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Funding arb · Price arb /

DOGE

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 00:00 UTC+0.0939%/8h= +102.8% APRpaid last 24h +0.201%
Price spread now: Injective against Bybit−0.049%58s7-day average +0.207% · you buy dearer than you sell
Net, funding: paid 7d − costs+$75as 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−$840.836% of the position
Long on BybitShort on Injective
What this pair did over the last
the charts below follow
Funding, last 7 days+1.582%+$158 on $10k
Price spread, last 3 days (all we have)−0.037%−$4 · spread now −0.049%, 7d avg +0.207%
Together, before fees+1.544%+$154 on $10k · with fees, hour by hour
Funding pays, the price is against you. Injective is 0.256% cheaper against Bybit than usual: you would sell low and buy high (spread −0.049% now, against its 7-day average of +0.207%). If the spread goes back, that is −$26 on $10k: about 22 hours of funding at the current rate (+$28 a day). The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBybit DOGEUSDT0.10110.0100pay 0.0100% / 8h56m 20s$159.5M$425.9M75x
ShortInjective DOGE/USDC PERP0.10100.1039get 0.0130% / 1h56m 20s$5K$239K12x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Injective against Bybit. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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

Profit calculator

Funding earned
$197.09
Price spread: −0.049% → +0.207%
−$25.63
Slippage, 4 orders
−$72.59
Fee Bybit: 5.5 bp × 2 orders
−$11
Fee Injective: 0.01 bp × 2 orders
−$0.02
Net
$87.85
Costs to cover
0.836%
Break-even
3.9 days
Slippage from Bybit: live order book, 3 min ago; Injective: live order book, 23 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Bybit live order book, 3 min ago0.50 bp7.6 bp −$810.3 bp −$10322.5 bp −$2,24942.7 bp −$21.3K
Sell Injective live order book, 23 min ago34.84 bp34.9 bp −$35doesn't fitdoesn't fitdoesn't fit

DOGE on 44 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget DOGEUSDT−0.0252%8h0.1011+0.010%$154.3M$267.3M75xas long as short
Kalshi KXDOGEPERP0.0000%8h0.1007−0.309%$417K$4.7M2.8xas long as short
Deribit DOGE_USDC-PERPETUAL0.0000%1h0.1007−0.334%$610K$109K25xas long as short
gTrade (Gains Network) DOGE/USDL +0.0001% / S −0.0001%1h0.1009−0.146%$33K—150xas long as short
Phoenix DOGE+0.0081%1h0.1002−0.806%$66K$221K10xas long as short
Gate DOGE_USDT+0.0090%8h0.1009−0.188%$243.5M$124.8M75xas long as short
Lighter DOGE+0.0096%1h0.1007−0.329%$793K$5.4M15xas long as short
Katana Perps DOGE-USD+0.0097%8h0.1007−0.327%$1K$377K10xas long as short
Nado DOGE-PERP+0.0100%1h0.1008−0.257%$597K$891K10xas long as short
Aster DOGEUSDT+0.0100%8h0.1009−0.193%$5.0M$44.4M75xas long as short
Show all 44 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Pacifica DOGE+0.0100%1h0.1007−0.348%$336K$504K20xas long as short
Binance DOGEUSDT+0.0100%8h0.1009−0.147%$321.0M$1.34B75xas long as short
Bybit DOGEUSDTlong+0.0100%8h0.1011long leg$159.5M$425.9M75x
OKX DOGE-USDT-SWAP+0.0100%8h0.1012+0.129%$110.3M$944.8M50xas long as short
Arcus DOGE-USD+0.0100%1h0.1007−0.346%$28K$77K10xas long as short
Bulk DOGE-USD+0.0100%1h0.1004−0.681%$385K$12K10xas long as short
MEXC DOGE_USDT+0.0100%8h0.1009−0.139%$116.0M$217.5M300xas long as short
KuCoin DOGEUSDTM+0.0100%8h0.1008−0.247%$66.5M$41.3M75xas long as short
BingX DOGE-USDC+0.0100%8h0.1009−0.168%—$3.4M—as long as short
Variational Omni DOGE+0.0100%8h0.1001−0.978%$1.0M$8.1M—as long as short
edgeX DOGEUSDC+0.0100%4h0.1003−0.731%$275K$116.8M20xas long as short
GRVT DOGE_USDT_Perp+0.0100%8h0.1001−0.910%$638K$4.5M10xas long as short
ApeX Omni DOGEUSDT+0.0100%1h0.1002−0.841%$147K$247K25xas long as short
Polymarket Perps DOGE-USD+0.0100%1h0.1008−0.208%$264K$549K10xas long as short
Orderly PERP_DOGE_USDC+0.0100%8h0.1011+0.079%$74K$432K50xas long as short
Derive DOGE-PERP+0.0100%1h0.1011+0.062%$25K$1K10xas long as short
SunX DOGE-USDT+0.0100%8h0.1008−0.283%$35K$2.2M30xas long as short
SoDEX DOGE-USD+0.0100%1h0.1007−0.327%$2K$3.6M10xas long as short
HTX DOGE-USDT+0.0100%8h0.1007−0.301%$6.0M$50.7M75xas long as short
Phemex DOGEUSDT+0.0100%8h0.1007−0.366%$93.2M$19.2M50xas long as short
Paradex DOGE-USD-PERP+0.0100%8h0.1007−0.376%$18K$5K30xas long as short
Extended DOGE-USD+0.0104%1h0.1006−0.405%$557K$3.6M50xas long as short
Aevo DOGE-PERP+0.0104%1h0.1011+0.092%$19K—3xas long as short
Kraken Futures PF_DOGEUSD+0.0104%1h0.1007−0.373%$6.0M$32.9M50xas long as short
dYdX DOGE-USD+0.0129%1h0.1007−0.381%$226K$44K10xas long as short
Reya DOGERUSDPERP+0.0178%1h0.1009−0.154%$2K—20xas long as short
BloFin DOGE-USDT+0.0220%8h0.1008−0.277%$15.4M$25.1M75xas long as short
01 Exchange DOGEUSD+0.0232%1h0.1007−0.303%$532$4K10xas long as short
Coinbase International DOGE-PERP-INTX+0.0240%1h0.1008−0.287%$2.0M$23.9M50xas long as short
GMX DOGE/USD [ETH-USDC]L +0.0245% / S −0.0235%1h0.1009−0.161%$329K—200xas long as short
Backpack DOGE_USDC_PERP+0.0529%1h0.1008−0.287%$538K$959K15xas long as short
RISEx DOGE/USDC+0.0708%1h0.1007−0.341%$316K$475K10xas long as short
Hyperliquid DOGE+0.0911%1h0.1010−0.040%$115.4M$85.5M10xas long as short
Injective DOGE/USDC PERPshort+0.1039%1h0.1010−0.049%$5K$239K12x