Funding you earn now, next payment 00:00 UTC−0.0372%/8h= −40.7% APRnext payment −$0.46 per $10,000 · paid last 24h −0.016%
Price spread now: Backpack against Lighter−0.123%7-day average −0.186% · you buy dearer than you sell
Net, funding: paid 7d − costs−$71as in the Funding arb table
Net, price: spread back to 7d avg − costs−$42as in the Price arb table
costs, in and out, $10k−$480.485% of the position
Funding, last 7 days−0.225%−$22 on $10k
+Price spread, last 4 days (all we have)−0.189%−$19 · spread now −0.123%, 7d avg −0.186%
=Together, before fees−0.414%+ Points / potential airdropLighter: Season 3 · farm board−$41 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Backpack is 0.062% dearer against Lighter than usual: you sell high and buy low (spread −0.123% now, against its 7-day average of −0.186%): +$6 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 7 days (−0.225% in total) that is about 47 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.225% in total (about -11.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.46 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 | Lighter LDO | 0.4382 | 0.0472 | pay 0.0059% / 1h | 48m 47s | $889K | $268K | 10x |
| Short | Backpack LDO_USDC_PERP | 0.4377 | 0.0100 | get 0.0013% / 1h | 48m 47s | $88K | $179K | 10x |
Lighter LDO
Backpack LDO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Lighter. 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
- −$78.12
- Price spread: −0.123% → −0.186%
- $6.24
- Slippage, 4 orders
- −$38.5
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$120.38
- Costs to cover
- 0.485%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 26 min ago; Backpack: live order book, 29 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 Lighter live order book, 26 min ago | 3.79 bp | 16.0 bp −$16 | 51.9 bp −$519 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 29 min ago | 1.04 bp | 11.4 bp −$11 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective LDO/USDC PERP | −0.5000% | 1h | 0.4110 | −6.211% | $4K | $14 | 12x | as long as short |
| Coinbase International LDO-PERP-INTX | −0.1016% | 1h | 0.4373 | −0.210% | $119K | $56K | 50x | as long as short |
| dYdX LDO-USD | 0.0000% | 1h | 0.4376 | −0.136% | $84K | $17K | 5x | as long as short |
| Deribit LDO_USDC-PERPETUAL | 0.0000% | 1h | 0.4378 | −0.096% | $3K | $10K | 25x | as long as short |
| Kraken Futures PF_LDOUSD | +0.0026% | 1h | 0.4379 | −0.065% | $1.1M | $528K | 50x | as long as short |
| Paradex LDO-USD-PERP | +0.0100% | 8h | 0.4368 | −0.335% | $3K | $56 | 20x | as long as short |
| Hyperliquid LDO | +0.0100% | 1h | 0.4379 | −0.064% | $12.3M | $4.0M | 5x | as long as short |
| Aster LDOUSDT | +0.0100% | 8h | 0.4377 | −0.112% | $172K | $149K | 10x | as long as short |
| Pacifica LDO | +0.0100% | 1h | 0.4373 | −0.210% | $112K | $178K | 10x | as long as short |
| Binance LDOUSDT | +0.0100% | 8h | 0.4373 | −0.208% | $18.2M | $37.6M | 75x | as long as short |
Injective LDO/USDC PERP
Coinbase International LDO-PERP-INTX
dYdX LDO-USD
Deribit LDO_USDC-PERPETUAL
Kraken Futures PF_LDOUSD
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 | 0.4366 | −0.370% | $16.6M | $12.6M | 50x | as long as short |
| OKX LDO-USDT-SWAP | +0.0100% | 8h | 0.4364 | −0.415% | $4.1M | $9.1M | 50x | as long as short |
| Gate LDO_USDT | +0.0100% | 8h | 0.4372 | −0.233% | $1.5M | $1.1M | 50x | as long as short |
| MEXC LDO_USDT | +0.0100% | 8h | 0.4372 | −0.233% | $8.5M | $7.5M | 200x | as long as short |
| KuCoin LDOUSDTM | +0.0100% | 8h | 0.4376 | −0.141% | $2.8M | $4.3M | 50x | as long as short |
| Bitget LDOUSDT | +0.0100% | 8h | 0.4373 | −0.210% | $3.4M | $3.6M | 75x | as long as short |
| BingX LDO-USDT | +0.0100% | 8h | 0.4374 | −0.187% | — | $3.7M | — | as long as short |
| Backpack LDO_USDC_PERPshort | +0.0100% | 1h | 0.4377 | −0.123% | $88K | $179K | 10x | |
| Variational Omni LDO | +0.0100% | 8h | 0.4372 | −0.234% | $204K | $83K | — | as long as short |
| GRVT LDO_USDT_Perp | +0.0100% | 8h | 0.4377 | −0.119% | $311K | $3.4M | 10x | as long as short |
| ApeX Omni LDOUSDT | +0.0100% | 1h | 0.4380 | −0.050% | $35K | $648K | 50x | as long as short |
| Polymarket Perps LDO-USD | +0.0100% | 1h | 0.4379 | −0.078% | $23K | $736K | 5x | as long as short |
| SunX LDO-USDT | +0.0100% | 8h | 0.4480 | +2.232% | $2K | $1.5M | 20x | as long as short |
| Extended LDO-USD | +0.0104% | 1h | 0.4371 | −0.245% | $263K | $1.0M | 25x | as long as short |
| Aevo LDO-PERP | +0.0104% | 1h | 0.4377 | −0.130% | $39K | — | 3x | as long as short |
| BloFin LDO-USDT | +0.0105% | 8h | 0.4373 | −0.210% | $791K | $221K | 75x | as long as short |
| GMX LDO/USD [ETH-USDC] | L +0.0320% / S −0.0201% | 1h | 0.4378 | −0.089% | $24K | — | 100x | as long as short |
| Reya LDORUSDPERP | +0.0334% | 1h | 0.4373 | −0.199% | $305K | — | 15x | as long as short |
| Lighter LDOlong | +0.0472% | 1h | 0.4382 | long leg | $889K | $268K | 10x |
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
BloFin LDO-USDT
GMX LDO/USD [ETH-USDC]
Reya LDORUSDPERP