LDO

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0497%/8h= −54.4% APRnext payment −$0.62 per $10,000 · paid last 24h +0.002%

Price spread now: Backpack against Kraken Futures−0.266%51s7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as 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−$690.693% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.077%−$8 on $10k

Price spread, last 4 days (all we have)+0.219%+$22 · spread now −0.266%, 7d avg −0.059%

Together, before fees+0.142%+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Backpack is 0.207% cheaper against Kraken Futures than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.059%). Swap the legs. The two prices were read 51 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 -0.077% in total (about -4.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.62 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	Kraken Futures PF_LDOUSD	0.4232	0.0597	pay 0.0075% / 1h	35m 21s	$1.1M	$655K	50x
Short	Backpack LDO_USDC_PERP	0.4220	0.0100	get 0.0013% / 1h	35m 21s	$89K	$180K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now −0.266%Rate

Funding earned: −$104.42
Price spread: −0.266% → −0.059%: −$20.66
Slippage, 4 orders: −$49.28
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$194.36
Costs to cover: 0.693%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Backpack: live order book, 13 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 Kraken Futures live order book, 3 min ago	9.50 bp	28.3 bp −$28	99.6 bp −$996	doesn't fit	doesn't fit
Sell Backpack live order book, 13 min ago	0.83 bp	9.4 bp −$9	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	−0.0464%	1h	0.4210	−0.512%	$117K	$41K	50x	as long as short
dYdX LDO-USD	0.0000%	1h	0.4220	−0.268%	$81K	$5K	5x	as long as short
Injective LDO/USDC PERP	+0.0033%	1h	0.4110	−2.875%	$4K	$11	12x	as long as short
BloFin LDO-USDT	+0.0092%	8h	0.4225	−0.157%	$900K	$257K	75x	as long as short
Paradex LDO-USD-PERP	+0.0100%	8h	0.4229	−0.065%	$3K	—	20x	as long as short
Hyperliquid LDO	+0.0100%	1h	0.4229	−0.060%	$11.5M	$3.1M	5x	as long as short
Aster LDOUSDT	+0.0100%	8h	0.4225	−0.146%	$166K	$91K	10x	as long as short
Pacifica LDO	+0.0100%	1h	0.4227	−0.110%	$108K	$27K	10x	as long as short
Binance LDOUSDT	+0.0100%	8h	0.4227	−0.110%	$17.8M	$30.8M	75x	as long as short
Bybit LDOUSDT	+0.0100%	8h	0.4225	−0.157%	$16.0M	$10.1M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX LDO-USDT-SWAP	+0.0100%	8h	0.4223	−0.205%	$4.0M	$6.7M	50x	as long as short
Gate LDO_USDT	+0.0100%	8h	0.4226	−0.134%	$1.4M	$1.1M	50x	as long as short
MEXC LDO_USDT	+0.0100%	8h	0.4226	−0.134%	$7.2M	$5.8M	200x	as long as short
KuCoin LDOUSDTM	+0.0100%	8h	0.4226	−0.134%	$2.7M	$3.5M	50x	as long as short
Bitget LDOUSDT	+0.0100%	8h	0.4223	−0.205%	$3.2M	$3.1M	75x	as long as short
BingX LDO-USDT	+0.0100%	8h	0.4227	−0.110%	—	$10.0M	—	as long as short
Backpack LDO_USDC_PERPshort	+0.0100%	1h	0.4220	−0.266%	$89K	$180K	10x
Variational Omni LDO	+0.0100%	8h	0.4215	−0.397%	$198K	$60K	—	as long as short
GRVT LDO_USDT_Perp	+0.0100%	8h	0.4217	−0.347%	$304K	$3.5M	10x	as long as short
ApeX Omni LDOUSDT	+0.0100%	1h	0.4210	−0.512%	$32K	$639K	50x	as long as short
Polymarket Perps LDO-USD	+0.0100%	1h	0.4228	−0.084%	$26K	$368K	5x	as long as short
SunX LDO-USDT	+0.0100%	8h	0.4329	+2.300%	$2K	$1.2M	20x	as long as short
Extended LDO-USD	+0.0104%	1h	0.4225	−0.148%	$253K	$1.2M	25x	as long as short
Aevo LDO-PERP	+0.0104%	1h	0.4228	−0.078%	$37K	—	3x	as long as short
Deribit LDO_USDC-PERPETUAL	+0.0223%	1h	0.4229	−0.063%	$7K	$20K	25x	as long as short
GMX LDO/USD [ETH-USDC]	L +0.0318% / S −0.0201%	1h	0.4226	−0.127%	$23K	—	100x	as long as short
Reya LDORUSDPERP	+0.0343%	1h	0.4225	−0.166%	$295K	—	15x	as long as short
Lighter LDO	+0.0360%	1h	0.4234	+0.044%	$853K	$265K	10x	as long as short
Kraken Futures PF_LDOUSDlong	+0.0597%	1h	0.4232	long leg	$1.1M	$655K	50x