Funding you earn now, next payment 01:00 UTC−0.0452%/8h= −49.5% APRnext payment −$0.56 per $10,000 · paid last 24h −0.019%
Price spread now: Backpack against Lighter−0.296%54s7-day average −0.187% · you buy dearer than you sell
Net, funding: paid 7d − costs−$75as 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−$520.522% of the position
Funding, last 7 days−0.225%−$23 on $10k
+Price spread, last 4 days (all we have)−0.008%−$1 · spread now −0.296%, 7d avg −0.187%
=Together, before fees−0.233%+ Points / potential airdropLighter: Season 3 · farm board−$23 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Backpack is 0.109% cheaper against Lighter than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.187%). Swap the legs. The two prices were read 54 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 -0.225% in total (about -11.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.56 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 | Lighter LDO | 0.4323 | 0.0552 | pay 0.0069% / 1h | 43m 18s | $877K | $267K | 10x |
| Short | Backpack LDO_USDC_PERP | 0.4310 | 0.0100 | get 0.0013% / 1h | 43m 18s | $86K | $149K | 10x |
Lighter LDO
Backpack LDO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Lighter. 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
- −$94.92
- Price spread: −0.296% → −0.187%
- −$10.86
- Slippage, 4 orders
- −$42.24
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$158.02
- Costs to cover
- 0.522%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 27 min ago; Backpack: live order book, 30 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 Lighter live order book, 27 min ago | 5.34 bp | 17.1 bp −$17 | 59.4 bp −$594 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 30 min ago | 0.58 bp | 10.0 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 | −0.0752% | 1h | 0.4319 | −0.093% | $118K | $53K | 50x | as long as short |
| dYdX LDO-USD | 0.0000% | 1h | 0.4319 | −0.104% | $83K | $17K | 5x | as long as short |
| Deribit LDO_USDC-PERPETUAL | 0.0000% | 1h | 0.4314 | −0.208% | $3K | $10K | 25x | as long as short |
| Injective LDO/USDC PERP | +0.0033% | 1h | 0.4110 | −4.927% | $4K | $14 | 12x | as long as short |
| BloFin LDO-USDT | +0.0096% | 8h | 0.4312 | −0.254% | $791K | $222K | 75x | as long as short |
| Paradex LDO-USD-PERP | +0.0100% | 8h | 0.4312 | −0.244% | $3K | $56 | 20x | as long as short |
| Hyperliquid LDO | +0.0100% | 1h | 0.4318 | −0.118% | $12.1M | $4.0M | 5x | as long as short |
| Aster LDOUSDT | +0.0100% | 8h | 0.4320 | −0.072% | $170K | $149K | 10x | as long as short |
| Pacifica LDO | +0.0100% | 1h | 0.4316 | −0.170% | $111K | $178K | 10x | as long as short |
| Binance LDOUSDT | +0.0100% | 8h | 0.4314 | −0.203% | $18.1M | $38.0M | 75x | as long as short |
Coinbase International LDO-PERP-INTX
dYdX LDO-USD
Deribit LDO_USDC-PERPETUAL
Injective LDO/USDC PERP
BloFin LDO-USDT
Paradex LDO-USD-PERP
Hyperliquid LDO
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 | 0.4308 | −0.347% | $16.4M | $12.4M | 50x | as long as short |
| OKX LDO-USDT-SWAP | +0.0100% | 8h | 0.4307 | −0.370% | $4.1M | $9.1M | 50x | as long as short |
| Gate LDO_USDT | +0.0100% | 8h | 0.4315 | −0.185% | $1.4M | $1.0M | 50x | as long as short |
| MEXC LDO_USDT | +0.0100% | 8h | 0.4312 | −0.254% | $7.9M | $7.5M | 200x | as long as short |
| KuCoin LDOUSDTM | +0.0100% | 8h | 0.4315 | −0.185% | $2.8M | $4.2M | 50x | as long as short |
| Bitget LDOUSDT | +0.0100% | 8h | 0.4313 | −0.231% | $3.4M | $3.7M | 75x | as long as short |
| BingX LDO-USDT | +0.0100% | 8h | 0.4314 | −0.208% | — | $3.7M | — | as long as short |
| Backpack LDO_USDC_PERPshort | +0.0100% | 1h | 0.4310 | −0.296% | $86K | $149K | 10x | |
| Variational Omni LDO | +0.0100% | 8h | 0.4306 | −0.397% | $201K | $82K | — | as long as short |
| GRVT LDO_USDT_Perp | +0.0100% | 8h | 0.4310 | −0.301% | $303K | $3.4M | 10x | as long as short |
| ApeX Omni LDOUSDT | +0.0100% | 1h | 0.4310 | −0.301% | $35K | $644K | 50x | as long as short |
| Polymarket Perps LDO-USD | +0.0100% | 1h | 0.4318 | −0.123% | $23K | $736K | 5x | as long as short |
| SunX LDO-USDT | +0.0100% | 8h | 0.4414 | +2.105% | $2K | $1.5M | 20x | as long as short |
| Extended LDO-USD | +0.0104% | 1h | 0.4309 | −0.322% | $261K | $1.3M | 25x | as long as short |
| Aevo LDO-PERP | +0.0104% | 1h | 0.4313 | −0.232% | $38K | — | 3x | as long as short |
| Kraken Futures PF_LDOUSD | +0.0197% | 1h | 0.4315 | −0.182% | $1.1M | $525K | 50x | as long as short |
| GMX LDO/USD [ETH-USDC] | L +0.0319% / S −0.0201% | 1h | 0.4316 | −0.166% | $24K | — | 100x | as long as short |
| Reya LDORUSDPERP | +0.0336% | 1h | 0.4312 | −0.251% | $301K | — | 15x | as long as short |
| Lighter LDOlong | +0.0552% | 1h | 0.4323 | long leg | $877K | $267K | 10x |
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