Funding you earn now, next payment 00:00 UTC−0.0350%/8h= −38.4% APRnext payment −$0.44 per $10,000 · paid last 24h +0.056%
Price spread now: Backpack against Deribit−0.037%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
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
Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Backpack is 0.037% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit LDO_USDC-PERPETUAL | 0.4287 | 0.0450 | pay 0.0056% / 1h | 10m 55s | $3K | $10K | 25x |
| Short | Backpack LDO_USDC_PERP | 0.4285 | 0.0100 | get 0.0013% / 1h | 10m 55s | $85K | $180K | 10x |
Deribit LDO_USDC-PERPETUAL
Backpack LDO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Deribit. 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
- −$73.56
- Price spread: −0.037% → 0.000%
- −$3.73
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$94.29
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Deribit: no order-book sample; Backpack: live order book, 2 min ago. 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 Deribit no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 2 min ago | 0.58 bp | 10.0 bp −$10 | doesn't fit | doesn't fit | doesn't fit |
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 | |
|---|---|---|---|---|---|---|---|---|
| Injective LDO/USDC PERP | −0.5000% | 1h | 0.4110 | −4.129% | $4K | $14 | 12x | as long as short |
| Coinbase International LDO-PERP-INTX | −0.1016% | 1h | 0.4290 | +0.070% | $117K | $52K | 50x | as long as short |
| dYdX LDO-USD | 0.0000% | 1h | 0.4290 | +0.076% | $83K | $17K | 5x | as long as short |
| Kraken Futures PF_LDOUSD | +0.0027% | 1h | 0.4289 | +0.043% | $1.1M | $527K | 50x | as long as short |
| Paradex LDO-USD-PERP | +0.0100% | 8h | 0.4285 | −0.052% | $3K | $56 | 20x | as long as short |
| Hyperliquid LDO | +0.0100% | 1h | 0.4290 | +0.065% | $12.0M | $4.0M | 5x | as long as short |
| Aster LDOUSDT | +0.0100% | 8h | 0.4289 | +0.058% | $169K | $149K | 10x | as long as short |
| Pacifica LDO | +0.0100% | 1h | 0.4289 | +0.049% | $110K | $178K | 10x | as long as short |
| Binance LDOUSDT | +0.0100% | 8h | 0.4288 | +0.032% | $18.0M | $37.9M | 75x | as long as short |
| Bybit LDOUSDT | +0.0100% | 8h | 0.4286 | −0.023% | $16.3M | $12.5M | 50x | as long as short |
Injective LDO/USDC PERP
Coinbase International LDO-PERP-INTX
dYdX LDO-USD
Kraken Futures PF_LDOUSD
Paradex LDO-USD-PERP
Hyperliquid LDO
Aster LDOUSDT
Pacifica LDO
Binance LDOUSDT
Bybit LDOUSDTShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX LDO-USDT-SWAP | +0.0100% | 8h | 0.4286 | −0.023% | $4.0M | $9.1M | 50x | as long as short |
| Gate LDO_USDT | +0.0100% | 8h | 0.4286 | −0.023% | $1.4M | $1.1M | 50x | as long as short |
| MEXC LDO_USDT | +0.0100% | 8h | 0.4290 | +0.070% | $7.9M | $7.5M | 200x | as long as short |
| KuCoin LDOUSDTM | +0.0100% | 8h | 0.4286 | −0.023% | $2.8M | $4.2M | 50x | as long as short |
| Bitget LDOUSDT | +0.0100% | 8h | 0.4287 | 0.000% | $3.4M | $3.6M | 75x | as long as short |
| BingX LDO-USDT | +0.0100% | 8h | 0.4286 | −0.023% | — | $3.7M | — | as long as short |
| Backpack LDO_USDC_PERPshort | +0.0100% | 1h | 0.4285 | −0.037% | $85K | $180K | 10x | |
| Variational Omni LDO | +0.0100% | 8h | 0.4282 | −0.119% | $200K | $82K | — | as long as short |
| GRVT LDO_USDT_Perp | +0.0100% | 8h | 0.4295 | +0.182% | $306K | $3.5M | 10x | as long as short |
| ApeX Omni LDOUSDT | +0.0100% | 1h | 0.4300 | +0.303% | $34K | $647K | 50x | as long as short |
| Polymarket Perps LDO-USD | +0.0100% | 1h | 0.4288 | +0.028% | $23K | $736K | 5x | as long as short |
| SunX LDO-USDT | +0.0100% | 8h | 0.4385 | +2.286% | $2K | $1.5M | 20x | as long as short |
| Extended LDO-USD | +0.0104% | 1h | 0.4286 | −0.031% | $257K | $1.0M | 25x | as long as short |
| Aevo LDO-PERP | +0.0104% | 1h | 0.4285 | −0.044% | $38K | — | 3x | as long as short |
| BloFin LDO-USDT | +0.0109% | 8h | 0.4285 | −0.047% | $789K | $218K | 75x | as long as short |
| Lighter LDO | +0.0272% | 1h | 0.4295 | +0.189% | $872K | $269K | 10x | as long as short |
| GMX LDO/USD [ETH-USDC] | L +0.0318% / S −0.0201% | 1h | 0.4285 | −0.047% | $23K | — | 100x | as long as short |
| Reya LDORUSDPERP | +0.0335% | 1h | 0.4283 | −0.083% | $299K | — | 15x | as long as short |
| Deribit LDO_USDC-PERPETUALlong | +0.0450% | 1h | 0.4287 | long leg | $3K | $10K | 25x |
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
Extended LDO-USD
Aevo LDO-PERP
BloFin LDO-USDT
Lighter LDO
GMX LDO/USD [ETH-USDC]
Reya LDORUSDPERP