Funding arb · Price arb /

LDO

all LDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

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

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

Long on Deribit Short on Bybit

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

Funding pays, the price is against you. Bybit is 0.071% cheaper against Deribit than usual: you would sell low and buy high (spread −0.071% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 2.4 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LDO_USDC-PERPETUAL	0.4251	0	get 0.0000% / 1h	0m 07s	$7K	$20K	25x
Short	Bybit LDOUSDT	0.4248	0.0100	get 0.0100% / 8h	2h 00m	$16.1M	$10.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.071%Rate

Funding earned: $21
Price spread: −0.071% → 0.000%: −$7.06
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$4.06
Costs to cover: 0.180%
Break-even: 8.4 days

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	2.35 bp	15.2 bp −$15	38.3 bp −$383	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
Coinbase International LDO-PERP-INTX	−0.0464%	1h	0.4192	−1.388%	$117K	$41K	50x	as long as short
dYdX LDO-USD	0.0000%	1h	0.4254	+0.074%	$82K	$5K	5x	as long as short
Deribit LDO_USDC-PERPETUALlong	0.0000%	1h	0.4251	long leg	$7K	$20K	25x
Injective LDO/USDC PERP	+0.0033%	1h	0.4110	−3.317%	$4K	$11	12x	as long as short
BloFin LDO-USDT	+0.0073%	8h	0.4258	+0.165%	$888K	$260K	75x	as long as short
Paradex LDO-USD-PERP	+0.0100%	8h	0.4250	−0.020%	$3K	—	20x	as long as short
Hyperliquid LDO	+0.0100%	1h	0.4254	+0.061%	$11.6M	$3.1M	5x	as long as short
Aster LDOUSDT	+0.0100%	8h	0.4254	+0.073%	$167K	$91K	10x	as long as short
Pacifica LDO	+0.0100%	1h	0.4252	+0.033%	$107K	$28K	10x	as long as short
Binance LDOUSDT	+0.0100%	8h	0.4250	−0.020%	$17.8M	$31.1M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit LDOUSDTshort	+0.0100%	8h	0.4248	−0.071%	$16.1M	$10.2M	50x
OKX LDO-USDT-SWAP	+0.0100%	8h	0.4248	−0.071%	$4.0M	$6.8M	50x	as long as short
Gate LDO_USDT	+0.0100%	8h	0.4253	+0.047%	$1.4M	$1.1M	50x	as long as short
MEXC LDO_USDT	+0.0100%	8h	0.4251	0.000%	$7.1M	$5.9M	200x	as long as short
KuCoin LDOUSDTM	+0.0100%	8h	0.4253	+0.047%	$2.7M	$3.5M	50x	as long as short
Bitget LDOUSDT	+0.0100%	8h	0.4252	+0.024%	$3.3M	$3.1M	75x	as long as short
BingX LDO-USDT	+0.0100%	8h	0.4251	0.000%	—	$10.0M	—	as long as short
Backpack LDO_USDC_PERP	+0.0100%	1h	0.4249	−0.054%	$90K	$181K	10x	as long as short
Variational Omni LDO	+0.0100%	8h	0.4253	+0.040%	$198K	$62K	—	as long as short
GRVT LDO_USDT_Perp	+0.0100%	8h	0.4256	+0.126%	$303K	$3.5M	10x	as long as short
ApeX Omni LDOUSDT	+0.0100%	1h	0.4260	+0.212%	$32K	$637K	50x	as long as short
Polymarket Perps LDO-USD	+0.0100%	1h	0.4251	+0.005%	$22K	$375K	5x	as long as short
SunX LDO-USDT	+0.0100%	8h	0.4349	+2.305%	$2K	$1.2M	20x	as long as short
Extended LDO-USD	+0.0104%	1h	0.4248	−0.076%	$259K	$1.2M	25x	as long as short
Aevo LDO-PERP	+0.0104%	1h	0.4251	+0.005%	$38K	—	3x	as long as short
Lighter LDO	+0.0232%	1h	0.4258	+0.167%	$858K	$267K	10x	as long as short
GMX LDO/USD [ETH-USDC]	L +0.0319% / S −0.0201%	1h	0.4251	−0.009%	$23K	—	100x	as long as short
Reya LDORUSDPERP	+0.0343%	1h	0.4248	−0.080%	$296K	—	15x	as long as short
Kraken Futures PF_LDOUSD	+0.0594%	1h	0.4251	+0.006%	$1.1M	$662K	50x	as long as short