Funding arb · Price arb /

LDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0101%/8h= +11.1% APRpaid last 24h +0.009%

Price spread now: GMX against SunX−2.250%7-day average — · you buy dearer than you sell

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

Long on SunX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 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. GMX is 2.250% cheaper against SunX than usual: you would sell low and buy high (spread −2.250% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$225 on $10k: about 2 months of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX LDO-USDT	0.4433	0.0100	pay 0.0100% / 8h	7h 16m	$1K	$1.4M	20x
Short	GMX LDO/USD [ETH-USDC]	0.4333	L +0.0320% / S −0.0201%	get 0.0025% / 1h	16m 56s	$24K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against SunX. 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 SunXbpFee GMXbpOrdersPrice spread, now −2.250%Rate

Funding earned: $21.26
Price spread: −2.250% → 0.000%: −$224.97
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: −$223.71
Costs to cover: 0.200%
Break-even: 80.6 days

Slippage unknown: SunX: live order book, 8 min ago; GMX: no order-book sample. 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 SunX live order book, 8 min ago	252.18 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.0752%	1h	0.4323	−2.481%	$118K	$53K	50x	as long as short
dYdX LDO-USD	0.0000%	1h	0.4320	−2.549%	$83K	$17K	5x	as long as short
Injective LDO/USDC PERP	+0.0033%	1h	0.4110	−7.286%	$4K	$14	12x	as long as short
Paradex LDO-USD-PERP	+0.0100%	8h	0.4331	−2.308%	$3K	—	20x	as long as short
Hyperliquid LDO	+0.0100%	1h	0.4338	−2.145%	$12.0M	$4.1M	5x	as long as short
Aster LDOUSDT	+0.0100%	8h	0.4337	−2.164%	$171K	$149K	10x	as long as short
Pacifica LDO	+0.0100%	1h	0.4336	−2.198%	$111K	$178K	10x	as long as short
Binance LDOUSDT	+0.0100%	8h	0.4338	−2.135%	$18.2M	$37.5M	75x	as long as short
Bybit LDOUSDT	+0.0100%	8h	0.4334	−2.233%	$16.4M	$12.0M	50x	as long as short
OKX LDO-USDT-SWAP	+0.0100%	8h	0.4333	−2.256%	$4.1M	$9.0M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate LDO_USDT	+0.0100%	8h	0.4337	−2.166%	$1.5M	$1.0M	50x	as long as short
MEXC LDO_USDT	+0.0100%	8h	0.4337	−2.166%	$8.0M	$7.5M	200x	as long as short
KuCoin LDOUSDTM	+0.0100%	8h	0.4334	−2.233%	$2.8M	$4.1M	50x	as long as short
Bitget LDOUSDT	+0.0100%	8h	0.4335	−2.211%	$3.4M	$3.6M	75x	as long as short
BingX LDO-USDT	+0.0100%	8h	0.4336	−2.188%	—	$10.1M	—	as long as short
Backpack LDO_USDC_PERP	+0.0100%	1h	0.4335	−2.217%	$89K	$149K	10x	as long as short
Variational Omni LDO	+0.0100%	8h	0.4309	−2.802%	$202K	$81K	—	as long as short
GRVT LDO_USDT_Perp	+0.0100%	8h	0.4313	−2.706%	$309K	$3.5M	10x	as long as short
ApeX Omni LDOUSDT	+0.0100%	1h	0.4310	−2.775%	$35K	$644K	50x	as long as short
Polymarket Perps LDO-USD	+0.0100%	1h	0.4336	−2.195%	$23K	$731K	5x	as long as short
SunX LDO-USDTlong	+0.0100%	8h	0.4433	long leg	$1K	$1.4M	20x
Extended LDO-USD	+0.0104%	1h	0.4334	−2.226%	$264K	$1.3M	25x	as long as short
Aevo LDO-PERP	+0.0104%	1h	0.4333	−2.267%	$38K	—	3x	as long as short
BloFin LDO-USDT	+0.0113%	8h	0.4336	−2.188%	$793K	$218K	75x	as long as short
Kraken Futures PF_LDOUSD	+0.0196%	1h	0.4336	−2.185%	$1.1M	$526K	50x	as long as short
Deribit LDO_USDC-PERPETUAL	+0.0212%	1h	0.4335	−2.211%	$3K	$10K	25x	as long as short
GMX LDO/USD [ETH-USDC]short	L +0.0320% / S −0.0201%	1h	0.4333	−2.250%	$24K	—	100x
Reya LDORUSDPERP	+0.0336%	1h	0.4329	−2.337%	$302K	—	15x	as long as short
Lighter LDO	+0.0608%	1h	0.4342	−2.060%	$881K	$267K	10x	as long as short