Funding arb · Price arb /

LDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0279%/8h= −30.6% APRpaid last 24h −0.010%

Price spread now: Kraken Futures against KuCoin+0.313%52s7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$212as 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−$2212.214% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.092%+$9 on $10k

Price spread, last 4 days (all we have)−0.331%−$33 · spread now +0.313%, 7d avg +0.054%

Together, before fees−0.239%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.258% dearer against KuCoin than usual: you sell high and buy low (spread +0.313% now, against its 7-day average of +0.054%): +$26 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 3.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.092%, so the current rate has only just turned against you. The two prices were read 52 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 0.092% in total (about 4.8% a year). A funding rate is set anew for every payment. 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	KuCoin LDOUSDTM	0.4173	0.0100	pay 0.0100% / 8h	6h 54m	$2.7M	$3.1M	50x
Short	Kraken Futures PF_LDOUSD	0.4186	−0.0179	pay 0.0022% / 1h	54m 27s	$1.1M	$741K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now +0.313%Rate

Funding earned: −$58.69
Price spread: +0.313% → +0.054%: $25.84
Slippage, 4 orders: −$199.38
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$254.22
Costs to cover: 2.214%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; Kraken Futures: live order book, 4 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 KuCoin live order book, 3 min ago	2.37 bp	40.3 bp −$40	896.1 bp −$8,961	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	10.65 bp	44.7 bp −$45	184.2 bp −$1,842	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	−0.0616%	1h	0.4181	+0.192%	$115K	$41K	50x	as long as short
Kraken Futures PF_LDOUSDshort	−0.0179%	1h	0.4186	+0.313%	$1.1M	$741K	50x
dYdX LDO-USD	0.0000%	1h	0.4173	+0.004%	$80K	$2K	5x	as long as short
Deribit LDO_USDC-PERPETUAL	0.0000%	1h	0.4184	+0.264%	$7K	$10K	25x	as long as short
Injective LDO/USDC PERP	+0.0033%	1h	0.4110	−1.510%	$4K	$10	12x	as long as short
Paradex LDO-USD-PERP	+0.0100%	8h	0.4171	−0.037%	$3K	—	20x	as long as short
Hyperliquid LDO	+0.0100%	1h	0.4178	+0.129%	$11.4M	$3.0M	5x	as long as short
Aster LDOUSDT	+0.0100%	8h	0.4176	+0.071%	$165K	$71K	10x	as long as short
Pacifica LDO	+0.0100%	1h	0.4170	−0.070%	$105K	$28K	10x	as long as short
Binance LDOUSDT	+0.0100%	8h	0.4176	+0.071%	$17.8M	$30.8M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit LDOUSDT	+0.0100%	8h	0.4173	0.000%	$16.0M	$9.8M	50x	as long as short
OKX LDO-USDT-SWAP	+0.0100%	8h	0.4176	+0.072%	$4.0M	$6.3M	50x	as long as short
Gate LDO_USDT	+0.0100%	8h	0.4173	0.000%	$1.6M	$1.1M	50x	as long as short
MEXC LDO_USDT	+0.0100%	8h	0.4174	+0.024%	$6.5M	$5.3M	200x	as long as short
KuCoin LDOUSDTMlong	+0.0100%	8h	0.4173	long leg	$2.7M	$3.1M	50x
Bitget LDOUSDT	+0.0100%	8h	0.4170	−0.072%	$3.2M	$2.7M	75x	as long as short
BingX LDO-USDT	+0.0100%	8h	0.4174	+0.024%	—	$10.2M	—	as long as short
Backpack LDO_USDC_PERP	+0.0100%	1h	0.4178	+0.115%	$87K	$173K	10x	as long as short
Variational Omni LDO	+0.0100%	8h	0.4209	+0.855%	$201K	$61K	—	as long as short
GRVT LDO_USDT_Perp	+0.0100%	8h	0.4229	+1.333%	$303K	$3.5M	10x	as long as short
ApeX Omni LDOUSDT	+0.0100%	1h	0.4220	+1.126%	$31K	$635K	50x	as long as short
Polymarket Perps LDO-USD	+0.0100%	1h	0.4175	+0.048%	$24K	$319K	5x	as long as short
SunX LDO-USDT	+0.0100%	8h	0.4291	+2.828%	$1K	$1.2M	20x	as long as short
BloFin LDO-USDT	+0.0104%	8h	0.4200	+0.647%	$897K	$259K	75x	as long as short
Extended LDO-USD	+0.0104%	1h	0.4168	−0.120%	$256K	$1.4M	25x	as long as short
Aevo LDO-PERP	+0.0104%	1h	0.4184	+0.255%	$37K	—	3x	as long as short
Lighter LDO	+0.0136%	1h	0.4184	+0.268%	$843K	$260K	10x	as long as short
GMX LDO/USD [ETH-USDC]	L +0.0317% / S −0.0201%	1h	0.4189	+0.388%	$23K	—	100x	as long as short
Reya LDORUSDPERP	+0.0348%	1h	0.4171	−0.049%	$291K	—	15x	as long as short