Funding arb · Price arb /

DOGE

all DOGE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h −0.021%

Price spread now: Phoenix against Bybit−0.037%7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$380.383% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.134%−$13 on $10k

Price spread, last 3 days (all we have)+0.229%+$23 · spread now −0.037%, 7d avg +0.053%

Together, before fees+0.095%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.090% cheaper against Bybit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.053%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit DOGEUSDT	0.1009	0.0100	pay 0.0100% / 8h	1h 43m	$163.1M	$407.6M	75x
Short	Phoenix DOGE	0.1008	0.0081	get 0.0010% / 1h	43m 25s	$16K	$222K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$4.09
Price spread: −0.037% → +0.053%: −$8.97
Slippage, 4 orders: −$20.35
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$51.41
Costs to cover: 0.383%
Break-even: never at this rate

Slippage from Bybit: live order book, 6 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 Bybit live order book, 6 min ago	0.50 bp	7.6 bp −$8	11.3 bp −$113	22.3 bp −$2,226	41.3 bp −$20.6K
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
Bitget DOGEUSDT	−0.0273%	8h	0.1009	+0.069%	$154.4M	$262.9M	75x	as long as short
Kalshi KXDOGEPERP	0.0000%	8h	0.1009	+0.005%	$403K	$4.5M	2.8x	as long as short
gTrade (Gains Network) DOGE/USD	L +0.0001% / S −0.0001%	1h	0.1009	+0.002%	$32K	—	150x	as long as short
dYdX DOGE-USD	+0.0014%	1h	0.1009	+0.003%	$226K	$44K	10x	as long as short
Phoenix DOGEshort	+0.0081%	1h	0.1008	−0.037%	$16K	$222K	10x
Gate DOGE_USDT	+0.0093%	8h	0.1010	+0.099%	$243.3M	$121.5M	75x	as long as short
Lighter DOGE	+0.0096%	1h	0.1009	+0.061%	$790K	$5.3M	15x	as long as short
Katana Perps DOGE-USD	+0.0096%	8h	0.1011	+0.178%	$1K	$356K	10x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.1011	+0.203%	$713K	$775K	10x	as long as short
Aster DOGEUSDT	+0.0100%	8h	0.1010	+0.126%	$5.1M	$41.9M	75x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica DOGE	+0.0100%	1h	0.1010	+0.074%	$338K	$497K	20x	as long as short
Binance DOGEUSDT	+0.0100%	8h	0.1009	+0.050%	$321.3M	$1.29B	75x	as long as short
Bybit DOGEUSDTlong	+0.0100%	8h	0.1009	long leg	$163.1M	$407.6M	75x
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.1009	+0.010%	$110.2M	$917.9M	50x	as long as short
Arcus DOGE-USD	+0.0100%	1h	0.1011	+0.218%	$28K	$76K	10x	as long as short
Bulk DOGE-USD	+0.0100%	1h	0.1003	−0.575%	$384K	$14K	10x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.1011	+0.178%	$110.3M	$214.6M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.1010	+0.139%	$66.2M	$39.5M	75x	as long as short
BingX DOGE-USDT	+0.0100%	8h	0.1009	+0.010%	—	$73.8M	—	as long as short
Variational Omni DOGE	+0.0100%	8h	0.1003	−0.530%	$934K	$7.8M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.1006	−0.322%	$276K	$113.4M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.1006	−0.286%	$641K	$4.5M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.1006	−0.278%	$147K	$240K	25x	as long as short
Polymarket Perps DOGE-USD	+0.0100%	1h	0.1010	+0.139%	$272K	$536K	10x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.1009	−0.010%	$73K	$417K	50x	as long as short
Derive DOGE-PERP	+0.0100%	1h	0.1009	+0.041%	$25K	$1K	10x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.1010	+0.111%	$36K	$2.2M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.1010	+0.089%	$2K	$3.5M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.1009	−0.006%	$6.1M	$48.9M	75x	as long as short
Phemex DOGEUSDT	+0.0100%	8h	0.1009	+0.030%	$93.5M	$19.1M	50x	as long as short
Paradex DOGE-USD-PERP	+0.0100%	8h	0.1011	+0.202%	$18K	$5K	30x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.1010	+0.143%	$558K	$3.6M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.1010	+0.073%	$19K	—	3x	as long as short
Deribit DOGE_USDC-PERPETUAL	+0.0136%	1h	0.1010	+0.072%	$611K	$105K	25x	as long as short
Reya DOGERUSDPERP	+0.0176%	1h	0.1010	+0.145%	$2K	—	20x	as long as short
01 Exchange DOGEUSD	+0.0184%	1h	0.1011	+0.228%	$534	$4K	10x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0216%	1h	0.1008	−0.030%	$2.0M	$23.1M	50x	as long as short
BloFin DOGE-USDT	+0.0220%	8h	0.1006	−0.258%	$15.3M	$24.3M	75x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0245% / S −0.0267%	1h	0.1009	−0.006%	$314K	—	200x	as long as short
Kraken Futures PF_DOGEUSD	+0.0361%	1h	0.1010	+0.094%	$6.0M	$32.1M	50x	as long as short
Backpack DOGE_USDC_PERP	+0.0408%	1h	0.1011	+0.178%	$533K	$936K	15x	as long as short
Hyperliquid DOGE	+0.0428%	1h	0.1011	+0.258%	$111.4M	$81.4M	10x	as long as short
RISEx DOGE/USDC	+0.0702%	1h	0.1011	+0.213%	$317K	$474K	10x	as long as short
Injective DOGE/USDC PERP	+0.0966%	1h	0.1007	−0.178%	$5K	$207K	12x	as long as short