Funding you earn now, next payment 22:00 UTC−0.0429%/8h= −47.0% APRnext payment −$0.54 per $10,000 · paid last 24h −0.014%
Price spread now: Kraken Futures against Backpack+0.150%51s7-day average +0.059% · you sell dearer than you buy
Net, funding: paid 7d − costs−$68as 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−$760.761% of the position
Funding, last 7 days+0.079%+$8 on $10k
+Price spread, last 3 days (all we have)−0.157%−$16 · spread now +0.150%, 7d avg +0.059%
=The price spread pays, funding is against you. Kraken Futures is 0.090% dearer against Backpack than usual: you sell high and buy low (spread +0.150% now, against its 7-day average of +0.059%): +$9 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 17 hours. Mind the row above: over the last 7 days funding on this pair paid +0.079%, so the current rate has only just turned against you. The two prices were read 51 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 0.079% in total (about 4.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.54 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 | 0.4319 | 0.0100 | pay 0.0013% / 1h | 37m 16s | $89K | $186K | 10x |
| Short | Kraken Futures PF_LDOUSD | 0.4325 | −0.0329 | pay 0.0041% / 1h | 37m 16s | $1.1M | $557K | 50x |
Backpack LDO_USDC_PERP
Kraken Futures PF_LDOUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$90.1
- Price spread: +0.150% → +0.059%
- $9.02
- Slippage, 4 orders
- −$56.09
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$157.16
- Costs to cover
- 0.761%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 50 min ago; Kraken Futures: live order book, 1 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, 50 min ago | 1.38 bp | 16.0 bp −$16 | doesn't fit | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 1 min ago | 13.88 bp | 26.4 bp −$26 | 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-INTX | −0.0688% | 1h | 0.4290 | −0.662% | $116K | $54K | 50x | as long as short |
| Kraken Futures PF_LDOUSDshort | −0.0329% | 1h | 0.4325 | +0.150% | $1.1M | $557K | 50x | |
| Deribit LDO_USDC-PERPETUAL | −0.0212% | 1h | 0.4323 | +0.102% | $3K | $10K | 25x | as long as short |
| dYdX LDO-USD | 0.0000% | 1h | 0.4322 | +0.076% | $83K | $17K | 5x | as long as short |
| Injective LDO/USDC PERP | +0.0033% | 1h | 0.4270 | −1.125% | $4K | $11 | 12x | as long as short |
| Lighter LDO | +0.0096% | 1h | 0.4335 | +0.391% | $879K | $264K | 10x | as long as short |
| Paradex LDO-USD-PERP | +0.0100% | 8h | 0.4321 | +0.064% | $3K | $56 | 20x | as long as short |
| Hyperliquid LDO | +0.0100% | 1h | 0.4325 | +0.146% | $11.9M | $3.5M | 5x | as long as short |
| Aster LDOUSDT | +0.0100% | 8h | 0.4324 | +0.129% | $170K | $144K | 10x | as long as short |
| Pacifica LDO | +0.0100% | 1h | 0.4322 | +0.072% | $111K | $182K | 10x | as long as short |
Coinbase International LDO-PERP-INTX
Deribit LDO_USDC-PERPETUAL
dYdX LDO-USD
Injective LDO/USDC PERP
Lighter LDO
Paradex LDO-USD-PERP
Hyperliquid LDO
Aster LDOUSDT
Pacifica LDOShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance LDOUSDT | +0.0100% | 8h | 0.4322 | +0.083% | $18.0M | $38.0M | 75x | as long as short |
| Bybit LDOUSDT | +0.0100% | 8h | 0.4320 | +0.032% | $16.7M | $12.9M | 50x | as long as short |
| OKX LDO-USDT-SWAP | +0.0100% | 8h | 0.4320 | +0.032% | $4.1M | $9.2M | 50x | as long as short |
| Gate LDO_USDT | +0.0100% | 8h | 0.4318 | −0.014% | $1.4M | $1.1M | 50x | as long as short |
| MEXC LDO_USDT | +0.0100% | 8h | 0.4321 | +0.056% | $8.7M | $7.6M | 200x | as long as short |
| KuCoin LDOUSDTM | +0.0100% | 8h | 0.4323 | +0.102% | $2.9M | $4.3M | 50x | as long as short |
| Bitget LDOUSDT | +0.0100% | 8h | 0.4320 | +0.032% | $3.4M | $3.7M | 75x | as long as short |
| BingX LDO-USDT | +0.0100% | 8h | 0.4318 | −0.014% | — | $3.9M | — | as long as short |
| Backpack LDO_USDC_PERPlong | +0.0100% | 1h | 0.4319 | long leg | $89K | $186K | 10x | |
| Variational Omni LDO | +0.0100% | 8h | 0.4315 | −0.094% | $201K | $89K | — | as long as short |
| GRVT LDO_USDT_Perp | +0.0100% | 8h | 0.4315 | −0.085% | $303K | $3.5M | 10x | as long as short |
| ApeX Omni LDOUSDT | +0.0100% | 1h | 0.4320 | +0.032% | $35K | $647K | 50x | as long as short |
| Polymarket Perps LDO-USD | +0.0100% | 1h | 0.4325 | +0.137% | $34K | $697K | 5x | as long as short |
| SunX LDO-USDT | +0.0100% | 8h | 0.4422 | +2.394% | $2K | $1.5M | 20x | as long as short |
| BloFin LDO-USDT | +0.0104% | 8h | 0.4311 | −0.176% | $793K | $228K | 75x | as long as short |
| Extended LDO-USD | +0.0104% | 1h | 0.4320 | +0.022% | $259K | $1.0M | 25x | as long as short |
| Aevo LDO-PERP | +0.0104% | 1h | 0.4323 | +0.105% | $38K | — | 3x | as long as short |
| GMX LDO/USD [ETH-USDC] | L +0.0319% / S −0.0201% | 1h | 0.4323 | +0.112% | $24K | — | 100x | as long as short |
| Reya LDORUSDPERP | +0.0332% | 1h | 0.4320 | +0.031% | $301K | — | 15x | as long as short |
Binance LDOUSDT
Bybit LDOUSDT
OKX LDO-USDT-SWAP
Gate LDO_USDT
MEXC LDO_USDT
KuCoin LDOUSDTM
Bitget LDOUSDT
BingX LDO-USDT
Variational Omni LDO
GRVT LDO_USDT_Perp
ApeX Omni LDOUSDT
Polymarket Perps LDO-USD
SunX LDO-USDT
BloFin LDO-USDT
Extended LDO-USD
Aevo LDO-PERP
GMX LDO/USD [ETH-USDC]
Reya LDORUSDPERP