Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.009%
Price spread now: Backpack against Hyperliquid−0.388%7-day average −0.096% · you buy dearer than you sell
Net, funding: paid 7d − costs−$69as in the Funding arb table
Net, price: spread back to 7d avg − costs−$77as in the Price arb table
costs, in and out, $10k−$470.475% of the position
Funding, last 7 days−0.216%−$22 on $10k
+Price spread, last 4 days (all we have)+0.122%+$12 · spread now −0.388%, 7d avg −0.096%
=Together, before fees−0.094%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.292% cheaper against Hyperliquid than usual: you would sell low and buy high, −$29 on $10k if it goes back to its 7-day average of −0.096%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid LDO | 0.4281 | 0.0100 | pay 0.0013% / 1h | 53m 21s | $11.8M | $3.9M | 5x |
| Short | Backpack LDO_USDC_PERP | 0.4264 | 0.0100 | get 0.0013% / 1h | 53m 21s | $88K | $153K | 10x |
Hyperliquid LDO
Backpack LDO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Hyperliquid. 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
- $0
- Price spread: −0.388% → −0.096%
- −$29.22
- Slippage, 4 orders
- −$28.45
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$76.67
- Costs to cover
- 0.475%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 9 min ago; Backpack: live order book, 15 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 Hyperliquid live order book, 9 min ago | 1.05 bp | 11.3 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 15 min ago | 1.27 bp | 13.0 bp −$13 | 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 | −0.0416% | 1h | 0.4245 | −0.832% | $118K | $45K | 50x | as long as short |
| dYdX LDO-USD | 0.0000% | 1h | 0.4276 | −0.099% | $83K | $17K | 5x | as long as short |
| Injective LDO/USDC PERP | +0.0033% | 1h | 0.4110 | −3.985% | $4K | $13 | 12x | as long as short |
| Paradex LDO-USD-PERP | +0.0099% | 8h | 0.4267 | −0.322% | $3K | — | 20x | as long as short |
| Hyperliquid LDOlong | +0.0100% | 1h | 0.4281 | long leg | $11.8M | $3.9M | 5x | |
| Aster LDOUSDT | +0.0100% | 8h | 0.4277 | −0.078% | $168K | $134K | 10x | as long as short |
| Pacifica LDO | +0.0100% | 1h | 0.4272 | −0.201% | $110K | $178K | 10x | as long as short |
| Binance LDOUSDT | +0.0100% | 8h | 0.4281 | +0.007% | $18.0M | $34.8M | 75x | as long as short |
| Bybit LDOUSDT | +0.0100% | 8h | 0.4277 | −0.084% | $16.2M | $11.2M | 50x | as long as short |
| OKX LDO-USDT-SWAP | +0.0100% | 8h | 0.4276 | −0.107% | $4.0M | $8.1M | 50x | as long as short |
Coinbase International LDO-PERP-INTX
dYdX LDO-USD
Injective LDO/USDC PERP
Paradex LDO-USD-PERP
Aster LDOUSDT
Pacifica LDO
Binance LDOUSDT
Bybit LDOUSDT
OKX LDO-USDT-SWAPShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate LDO_USDT | +0.0100% | 8h | 0.4279 | −0.037% | $1.4M | $943K | 50x | as long as short |
| MEXC LDO_USDT | +0.0100% | 8h | 0.4281 | +0.009% | $7.7M | $7.2M | 200x | as long as short |
| KuCoin LDOUSDTM | +0.0100% | 8h | 0.4280 | −0.014% | $2.8M | $4.2M | 50x | as long as short |
| Bitget LDOUSDT | +0.0100% | 8h | 0.4276 | −0.107% | $3.3M | $3.4M | 75x | as long as short |
| BingX LDO-USDT | +0.0100% | 8h | 0.4277 | −0.084% | — | $10.0M | — | as long as short |
| Backpack LDO_USDC_PERPshort | +0.0100% | 1h | 0.4264 | −0.388% | $88K | $153K | 10x | |
| Variational Omni LDO | +0.0100% | 8h | 0.4257 | −0.543% | $200K | $80K | — | as long as short |
| GRVT LDO_USDT_Perp | +0.0100% | 8h | 0.4259 | −0.500% | $299K | $3.4M | 10x | as long as short |
| ApeX Omni LDOUSDT | +0.0100% | 1h | 0.4290 | +0.220% | $33K | $645K | 50x | as long as short |
| Polymarket Perps LDO-USD | +0.0100% | 1h | 0.4279 | −0.037% | $23K | $717K | 5x | as long as short |
| SunX LDO-USDT | +0.0100% | 8h | 0.4355 | +1.738% | $1K | $1.3M | 20x | as long as short |
| Extended LDO-USD | +0.0104% | 1h | 0.4269 | −0.276% | $255K | $1.3M | 25x | as long as short |
| Aevo LDO-PERP | +0.0104% | 1h | 0.4259 | −0.496% | $38K | — | 3x | as long as short |
| BloFin LDO-USDT | +0.0111% | 8h | 0.4262 | −0.435% | $919K | $207K | 75x | as long as short |
| Lighter LDO | +0.0160% | 1h | 0.4279 | −0.037% | $869K | $267K | 10x | as long as short |
| Deribit LDO_USDC-PERPETUAL | +0.0220% | 1h | 0.4260 | −0.481% | $7K | $20K | 25x | as long as short |
| GMX LDO/USD [ETH-USDC] | L +0.0319% / S −0.0201% | 1h | 0.4280 | −0.021% | $23K | — | 100x | as long as short |
| Reya LDORUSDPERP | +0.0337% | 1h | 0.4277 | −0.075% | $298K | — | 15x | as long as short |
| Kraken Futures PF_LDOUSD | +0.0564% | 1h | 0.4266 | −0.334% | $1.1M | $508K | 50x | as long as short |
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
BloFin LDO-USDT
Lighter LDO
Deribit LDO_USDC-PERPETUAL
GMX LDO/USD [ETH-USDC]
Reya LDORUSDPERP
Kraken Futures PF_LDOUSD