Funding you earn now, next payment 22:00 UTC+0.0429%/8h= +47.0% APRnext payment +$0.54 per $10,000 · paid last 24h +0.014%
Price spread now: Backpack against Kraken Futures−0.087%7-day average −0.059% · you buy dearer than you sell
Net, funding: paid 7d − costs−$73as in the Funding arb table
Net, price: spread back to 7d avg − costs−$68as in the Price arb table
costs, in and out, $10k−$650.652% of the position
Funding, last 7 days−0.079%−$8 on $10k
+Price spread, last 3 days (all we have)+0.094%+$9 · spread now −0.087%, 7d avg −0.059%
=Funding pays, the price is against you. Backpack is 0.027% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.087% now, against its 7-day average of −0.059%). If the spread goes back, that is −$3 on $10k: about 5 hours of funding at the current rate (+$13 a day). Mind the row above: over the last 7 days funding on this pair cost −0.079%, so the current rate has only just turned in your favour.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.079% in total (about -4.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.54 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 | Kraken Futures PF_LDOUSD | 0.4324 | −0.0329 | get 0.0041% / 1h | 47m 08s | $1.1M | $557K | 50x |
| Short | Backpack LDO_USDC_PERP | 0.4321 | 0.0100 | get 0.0013% / 1h | 47m 08s | $89K | $186K | 10x |
Kraken Futures PF_LDOUSD
Backpack LDO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Kraken Futures. 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
- $90.11
- Price spread: −0.087% → −0.059%
- −$2.75
- Slippage, 4 orders
- −$45.19
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $22.17
- Costs to cover
- 0.652%
- Break-even
- 5.3 days
Slippage from Kraken Futures: live order book, 1 min ago; Backpack: live order book, 41 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 Kraken Futures live order book, 1 min ago | 5.77 bp | 20.5 bp −$20 | 95.8 bp −$958 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 41 min ago | 1.38 bp | 10.3 bp −$10 | 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-INTX | −0.0688% | 1h | 0.4325 | +0.013% | $117K | $55K | 50x | as long as short |
| Kraken Futures PF_LDOUSDlong | −0.0329% | 1h | 0.4324 | long leg | $1.1M | $557K | 50x | |
| Deribit LDO_USDC-PERPETUAL | −0.0213% | 1h | 0.4321 | −0.080% | $3K | $10K | 25x | as long as short |
| dYdX LDO-USD | 0.0000% | 1h | 0.4328 | +0.082% | $84K | $17K | 5x | as long as short |
| Injective LDO/USDC PERP | +0.0033% | 1h | 0.4270 | −1.259% | $4K | $11 | 12x | as long as short |
| BloFin LDO-USDT | +0.0082% | 8h | 0.4328 | +0.082% | $795K | $229K | 75x | as long as short |
| Lighter LDO | +0.0096% | 1h | 0.4332 | +0.177% | $878K | $264K | 10x | as long as short |
| Paradex LDO-USD-PERP | +0.0100% | 8h | 0.4325 | +0.005% | $3K | $56 | 20x | as long as short |
| Hyperliquid LDO | +0.0100% | 1h | 0.4324 | −0.022% | $11.9M | $3.5M | 5x | as long as short |
| Aster LDOUSDT | +0.0100% | 8h | 0.4321 | −0.077% | $170K | $144K | 10x | as long as short |
Coinbase International LDO-PERP-INTX
Deribit LDO_USDC-PERPETUAL
dYdX LDO-USD
Injective LDO/USDC PERP
BloFin LDO-USDT
Lighter LDO
Paradex LDO-USD-PERP
Hyperliquid LDO
Aster LDOUSDTShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Pacifica LDO | +0.0100% | 1h | 0.4328 | +0.071% | $111K | $182K | 10x | as long as short |
| Binance LDOUSDT | +0.0100% | 8h | 0.4321 | −0.085% | $18.0M | $38.0M | 75x | as long as short |
| Bybit LDOUSDT | +0.0100% | 8h | 0.4319 | −0.126% | $16.8M | $12.9M | 50x | as long as short |
| OKX LDO-USDT-SWAP | +0.0100% | 8h | 0.4317 | −0.172% | $4.1M | $9.2M | 50x | as long as short |
| Gate LDO_USDT | +0.0100% | 8h | 0.4318 | −0.149% | $1.4M | $1.1M | 50x | as long as short |
| MEXC LDO_USDT | +0.0100% | 8h | 0.4320 | −0.103% | $8.8M | $7.5M | 200x | as long as short |
| KuCoin LDOUSDTM | +0.0100% | 8h | 0.4321 | −0.080% | $2.9M | $4.3M | 50x | as long as short |
| Bitget LDOUSDT | +0.0100% | 8h | 0.4318 | −0.149% | $3.4M | $3.7M | 75x | as long as short |
| BingX LDO-USDT | +0.0100% | 8h | 0.4321 | −0.080% | — | $3.9M | — | as long as short |
| Backpack LDO_USDC_PERPshort | +0.0100% | 1h | 0.4321 | −0.087% | $89K | $186K | 10x | |
| Variational Omni LDO | +0.0100% | 8h | 0.4319 | −0.137% | $202K | $119K | — | as long as short |
| GRVT LDO_USDT_Perp | +0.0100% | 8h | 0.4327 | +0.054% | $310K | $3.5M | 10x | as long as short |
| ApeX Omni LDOUSDT | +0.0100% | 1h | 0.4320 | −0.103% | $35K | $646K | 50x | as long as short |
| Polymarket Perps LDO-USD | +0.0100% | 1h | 0.4322 | −0.052% | $34K | $696K | 5x | as long as short |
| SunX LDO-USDT | +0.0100% | 8h | 0.4423 | +2.279% | $2K | $1.5M | 20x | as long as short |
| Extended LDO-USD | +0.0104% | 1h | 0.4318 | −0.158% | $259K | $1.0M | 25x | as long as short |
| Aevo LDO-PERP | +0.0104% | 1h | 0.4321 | −0.080% | $38K | — | 3x | as long as short |
| GMX LDO/USD [ETH-USDC] | L +0.0319% / S −0.0201% | 1h | 0.4321 | −0.073% | $24K | — | 100x | as long as short |
| Reya LDORUSDPERP | +0.0332% | 1h | 0.4318 | −0.140% | $301K | — | 15x | as long as short |
Pacifica LDO
Binance LDOUSDT
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
GMX LDO/USD [ETH-USDC]
Reya LDORUSDPERP