Funding you earn now, next payment 00:00 UTC−0.0444%/8h= −48.6% APRpaid last 24h −0.055%
Price spread now: Kalshi against Backpack−0.413%7-day average −0.016% · you buy dearer than you sell
Net, funding: paid 7d − costs−$58as in the Funding arb table
Net, price: spread back to 7d avg − costs−$77as in the Price arb table
costs, in and out, $10k−$370.368% of the position
Funding, last 7 days−0.213%−$21 on $10k
+Price spread, last 4 days (all we have)+0.472%+$47 · spread now −0.413%, 7d avg −0.016%
=Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Kalshi is 0.397% cheaper against Backpack than usual: you would sell low and buy high (−$40 if the spread goes back to its 7-day average of −0.016%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.213% in total (about -11.1% a year). A funding rate is set anew for every payment. 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 | Backpack DOGE_USDC_PERP | 0.1014 | 0.0444 | pay 0.0056% / 1h | 53m 05s | $542K | $960K | 15x |
| Short | Kalshi KXDOGEPERP | 0.1010 | 0 | get 0.0000% / 8h | 4h 53m | $418K | $4.7M | 2.8x |
Backpack DOGE_USDC_PERP
Kalshi KXDOGEPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi against Backpack. 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
- −$93.24
- Price spread: −0.413% → −0.016%
- −$39.73
- Slippage, 4 orders
- −$16.84
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- −$169.8
- Costs to cover
- 0.368%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 26 min ago; Kalshi: live order book, just now.
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 Backpack live order book, 26 min ago | 0.50 bp | 6.1 bp −$6 | 351.6 bp −$3,516 | doesn't fit | doesn't fit |
| Sell Kalshi live order book, just now | 5.33 bp | 10.4 bp −$10 | 19.5 bp −$195 | doesn't fit | doesn't fit |
DOGE on 44 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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget DOGEUSDT | −0.0250% | 8h | 0.1013 | −0.108% | $154.5M | $267.6M | 75x | as long as short |
| Kalshi KXDOGEPERPshort | 0.0000% | 8h | 0.1010 | −0.413% | $418K | $4.7M | 2.8x | |
| gTrade (Gains Network) DOGE/USD | L +0.0001% / S −0.0001% | 1h | 0.1013 | −0.123% | $33K | — | 150x | as long as short |
| Deribit DOGE_USDC-PERPETUAL | +0.0046% | 1h | 0.1013 | −0.090% | $609K | $109K | 25x | as long as short |
| Gate DOGE_USDT | +0.0088% | 8h | 0.1013 | −0.118% | $244.7M | $125.1M | 75x | as long as short |
| Lighter DOGE | +0.0096% | 1h | 0.1014 | −0.031% | $798K | $5.4M | 15x | as long as short |
| Katana Perps DOGE-USD | +0.0097% | 8h | 0.1013 | −0.059% | $1K | $378K | 10x | as long as short |
| Nado DOGE-PERP | +0.0100% | 1h | 0.1013 | −0.084% | $602K | $893K | 10x | as long as short |
| Aster DOGEUSDT | +0.0100% | 8h | 0.1013 | −0.056% | $5.0M | $44.6M | 75x | as long as short |
| Pacifica DOGE | +0.0100% | 1h | 0.1011 | −0.255% | $337K | $504K | 20x | as long as short |
Bitget DOGEUSDT
gTrade (Gains Network) DOGE/USD
Deribit DOGE_USDC-PERPETUAL
Gate DOGE_USDT
Lighter DOGE
Katana Perps DOGE-USD
Nado DOGE-PERP
Aster DOGEUSDT
Pacifica DOGEShow all 44 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance DOGEUSDT | +0.0100% | 8h | 0.1014 | −0.014% | $323.5M | $1.34B | 75x | as long as short |
| Bybit DOGEUSDT | +0.0100% | 8h | 0.1014 | −0.030% | $159.9M | $426.7M | 75x | as long as short |
| OKX DOGE-USDT-SWAP | +0.0100% | 8h | 0.1013 | −0.069% | $110.8M | $948.2M | 50x | as long as short |
| Arcus DOGE-USD | +0.0100% | 1h | 0.1014 | +0.049% | $28K | $77K | 10x | as long as short |
| Bulk DOGE-USD | +0.0100% | 1h | 0.1004 | −1.014% | $385K | $12K | 10x | as long as short |
| MEXC DOGE_USDT | +0.0100% | 8h | 0.1013 | −0.079% | $114.8M | $218.1M | 300x | as long as short |
| KuCoin DOGEUSDTM | +0.0100% | 8h | 0.1013 | −0.079% | $66.7M | $41.4M | 75x | as long as short |
| BingX DOGE-USDC | +0.0100% | 8h | 0.1013 | −0.099% | — | $3.4M | — | as long as short |
| Variational Omni DOGE | +0.0100% | 8h | 0.1006 | −0.748% | $1.0M | $8.1M | — | as long as short |
| edgeX DOGEUSDC | +0.0100% | 4h | 0.1011 | −0.258% | $279K | $117.2M | 20x | as long as short |
| GRVT DOGE_USDT_Perp | +0.0100% | 8h | 0.1012 | −0.197% | $644K | $4.5M | 10x | as long as short |
| ApeX Omni DOGEUSDT | +0.0100% | 1h | 0.1008 | −0.582% | $148K | $247K | 25x | as long as short |
| Polymarket Perps DOGE-USD | +0.0100% | 1h | 0.1013 | −0.108% | $264K | $551K | 10x | as long as short |
| Orderly PERP_DOGE_USDC | +0.0100% | 8h | 0.1013 | −0.108% | $74K | $433K | 50x | as long as short |
| Derive DOGE-PERP | +0.0100% | 1h | 0.1013 | −0.136% | $25K | $1K | 10x | as long as short |
| SunX DOGE-USDT | +0.0100% | 8h | 0.1013 | −0.055% | $36K | $2.2M | 30x | as long as short |
| SoDEX DOGE-USD | +0.0100% | 1h | 0.1013 | −0.079% | $2K | $3.6M | 10x | as long as short |
| HTX DOGE-USDT | +0.0100% | 8h | 0.1013 | −0.083% | $6.0M | $50.9M | 75x | as long as short |
| Phemex DOGEUSDT | +0.0100% | 8h | 0.1013 | −0.099% | $93.8M | $19.2M | 50x | as long as short |
| Paradex DOGE-USD-PERP | +0.0100% | 8h | 0.1010 | −0.405% | $18K | $5K | 30x | as long as short |
| Kraken Futures PF_DOGEUSD | +0.0103% | 1h | 0.1013 | −0.062% | $6.0M | $33.0M | 50x | as long as short |
| Extended DOGE-USD | +0.0104% | 1h | 0.1012 | −0.142% | $559K | $3.6M | 50x | as long as short |
| Aevo DOGE-PERP | +0.0104% | 1h | 0.1013 | −0.094% | $19K | — | 3x | as long as short |
| dYdX DOGE-USD | +0.0105% | 1h | 0.1012 | −0.201% | $227K | $44K | 10x | as long as short |
| Reya DOGERUSDPERP | +0.0178% | 1h | 0.1013 | −0.079% | $2K | — | 20x | as long as short |
| BloFin DOGE-USDT | +0.0220% | 8h | 0.1013 | −0.089% | $15.4M | $25.3M | 75x | as long as short |
| Phoenix DOGE | +0.0239% | 1h | 0.1013 | −0.092% | $67K | $281K | 10x | as long as short |
| 01 Exchange DOGEUSD | +0.0240% | 1h | 0.1013 | −0.047% | $535 | $4K | 10x | as long as short |
| Coinbase International DOGE-PERP-INTX | +0.0240% | 1h | 0.1013 | −0.059% | $2.1M | $24.1M | 50x | as long as short |
| GMX DOGE/USD [ETH-USDC] | L +0.0245% / S −0.0218% | 1h | 0.1013 | −0.106% | $342K | — | 200x | as long as short |
| Backpack DOGE_USDC_PERPlong | +0.0444% | 1h | 0.1014 | long leg | $542K | $960K | 15x | |
| RISEx DOGE/USDC | +0.0708% | 1h | 0.1014 | +0.039% | $318K | $475K | 10x | as long as short |
| Hyperliquid DOGE | +0.0914% | 1h | 0.1014 | +0.059% | $116.1M | $85.6M | 10x | as long as short |
| Injective DOGE/USDC PERP | +0.1039% | 1h | 0.1015 | +0.108% | $5K | $239K | 12x | as long as short |
Binance DOGEUSDT
Bybit DOGEUSDT
OKX DOGE-USDT-SWAP
Arcus DOGE-USD
Bulk DOGE-USD
MEXC DOGE_USDT
KuCoin DOGEUSDTM
BingX DOGE-USDC
Variational Omni DOGE
edgeX DOGEUSDC
GRVT DOGE_USDT_Perp
ApeX Omni DOGEUSDT
Polymarket Perps DOGE-USD
Orderly PERP_DOGE_USDC
Derive DOGE-PERP
SunX DOGE-USDT
SoDEX DOGE-USD
HTX DOGE-USDT
Phemex DOGEUSDT
Paradex DOGE-USD-PERP
Kraken Futures PF_DOGEUSD
Extended DOGE-USD
Aevo DOGE-PERP
dYdX DOGE-USD
Reya DOGERUSDPERP
BloFin DOGE-USDT
Phoenix DOGE
01 Exchange DOGEUSD
Coinbase International DOGE-PERP-INTX
GMX DOGE/USD [ETH-USDC]
RISEx DOGE/USDC
Hyperliquid DOGE
Injective DOGE/USDC PERP