LDO

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0788%/8h= +86.3% APRnext payment +$0.98 per $10,000 · paid last 24h +0.350%

Price spread now: Backpack against Coinbase International+1.571%7-day average +0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs+$78as in the Price arb table

costs, in and out, $10k−$720.719% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.486%+$49 on $10k

Price spread, last 3 days (all we have)−1.721%−$172 · spread now +1.571%, 7d avg +0.073%

Together, before fees−1.235%−$123 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Backpack is 1.498% dearer against Coinbase International than usual: you sell high and buy low: +$150 more if the spread goes back to its 7-day average of +0.073%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.486% in total (about 25.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.98 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	Coinbase International LDO-PERP-INTX	0.4290	−0.0688	get 0.0086% / 1h	16m 52s	$116K	$54K	50x
Short	Backpack LDO_USDC_PERP	0.4357	0.0100	get 0.0013% / 1h	16m 52s	$86K	$186K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now +1.571%Rate

Funding earned: $165.48
Price spread: +1.571% → +0.073%: $149.78
Slippage, 4 orders: −$51.91
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $243.35
Costs to cover: 0.719%
Break-even: from the start

Slippage from Coinbase International: live order book, 6 min ago; Backpack: live order book, 6 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 Coinbase International live order book, 6 min ago	14.91 bp	22.2 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 6 min ago	1.83 bp	16.2 bp −$16	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-INTXlong	−0.0688%	1h	0.4290	long leg	$116K	$54K	50x
Kraken Futures PF_LDOUSD	−0.0326%	1h	0.4360	+1.641%	$1.1M	$556K	50x	as long as short
Deribit LDO_USDC-PERPETUAL	0.0000%	1h	0.4358	+1.585%	$3K	$10K	25x	as long as short
dYdX LDO-USD	+0.0017%	1h	0.4359	+1.605%	$84K	$17K	5x	as long as short
Injective LDO/USDC PERP	+0.0033%	1h	0.4270	−0.466%	$4K	$11	12x	as long as short
BloFin LDO-USDT	+0.0072%	8h	0.4354	+1.492%	$794K	$230K	75x	as long as short
Lighter LDO	+0.0096%	1h	0.4372	+1.916%	$887K	$266K	10x	as long as short
Paradex LDO-USD-PERP	+0.0100%	8h	0.4356	+1.529%	$3K	$56	20x	as long as short
Hyperliquid LDO	+0.0100%	1h	0.4360	+1.634%	$12.1M	$3.6M	5x	as long as short
Aster LDOUSDT	+0.0100%	8h	0.4358	+1.584%	$171K	$144K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LDO	+0.0100%	1h	0.4358	+1.585%	$112K	$182K	10x	as long as short
Binance LDOUSDT	+0.0100%	8h	0.4356	+1.533%	$18.1M	$38.0M	75x	as long as short
Bybit LDOUSDT	+0.0100%	8h	0.4354	+1.492%	$16.9M	$12.9M	50x	as long as short
OKX LDO-USDT-SWAP	+0.0100%	8h	0.4353	+1.469%	$4.1M	$9.2M	50x	as long as short
Gate LDO_USDT	+0.0100%	8h	0.4355	+1.515%	$1.4M	$1.1M	50x	as long as short
MEXC LDO_USDT	+0.0100%	8h	0.4356	+1.538%	$8.7M	$7.6M	200x	as long as short
KuCoin LDOUSDTM	+0.0100%	8h	0.4356	+1.538%	$2.8M	$4.3M	50x	as long as short
Bitget LDOUSDT	+0.0100%	8h	0.4354	+1.492%	$3.4M	$3.7M	75x	as long as short
BingX LDO-USDT	+0.0100%	8h	0.4354	+1.492%	—	$3.9M	—	as long as short
Backpack LDO_USDC_PERPshort	+0.0100%	1h	0.4357	+1.571%	$86K	$186K	10x
Variational Omni LDO	+0.0100%	8h	0.4359	+1.614%	$204K	$89K	—	as long as short
GRVT LDO_USDT_Perp	+0.0100%	8h	0.4353	+1.460%	$309K	$3.5M	10x	as long as short
ApeX Omni LDOUSDT	+0.0100%	1h	0.4360	+1.632%	$35K	$648K	50x	as long as short
Polymarket Perps LDO-USD	+0.0100%	1h	0.4359	+1.613%	$22K	$739K	5x	as long as short
SunX LDO-USDT	+0.0100%	8h	0.4458	+3.916%	$2K	$1.5M	20x	as long as short
Extended LDO-USD	+0.0104%	1h	0.4352	+1.456%	$262K	$1.0M	25x	as long as short
Aevo LDO-PERP	+0.0104%	1h	0.4358	+1.585%	$39K	—	3x	as long as short
GMX LDO/USD [ETH-USDC]	L +0.0320% / S −0.0201%	1h	0.4358	+1.589%	$24K	—	100x	as long as short
Reya LDORUSDPERP	+0.0332%	1h	0.4354	+1.500%	$304K	—	15x	as long as short