Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.009%
Price spread now: Backpack against Hyperliquid−0.041%7-day average −0.093% · you buy dearer than you sell
Net, funding: paid 7d − costs−$66as in the Funding arb table
Net, price: spread back to 7d avg − costs−$38as in the Price arb table
costs, in and out, $10k−$440.436% of the position
Funding, last 7 days−0.220%−$22 on $10k
+Price spread, last 4 days (all we have)−0.233%−$23 · spread now −0.041%, 7d avg −0.093%
=Together, before fees−0.453%+ Points / potential airdropHyperliquid: Season 2 · farm board−$45 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.052% dearer against Hyperliquid than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.093%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid LDO | 0.4364 | 0.0100 | pay 0.0013% / 1h | 3m 23s | $12.3M | $3.9M | 5x |
| Short | Backpack LDO_USDC_PERP | 0.4362 | 0.0100 | get 0.0013% / 1h | 3m 23s | $86K | $179K | 10x |
Hyperliquid LDO
Backpack LDO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Hyperliquid. 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
- $0
- Price spread: −0.041% → −0.093%
- $5.22
- Slippage, 4 orders
- −$24.56
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$38.34
- Costs to cover
- 0.436%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 9 min ago; Backpack: live order book, 15 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 Hyperliquid live order book, 9 min ago | 1.38 bp | 7.3 bp −$7 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 15 min ago | 1.04 bp | 11.4 bp −$11 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective LDO/USDC PERP | −0.0851% | 1h | 0.4110 | −5.816% | $4K | $14 | 12x | as long as short |
| Coinbase International LDO-PERP-INTX | −0.0600% | 1h | 0.4363 | −0.018% | $118K | $55K | 50x | as long as short |
| dYdX LDO-USD | 0.0000% | 1h | 0.4357 | −0.147% | $84K | $17K | 5x | as long as short |
| Deribit LDO_USDC-PERPETUAL | 0.0000% | 1h | 0.4361 | −0.064% | $3K | $10K | 25x | as long as short |
| BloFin LDO-USDT | +0.0093% | 8h | 0.4353 | −0.247% | $787K | $225K | 75x | as long as short |
| Paradex LDO-USD-PERP | +0.0100% | 8h | 0.4360 | −0.093% | $3K | $56 | 20x | as long as short |
| Hyperliquid LDOlong | +0.0100% | 1h | 0.4364 | long leg | $12.3M | $3.9M | 5x | |
| Aster LDOUSDT | +0.0100% | 8h | 0.4360 | −0.095% | $171K | $149K | 10x | as long as short |
| Pacifica LDO | +0.0100% | 1h | 0.4363 | −0.018% | $112K | $178K | 10x | as long as short |
| Binance LDOUSDT | +0.0100% | 8h | 0.4361 | −0.056% | $18.1M | $37.7M | 75x | as long as short |
Injective LDO/USDC PERP
Coinbase International LDO-PERP-INTX
dYdX LDO-USD
Deribit LDO_USDC-PERPETUAL
BloFin LDO-USDT
Paradex LDO-USD-PERP
Aster LDOUSDT
Pacifica LDO
Binance LDOUSDTShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit LDOUSDT | +0.0100% | 8h | 0.4357 | −0.156% | $16.6M | $12.8M | 50x | as long as short |
| OKX LDO-USDT-SWAP | +0.0100% | 8h | 0.4355 | −0.202% | $4.1M | $9.1M | 50x | as long as short |
| Gate LDO_USDT | +0.0100% | 8h | 0.4358 | −0.133% | $1.4M | $1.1M | 50x | as long as short |
| MEXC LDO_USDT | +0.0100% | 8h | 0.4357 | −0.156% | $8.5M | $7.6M | 200x | as long as short |
| KuCoin LDOUSDTM | +0.0100% | 8h | 0.4359 | −0.110% | $2.8M | $4.2M | 50x | as long as short |
| Bitget LDOUSDT | +0.0100% | 8h | 0.4357 | −0.156% | $3.4M | $3.7M | 75x | as long as short |
| BingX LDO-USDT | +0.0100% | 8h | 0.4358 | −0.133% | — | $3.7M | — | as long as short |
| Backpack LDO_USDC_PERPshort | +0.0100% | 1h | 0.4362 | −0.041% | $86K | $179K | 10x | |
| Variational Omni LDO | +0.0100% | 8h | 0.4348 | −0.364% | $203K | $83K | — | as long as short |
| GRVT LDO_USDT_Perp | +0.0100% | 8h | 0.4355 | −0.197% | $306K | $3.4M | 10x | as long as short |
| ApeX Omni LDOUSDT | +0.0100% | 1h | 0.4350 | −0.316% | $35K | $649K | 50x | as long as short |
| Polymarket Perps LDO-USD | +0.0100% | 1h | 0.4358 | −0.124% | $23K | $736K | 5x | as long as short |
| SunX LDO-USDT | +0.0100% | 8h | 0.4460 | +2.205% | $2K | $1.5M | 20x | as long as short |
| Extended LDO-USD | +0.0104% | 1h | 0.4356 | −0.187% | $261K | $1.0M | 25x | as long as short |
| Aevo LDO-PERP | +0.0104% | 1h | 0.4361 | −0.064% | $39K | — | 3x | as long as short |
| Kraken Futures PF_LDOUSD | +0.0294% | 1h | 0.4359 | −0.104% | $1.1M | $527K | 50x | as long as short |
| GMX LDO/USD [ETH-USDC] | L +0.0320% / S −0.0201% | 1h | 0.4358 | −0.130% | $24K | — | 100x | as long as short |
| Reya LDORUSDPERP | +0.0334% | 1h | 0.4354 | −0.231% | $304K | — | 15x | as long as short |
| Lighter LDO | +0.0376% | 1h | 0.4371 | +0.174% | $887K | $268K | 10x | as long as short |
Bybit LDOUSDT
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
Kraken Futures PF_LDOUSD
GMX LDO/USD [ETH-USDC]
Reya LDORUSDPERP
Lighter LDO