Funding arb · Price arb /

LDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Deribit against Bybit+0.071%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.071% dearer against Bybit than usual: you sell high and buy low (spread +0.071% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit LDOUSDT	0.4240	0.0100	pay 0.0100% / 8h	3h 11m	$16.1M	$10.0M	50x
Short	Deribit LDO_USDC-PERPETUAL	0.4243	0	get 0.0000% / 1h	11m 51s	$7K	$20K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.071%Rate

Funding earned: −$21
Price spread: +0.071% → 0.000%: $7.08
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$31.92
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 min ago; Deribit: no order-book sample. Net counts fees only.

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 Bybit live order book, 2 min ago	1.18 bp	11.7 bp −$12	31.7 bp −$317	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0352%	1h	0.4227	−0.307%	$118K	$41K	50x	as long as short
dYdX LDO-USD	0.0000%	1h	0.4246	+0.151%	$82K	$5K	5x	as long as short
Deribit LDO_USDC-PERPETUALshort	0.0000%	1h	0.4243	+0.071%	$7K	$20K	25x
Injective LDO/USDC PERP	+0.0033%	1h	0.4110	−3.066%	$4K	$13	12x	as long as short
Paradex LDO-USD-PERP	+0.0100%	8h	0.4241	+0.016%	$3K	—	20x	as long as short
Hyperliquid LDO	+0.0100%	1h	0.4243	+0.064%	$11.6M	$3.1M	5x	as long as short
Aster LDOUSDT	+0.0100%	8h	0.4242	+0.048%	$167K	$93K	10x	as long as short
Pacifica LDO	+0.0100%	1h	0.4245	+0.109%	$108K	$27K	10x	as long as short
Binance LDOUSDT	+0.0100%	8h	0.4242	+0.047%	$17.8M	$30.7M	75x	as long as short
Bybit LDOUSDTlong	+0.0100%	8h	0.4240	long leg	$16.1M	$10.0M	50x

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX LDO-USDT-SWAP	+0.0100%	8h	0.4240	0.000%	$4.0M	$6.7M	50x	as long as short
Gate LDO_USDT	+0.0100%	8h	0.4241	+0.024%	$1.5M	$1.1M	50x	as long as short
MEXC LDO_USDT	+0.0100%	8h	0.4240	0.000%	$7.5M	$6.3M	200x	as long as short
KuCoin LDOUSDTM	+0.0100%	8h	0.4242	+0.047%	$2.7M	$3.6M	50x	as long as short
Bitget LDOUSDT	+0.0100%	8h	0.4239	−0.024%	$3.3M	$3.1M	75x	as long as short
BingX LDO-USDT	+0.0100%	8h	0.4240	0.000%	—	$10.0M	—	as long as short
Backpack LDO_USDC_PERP	+0.0100%	1h	0.4240	−0.007%	$91K	$178K	10x	as long as short
Variational Omni LDO	+0.0100%	8h	0.4248	+0.183%	$200K	$60K	—	as long as short
GRVT LDO_USDT_Perp	+0.0100%	8h	0.4246	+0.143%	$303K	$3.4M	10x	as long as short
ApeX Omni LDOUSDT	+0.0100%	1h	0.4250	+0.236%	$32K	$639K	50x	as long as short
Polymarket Perps LDO-USD	+0.0100%	1h	0.4243	+0.073%	$21K	$246K	5x	as long as short
SunX LDO-USDT	+0.0100%	8h	0.4341	+2.382%	$2K	$1.2M	20x	as long as short
Extended LDO-USD	+0.0104%	1h	0.4238	−0.053%	$258K	$1.2M	25x	as long as short
Aevo LDO-PERP	+0.0104%	1h	0.4243	+0.065%	$38K	—	3x	as long as short
BloFin LDO-USDT	+0.0129%	8h	0.4249	+0.212%	$905K	$255K	75x	as long as short
GMX LDO/USD [ETH-USDC]	L +0.0319% / S −0.0201%	1h	0.4239	−0.025%	$23K	—	100x	as long as short
Reya LDORUSDPERP	+0.0342%	1h	0.4239	−0.033%	$296K	—	15x	as long as short
Kraken Futures PF_LDOUSD	+0.0397%	1h	0.4245	+0.121%	$1.1M	$658K	50x	as long as short
Lighter LDO	+0.0472%	1h	0.4249	+0.222%	$854K	$269K	10x	as long as short