Funding arb · Price arb /

DOGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Kalshi against Bulk−0.330%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$420.421% of the position

Long on Bulk Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.105%−$11 on $10k

Price spread, last 4 days (all we have)+0.741%+$74 · spread now −0.330%, 7d avg −0.051%

Together, before fees+0.636%+$64 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Kalshi is 0.279% cheaper against Bulk than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of −0.051%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk DOGE-USD	0.09995	0.0100	pay 0.0013% / 1h	37m 38s	$383K	$5K	10x
Short	Kalshi KXDOGEPERP	0.09962	0	get 0.0000% / 8h	1h 37m	$443K	$5.1M	2.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bulk. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BulkbpFee KalshibpOrdersPrice spread, now −0.330%Rate

Funding earned: −$21
Price spread: −0.330% → −0.051%: −$27.94
Slippage, 4 orders: −$25.11
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$91.05
Costs to cover: 0.421%
Break-even: never at this rate

Slippage from Bulk: live order book, 26 min ago; Kalshi: live order book, 1 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 Bulk live order book, 26 min ago	4.99 bp	8.5 bp −$8	8.5 bp −$85	16.3 bp −$1,630	29.6 bp −$14.8K
Sell Kalshi live order book, 1 min ago	4.42 bp	14.1 bp −$14	18.5 bp −$185	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	−0.0093%	8h	0.09950	−0.448%	$150.7M	$273.8M	75x	as long as short
dYdX DOGE-USD	0.0000%	1h	0.09950	−0.453%	$223K	$49K	10x	as long as short
Kalshi KXDOGEPERPshort	0.0000%	8h	0.09962	−0.330%	$443K	$5.1M	2.8x
Deribit DOGE_USDC-PERPETUAL	0.0000%	1h	0.09949	−0.463%	$594K	$118K	25x	as long as short
gTrade (Gains Network) DOGE/USD	L +0.0001% / S 0.0000%	1h	0.09950	−0.444%	$24K	—	150x	as long as short
Lighter DOGE	+0.0096%	1h	0.09957	−0.382%	$797K	$6.1M	15x	as long as short
Katana Perps DOGE-USD	+0.0099%	8h	0.09952	−0.428%	$899	$437K	10x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.09957	−0.378%	$531K	$991K	10x	as long as short
Aster DOGEUSDT	+0.0100%	8h	0.09949	−0.457%	$4.7M	$48.6M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.09952	−0.433%	$327K	$483K	20x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance DOGEUSDT	+0.0100%	8h	0.09950	−0.448%	$318.9M	$1.44B	75x	as long as short
Bybit DOGEUSDT	+0.0100%	8h	0.09958	−0.368%	$160.5M	$440.8M	75x	as long as short
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.09960	−0.348%	$111.2M	$985.8M	50x	as long as short
Bulk DOGE-USDlong	+0.0100%	1h	0.09995	long leg	$383K	$5K	10x
Gate DOGE_USDT	+0.0100%	8h	0.09954	−0.408%	$243.2M	$132.1M	75x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.09949	−0.458%	$112.6M	$230.0M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.09949	−0.458%	$65.8M	$43.3M	75x	as long as short
BingX DOGE-USDT	+0.0100%	8h	0.09958	−0.368%	—	$76.2M	—	as long as short
Backpack DOGE_USDC_PERP	+0.0100%	1h	0.09941	−0.538%	$327K	$1.1M	15x	as long as short
Variational Omni DOGE	+0.0100%	8h	0.09971	−0.242%	$997K	$8.2M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.09974	−0.209%	$297K	$129.5M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.1001	+0.147%	$629K	$4.4M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.1001	+0.152%	$146K	$277K	25x	as long as short
Polymarket Perps DOGE-USD	+0.0100%	1h	0.09951	−0.437%	$255K	$731K	10x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.09951	−0.438%	$70K	$440K	50x	as long as short
Derive DOGE-PERP	+0.0100%	1h	0.09947	−0.476%	$24K	$1K	10x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.09958	−0.370%	$35K	$2.2M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.09947	−0.478%	$2K	$3.9M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.09946	−0.484%	$5.9M	$56.4M	75x	as long as short
Phemex DOGEUSDT	+0.0100%	8h	0.09946	−0.488%	$91.6M	$16.7M	50x	as long as short
Paradex DOGE-USD-PERP	+0.0104%	8h	0.09958	−0.367%	$18K	$6K	30x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.09954	−0.405%	$533K	$4.0M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.09948	−0.469%	$19K	—	3x	as long as short
Reya DOGERUSDPERP	+0.0186%	1h	0.09952	−0.426%	$2K	—	20x	as long as short
01 Exchange DOGEUSD	+0.0208%	1h	0.09973	−0.218%	$532	$4K	10x	as long as short
BloFin DOGE-USDT	+0.0220%	8h	0.09951	−0.438%	$15.6M	$25.1M	75x	as long as short
Phoenix DOGE	+0.0240%	1h	0.09990	−0.051%	$65K	$288K	10x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0246% / S −0.0267%	1h	0.09951	−0.436%	$310K	—	200x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0248%	1h	0.09960	−0.348%	$2.3M	$26.0M	50x	as long as short
Kraken Futures PF_DOGEUSD	+0.0308%	1h	0.09943	−0.513%	$5.7M	$35.0M	50x	as long as short
Hyperliquid DOGE	+0.0435%	1h	0.09963	−0.323%	$121.7M	$99.6M	10x	as long as short
RISEx DOGE/USDC	+0.0747%	1h	0.09964	−0.304%	$401K	$368K	10x	as long as short
Arcus DOGE-USD	+0.0781%	1h	0.09970	−0.248%	$128K	$179K	10x	as long as short
Injective DOGE/USDC PERP	+0.1072%	1h	0.1002	+0.252%	$5K	$239K	12x	as long as short