174%	$876K	$267K	10x	as long as short