Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h +0.042%
Price spread now: Backpack against Deribit+0.168%50s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 5 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
Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.168% dearer against Deribit than usual: you sell high and buy low: +$17 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit LDO_USDC-PERPETUAL | 0.4283 | 0 | get 0.0000% / 1h | 54m 18s | $7K | $20K | 25x |
| Short | Backpack LDO_USDC_PERP | 0.4290 | 0.0100 | get 0.0013% / 1h | 54m 18s | $91K | $176K | 10x |
Deribit LDO_USDC-PERPETUAL
Backpack LDO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Deribit. 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
- $21
- Price spread: +0.168% → 0.000%
- $16.81
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $20.81
- Costs to cover
- 0.170%
- Break-even
- 0.1 days
Slippage unknown: Deribit: no order-book sample; Backpack: live order book, 64 min ago. 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 Deribit no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 64 min ago | 2.58 bp | 13.5 bp −$14 | doesn't fit | doesn't fit | doesn't fit |
Deribit: 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 | −0.0352% | 1h | 0.4268 | −0.350% | $119K | $41K | 50x | as long as short |
| dYdX LDO-USD | 0.0000% | 1h | 0.4290 | +0.163% | $83K | $5K | 5x | as long as short |
| Deribit LDO_USDC-PERPETUALlong | 0.0000% | 1h | 0.4283 | long leg | $7K | $20K | 25x | |
| Injective LDO/USDC PERP | +0.0033% | 1h | 0.4110 | −4.039% | $4K | $13 | 12x | as long as short |
| BloFin LDO-USDT | +0.0086% | 8h | 0.4289 | +0.140% | $909K | $253K | 75x | as long as short |
| Paradex LDO-USD-PERP | +0.0100% | 8h | 0.4290 | +0.167% | $3K | — | 20x | as long as short |
| Hyperliquid LDO | +0.0100% | 1h | 0.4288 | +0.117% | $11.7M | $3.1M | 5x | as long as short |
| Aster LDOUSDT | +0.0100% | 8h | 0.4293 | +0.233% | $169K | $120K | 10x | as long as short |
| Pacifica LDO | +0.0100% | 1h | 0.4293 | +0.226% | $110K | $26K | 10x | as long as short |
| Binance LDOUSDT | +0.0100% | 8h | 0.4287 | +0.093% | $18.0M | $30.8M | 75x | as long as short |
Coinbase International LDO-PERP-INTX
dYdX LDO-USD
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 | 0.4281 | −0.047% | $16.1M | $9.9M | 50x | as long as short |
| OKX LDO-USDT-SWAP | +0.0100% | 8h | 0.4280 | −0.070% | $4.0M | $6.8M | 50x | as long as short |
| Gate LDO_USDT | +0.0100% | 8h | 0.4288 | +0.117% | $1.5M | $1.0M | 50x | as long as short |
| MEXC LDO_USDT | +0.0100% | 8h | 0.4285 | +0.047% | $7.7M | $6.3M | 200x | as long as short |
| KuCoin LDOUSDTM | +0.0100% | 8h | 0.4288 | +0.117% | $2.8M | $3.7M | 50x | as long as short |
| Bitget LDOUSDT | +0.0100% | 8h | 0.4284 | +0.023% | $3.3M | $3.1M | 75x | as long as short |
| BingX LDO-USDT | +0.0100% | 8h | 0.4288 | +0.117% | — | $10.0M | — | as long as short |
| Backpack LDO_USDC_PERPshort | +0.0100% | 1h | 0.4290 | +0.168% | $91K | $176K | 10x | |
| Variational Omni LDO | +0.0100% | 8h | 0.4276 | −0.169% | $201K | $60K | — | as long as short |
| GRVT LDO_USDT_Perp | +0.0100% | 8h | 0.4283 | −0.005% | $307K | $3.4M | 10x | as long as short |
| ApeX Omni LDOUSDT | +0.0100% | 1h | 0.4280 | −0.070% | $33K | $640K | 50x | as long as short |
| Polymarket Perps LDO-USD | +0.0100% | 1h | 0.4289 | +0.149% | $23K | $508K | 5x | as long as short |
| SunX LDO-USDT | +0.0100% | 8h | 0.4387 | +2.428% | $2K | $1.2M | 20x | as long as short |
| Extended LDO-USD | +0.0104% | 1h | 0.4278 | −0.115% | $260K | $1.3M | 25x | as long as short |
| Aevo LDO-PERP | +0.0104% | 1h | 0.4286 | +0.063% | $38K | — | 3x | as long as short |
| Lighter LDO | +0.0128% | 1h | 0.4290 | +0.170% | $875K | $246K | 10x | as long as short |
| GMX LDO/USD [ETH-USDC] | L +0.0320% / S −0.0201% | 1h | 0.4283 | +0.011% | $23K | — | 100x | as long as short |
| Reya LDORUSDPERP | +0.0341% | 1h | 0.4282 | −0.021% | $299K | — | 15x | as long as short |
| Kraken Futures PF_LDOUSD | +0.0393% | 1h | 0.4283 | −0.006% | $1.1M | $678K | 50x | 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
Lighter LDO
GMX LDO/USD [ETH-USDC]
Reya LDORUSDPERP
Kraken Futures PF_LDOUSD