Funding arb · Price arb /

LDO

all LDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1052%/8h= −115.2% APRpaid last 24h −0.303%

Price spread now: Coinbase International against GRVT−0.215%76s7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$352as 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−$2792.787% of the position

Long on GRVT Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.730%−$73 on $10k

Price spread, last 4 days (all we have)+0.466%+$47 · spread now −0.215%, 7d avg +0.015%

Together, before fees−0.264%+ Points / potential airdropGRVT: Active · farm board−$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$32 a day on $10k at the current rate, and Coinbase International is 0.230% cheaper against GRVT than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of +0.015%). Swap the legs. The two prices were read 76 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 -0.730% in total (about -38.1% a year). A funding rate is set anew for every payment. 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	GRVT LDO_USDT_Perp	0.4195	0.0100	pay 0.0100% / 8h	7h 39m	$299K	$3.5M	10x
Short	Coinbase International LDO-PERP-INTX	0.4186	−0.0952	pay 0.0119% / 1h	39m 44s	$116K	$39K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against GRVT. 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 GRVTbpFee Coinbase InternationalbpOrdersPrice spread, now −0.215%Rate

Funding earned: −$220.92
Price spread: −0.215% → +0.015%: −$22.95
Slippage, 4 orders: −$259.7
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$522.57
Costs to cover: 2.787%
Break-even: never at this rate

Slippage from GRVT: live order book, 4 min ago; Coinbase International: live order book, 58 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 GRVT live order book, 4 min ago	2.38 bp	29.2 bp −$29	2890.4 bp −$28.9K	doesn't fit	doesn't fit
Sell Coinbase International live order book, 58 min ago	23.91 bp	203.4 bp −$203	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-INTXshort	−0.0952%	1h	0.4186	−0.215%	$116K	$39K	50x
Kraken Futures PF_LDOUSD	−0.0370%	1h	0.4190	−0.122%	$1.1M	$739K	50x	as long as short
dYdX LDO-USD	0.0000%	1h	0.4191	−0.088%	$81K	$5K	5x	as long as short
Deribit LDO_USDC-PERPETUAL	0.0000%	1h	0.4189	−0.143%	$7K	$20K	25x	as long as short
Injective LDO/USDC PERP	+0.0033%	1h	0.4110	−2.026%	$4K	$11	12x	as long as short
BloFin LDO-USDT	+0.0088%	8h	0.4192	−0.072%	$880K	$256K	75x	as long as short
Paradex LDO-USD-PERP	+0.0100%	8h	0.4189	−0.136%	$3K	—	20x	as long as short
Hyperliquid LDO	+0.0100%	1h	0.4195	−0.010%	$11.4M	$3.0M	5x	as long as short
Aster LDOUSDT	+0.0100%	8h	0.4194	−0.014%	$165K	$91K	10x	as long as short
Pacifica LDO	+0.0100%	1h	0.4192	−0.065%	$106K	$29K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance LDOUSDT	+0.0100%	8h	0.4192	−0.072%	$17.6M	$31.0M	75x	as long as short
Bybit LDOUSDT	+0.0100%	8h	0.4190	−0.119%	$16.1M	$10.0M	50x	as long as short
OKX LDO-USDT-SWAP	+0.0100%	8h	0.4191	−0.095%	$4.0M	$6.5M	50x	as long as short
Gate LDO_USDT	+0.0100%	8h	0.4191	−0.095%	$1.5M	$1.1M	50x	as long as short
MEXC LDO_USDT	+0.0100%	8h	0.4193	−0.048%	$6.9M	$5.4M	200x	as long as short
KuCoin LDOUSDTM	+0.0100%	8h	0.4191	−0.095%	$2.6M	$3.2M	50x	as long as short
Bitget LDOUSDT	+0.0100%	8h	0.4191	−0.095%	$3.2M	$2.9M	75x	as long as short
BingX LDO-USDT	+0.0100%	8h	0.4190	−0.119%	—	$10.2M	—	as long as short
Backpack LDO_USDC_PERP	+0.0100%	1h	0.4190	−0.107%	$89K	$176K	10x	as long as short
Variational Omni LDO	+0.0100%	8h	0.4188	−0.171%	$200K	$66K	—	as long as short
GRVT LDO_USDT_Perplong	+0.0100%	8h	0.4195	long leg	$299K	$3.5M	10x
ApeX Omni LDOUSDT	+0.0100%	1h	0.4200	+0.119%	$31K	$635K	50x	as long as short
Polymarket Perps LDO-USD	+0.0100%	1h	0.4189	−0.143%	$24K	$375K	5x	as long as short
SunX LDO-USDT	+0.0100%	8h	0.4286	+2.169%	$2K	$1.2M	20x	as long as short
Extended LDO-USD	+0.0104%	1h	0.4189	−0.146%	$252K	$1.4M	25x	as long as short
Aevo LDO-PERP	+0.0104%	1h	0.4189	−0.155%	$37K	—	3x	as long as short
Lighter LDO	+0.0208%	1h	0.4200	+0.124%	$847K	$272K	10x	as long as short
GMX LDO/USD [ETH-USDC]	L +0.0317% / S −0.0201%	1h	0.4195	−0.003%	$23K	—	100x	as long as short
Reya LDORUSDPERP	+0.0347%	1h	0.4186	−0.211%	$292K	—	15x	as long as short