LDO arbitrage explained
Right now Lido DAO (LDO) trades on 10 venues we scan: 9 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $0.4261 and the highest bid on Bybit spot at $0.4265.
The widest LDO perpetual spread is between Binance and KuCoin: long LDO on Binance at $0.4261 and short on KuCoin at $0.4261 for 0.00% gross, or -0.16% 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 +0.023% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best LDO route is to buy spot on Gate and short the perpetual on KuCoin: -0.07% gross, -0.27% net, with +0.030% a day of funding on the short leg.
Spot–spot LDO arbitrage (buy on Gate, withdraw, deposit and sell on Bybit) 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.