LDO arbitrage explained
Right now Lido DAO (LDO) trades on 9 venues we scan: 9 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $0.4334 and the highest bid on KuCoin spot at $0.4341.
The widest LDO perpetual spread is between Bybit and Binance: long LDO on Bybit at $0.4334 and short on Binance at $0.4336 for +0.05% gross, or -0.11% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is -0.050% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best LDO route is to buy spot on Binance and short the perpetual on Binance: -0.09% gross, -0.29% net, with -0.020% a day of funding on the short leg.
Spot–spot LDO arbitrage (buy on Binance, withdraw, deposit and sell on Bitget) shows +0.02% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small LDO gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: LDO funding rates · LDO spread charts · Lido DAO price · arbitrage scanner for all coins.