Funding you earn now, next payment 06:00 UTC−0.0020%/8h= −2.2% APRnext payment −$0.03 per $10,000 · paid last 24h −0.024%
Price spread now: Phoenix against Backpack+0.141%80s7-day average +0.050% · you sell dearer than you buy
Net, funding: paid 7d − costs−$59as 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−$370.369% of the position
Funding, last 7 days−0.217%−$22 on $10k
+Price spread, last 4 days (all we have)+0.041%+$4 · spread now +0.141%, 7d avg +0.050%
=The price spread pays, funding is against you. Phoenix is 0.091% dearer against Backpack than usual: you sell high and buy low (spread +0.141% now, against its 7-day average of +0.050%): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 15 days. At the pace of the last 7 days (−0.217% in total) that is about 2.9 days. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack DOGE_USDC_PERP | 0.1001 | 0.0100 | pay 0.0013% / 1h | 4m 09s | $303K | $1.3M | 15x |
| Short | Phoenix DOGE | 0.1002 | 0.0080 | get 0.0010% / 1h | 4m 09s | $18K | $382K | 10x |
Backpack DOGE_USDC_PERP
Phoenix DOGEFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- −$4.22
- Price spread: +0.141% → +0.050%
- $9.1
- Slippage, 4 orders
- −$19.89
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$32.01
- Costs to cover
- 0.369%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 5 min ago; Phoenix: live order book, 34 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 Backpack live order book, 5 min ago | 0.50 bp | 5.5 bp −$5 | 11.7 bp −$117 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 34 min ago | 1.00 bp | 12.3 bp −$12 | 43.0 bp −$430 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_DOGEUSD | −0.0082% | 1h | 0.1001 | −0.024% | $5.6M | $40.5M | 50x | as long as short |
| dYdX DOGE-USD | 0.0000% | 1h | 0.1001 | +0.006% | $225K | $69K | 10x | as long as short |
| Kalshi KXDOGEPERP | 0.0000% | 8h | 0.1001 | −0.009% | $614K | $6.6M | 2.8x | as long as short |
| gTrade (Gains Network) DOGE/USD | L +0.0001% / S 0.0000% | 1h | 0.1000 | −0.074% | $36K | — | 150x | as long as short |
| Injective DOGE/USDC PERP | +0.0033% | 1h | 0.1053 | +5.205% | $6K | $242K | 12x | as long as short |
| Bitget DOGEUSDT | +0.0040% | 8h | 0.1000 | −0.090% | $141.9M | $344.3M | 75x | as long as short |
| Polymarket Perps DOGE-USD | +0.0051% | 1h | 0.10000 | −0.091% | $263K | $1.2M | 10x | as long as short |
| Phoenix DOGEshort | +0.0080% | 1h | 0.1002 | +0.141% | $18K | $382K | 10x | |
| Lighter DOGE | +0.0096% | 1h | 0.1002 | +0.063% | $849K | $6.8M | 15x | as long as short |
| Nado DOGE-PERP | +0.0100% | 1h | 0.1001 | −0.020% | $539K | $1.1M | 10x | as long as short |
Kraken Futures PF_DOGEUSD
dYdX DOGE-USD
Kalshi KXDOGEPERP
gTrade (Gains Network) DOGE/USD
Injective DOGE/USDC PERP
Bitget DOGEUSDT
Polymarket Perps DOGE-USD
Lighter DOGE
Nado DOGE-PERPShow all 44 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster DOGEUSDT | +0.0100% | 8h | 0.1001 | −0.004% | $4.6M | $58.8M | 75x | as long as short |
| Pacifica DOGE | +0.0100% | 1h | 0.1001 | +0.039% | $319K | $501K | 20x | as long as short |
| Binance DOGEUSDT | +0.0100% | 8h | 0.1001 | +0.010% | $330.4M | $1.72B | 75x | as long as short |
| Bybit DOGEUSDT | +0.0100% | 8h | 0.1001 | −0.040% | $164.8M | $521.6M | 75x | as long as short |
| OKX DOGE-USDT-SWAP | +0.0100% | 8h | 0.1001 | 0.000% | $117.3M | $1.21B | 50x | as long as short |
| Bulk DOGE-USD | +0.0100% | 1h | 0.1001 | −0.023% | $384K | $16K | 10x | as long as short |
| Gate DOGE_USDT | +0.0100% | 8h | 0.1000 | −0.060% | $250.2M | $157.7M | 75x | as long as short |
| MEXC DOGE_USDT | +0.0100% | 8h | 0.1001 | 0.000% | $112.6M | $258.7M | 300x | as long as short |
| KuCoin DOGEUSDTM | +0.0100% | 8h | 0.1001 | −0.030% | $66.9M | $50.0M | 75x | as long as short |
| BingX DOGE-USDT | +0.0100% | 8h | 0.1001 | −0.020% | — | $53.3M | — | as long as short |
| Backpack DOGE_USDC_PERPlong | +0.0100% | 1h | 0.1001 | long leg | $303K | $1.3M | 15x | |
| Variational Omni DOGE | +0.0100% | 8h | 0.1001 | +0.047% | $1.1M | $8.7M | — | as long as short |
| edgeX DOGEUSDC | +0.0100% | 4h | 0.1002 | +0.122% | $304K | $140.2M | 20x | as long as short |
| GRVT DOGE_USDT_Perp | +0.0100% | 8h | 0.1002 | +0.160% | $632K | $4.6M | 10x | as long as short |
| ApeX Omni DOGEUSDT | +0.0100% | 1h | 0.1003 | +0.210% | $146K | $340K | 25x | as long as short |
| Orderly PERP_DOGE_USDC | +0.0100% | 8h | 0.1000 | −0.060% | $70K | $470K | 50x | as long as short |
| Derive DOGE-PERP | +0.0100% | 1h | 0.1000 | −0.066% | $19K | $7K | 10x | as long as short |
| SunX DOGE-USDT | +0.0100% | 8h | 0.1001 | +0.024% | $35K | $2.3M | 30x | as long as short |
| SoDEX DOGE-USD | +0.0100% | 1h | 0.1001 | −0.020% | $2K | $5.4M | 10x | as long as short |
| HTX DOGE-USDT | +0.0100% | 8h | 0.1001 | +0.033% | $5.9M | $69.0M | 75x | as long as short |
| Phemex DOGEUSDT | +0.0100% | 8h | 0.1001 | 0.000% | $91.7M | $17.1M | 50x | as long as short |
| Paradex DOGE-USD-PERP | +0.0100% | 8h | 0.1001 | +0.005% | $18K | $5K | 30x | as long as short |
| Extended DOGE-USD | +0.0104% | 1h | 0.09999 | −0.099% | $488K | $4.1M | 50x | as long as short |
| Aevo DOGE-PERP | +0.0104% | 1h | 0.1000 | −0.045% | $19K | — | 3x | as long as short |
| Katana Perps DOGE-USD | +0.0108% | 8h | 0.1001 | −0.020% | $836 | $537K | 10x | as long as short |
| Hyperliquid DOGE | +0.0117% | 1h | 0.1001 | +0.050% | $124.6M | $116.9M | 10x | as long as short |
| Reya DOGERUSDPERP | +0.0198% | 1h | 0.09998 | −0.112% | $2K | — | 20x | as long as short |
| BloFin DOGE-USDT | +0.0220% | 8h | 0.1002 | +0.120% | $16.3M | $27.2M | 75x | as long as short |
| Deribit DOGE_USDC-PERPETUAL | +0.0240% | 1h | 0.1001 | −0.022% | $574K | $252K | 25x | as long as short |
| Coinbase International DOGE-PERP-INTX | +0.0240% | 1h | 0.1001 | −0.010% | $1.9M | $34.8M | 50x | as long as short |
| GMX DOGE/USD [ETH-USDC] | L +0.0251% / S −0.0297% | 1h | 0.1000 | −0.071% | $315K | — | 200x | as long as short |
| 01 Exchange DOGEUSD | +0.0264% | 1h | 0.1001 | +0.027% | $445 | $4K | 10x | as long as short |
| Arcus DOGE-USD | +0.0387% | 1h | 0.1001 | −0.020% | $17K | $308K | 10x | as long as short |
| RISEx DOGE/USDC | +0.0626% | 1h | 0.1001 | +0.040% | $403K | $458K | 10x | as long as short |
Aster DOGEUSDT
Pacifica DOGE
Binance DOGEUSDT
Bybit DOGEUSDT
OKX DOGE-USDT-SWAP
Bulk DOGE-USD
Gate DOGE_USDT
MEXC DOGE_USDT
KuCoin DOGEUSDTM
BingX DOGE-USDT
Variational Omni DOGE
edgeX DOGEUSDC
GRVT DOGE_USDT_Perp
ApeX Omni DOGEUSDT
Orderly PERP_DOGE_USDC
Derive DOGE-PERP
SunX DOGE-USDT
SoDEX DOGE-USD
HTX DOGE-USDT
Phemex DOGEUSDT
Paradex DOGE-USD-PERP
Extended DOGE-USD
Aevo DOGE-PERP
Katana Perps DOGE-USD
Hyperliquid DOGE
Reya DOGERUSDPERP
BloFin DOGE-USDT
Deribit DOGE_USDC-PERPETUAL
Coinbase International DOGE-PERP-INTX
GMX DOGE/USD [ETH-USDC]
01 Exchange DOGEUSD
Arcus DOGE-USD
RISEx DOGE/USDC