Funding arb · Price arb /

LDO

all LDO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0355%/8hnext payment +$0.44 per $10,000 · paid last 24h +0.013%

Price spread now: Hyperliquid against Kraken Futures+0.061%50s7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as 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−$720.717% of the position

Long on Kraken Futures Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.136%+$14 on $10k

Price spread, last 3 days (all we have)−0.052%−$5 · spread now +0.061%, 7d avg +0.025%

Together, before fees+0.085%+ Points / potential airdropHyperliquid: Season 2 · farm board+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Hyperliquid is 0.036% dearer against Kraken Futures than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.025%. The two prices were read 50 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 0.136% in total (about 7.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.44 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	0.4323	−0.0255	get 0.0032% / 1h	6m 27s	$1.1M	$520K	50x
Short	Hyperliquid LDO	0.4326	0.0100	get 0.0013% / 1h	6m 27s	$12.0M	$3.4M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.061%Rate

Funding earned: $74.5
Price spread: +0.061% → +0.025%: $3.56
Slippage, 4 orders: −$52.69
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $6.37
Costs to cover: 0.717%
Break-even: 6.4 days

Slippage from Kraken Futures: live order book, 1 min ago; Hyperliquid: live order book, 11 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, 1 min ago	10.40 bp	17.3 bp −$17	90.4 bp −$904	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.23 bp	14.4 bp −$14	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	−0.1112%	1h	0.4317	−0.141%	$116K	$52K	50x	as long as short
Kraken Futures PF_LDOUSDlong	−0.0255%	1h	0.4323	long leg	$1.1M	$520K	50x
Deribit LDO_USDC-PERPETUAL	0.0000%	1h	0.4326	+0.068%	$3K	$10K	25x	as long as short
dYdX LDO-USD	+0.0004%	1h	0.4324	+0.021%	$83K	$17K	5x	as long as short
Injective LDO/USDC PERP	+0.0033%	1h	0.4270	−1.228%	$4K	$28K	12x	as long as short
Paradex LDO-USD-PERP	+0.0100%	8h	0.4319	−0.104%	$3K	$56	20x	as long as short
Hyperliquid LDOshort	+0.0100%	1h	0.4326	+0.061%	$12.0M	$3.4M	5x
Aster LDOUSDT	+0.0100%	8h	0.4325	+0.034%	$170K	$149K	10x	as long as short
Pacifica LDO	+0.0100%	1h	0.4324	+0.021%	$111K	$182K	10x	as long as short
Binance LDOUSDT	+0.0100%	8h	0.4322	−0.022%	$18.0M	$38.2M	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	0.4320	−0.071%	$16.7M	$12.9M	50x	as long as short
OKX LDO-USDT-SWAP	+0.0100%	8h	0.4318	−0.117%	$4.0M	$9.1M	50x	as long as short
Gate LDO_USDT	+0.0100%	8h	0.4324	+0.021%	$1.4M	$1.1M	50x	as long as short
MEXC LDO_USDT	+0.0100%	8h	0.4322	−0.025%	$9.0M	$7.6M	200x	as long as short
KuCoin LDOUSDTM	+0.0100%	8h	0.4323	−0.002%	$2.7M	$4.3M	50x	as long as short
Bitget LDOUSDT	+0.0100%	8h	0.4317	−0.141%	$3.3M	$3.6M	75x	as long as short
BingX LDO-USDT	+0.0100%	8h	0.4322	−0.025%	—	$3.8M	—	as long as short
Backpack LDO_USDC_PERP	+0.0100%	1h	0.4325	+0.049%	$85K	$193K	10x	as long as short
Variational Omni LDO	+0.0100%	8h	0.4322	−0.014%	$202K	$119K	—	as long as short
GRVT LDO_USDT_Perp	+0.0100%	8h	0.4324	+0.021%	$303K	$3.5M	10x	as long as short
ApeX Omni LDOUSDT	+0.0100%	1h	0.4320	−0.071%	$33K	$646K	50x	as long as short
Polymarket Perps LDO-USD	+0.0100%	1h	0.4324	+0.019%	$23K	$692K	5x	as long as short
SunX LDO-USDT	+0.0100%	8h	0.4425	+2.358%	$2K	$1.5M	20x	as long as short
Extended LDO-USD	+0.0104%	1h	0.4317	−0.131%	$259K	$1.0M	25x	as long as short
Aevo LDO-PERP	+0.0104%	1h	0.4327	+0.080%	$38K	—	3x	as long as short
BloFin LDO-USDT	+0.0118%	8h	0.4326	+0.068%	$803K	$227K	75x	as long as short
Lighter LDO	+0.0264%	1h	0.4332	+0.204%	$878K	$263K	10x	as long as short
GMX LDO/USD [ETH-USDC]	L +0.0317% / S −0.0198%	1h	0.4325	+0.041%	$24K	—	100x	as long as short
Reya LDORUSDPERP	+0.0330%	1h	0.4318	−0.118%	$301K	—	15x	as long as short