Funding you earn now, next payment 04:00 UTC−0.0248%/8h= −27.1% APRpaid last 24h −0.143%
Price spread now: Phemex against Hyperliquid−0.085%7-day average −0.056% · you buy dearer than you sell
Net, funding: paid 7d − costs−$51as in the Funding arb table
Net, price: spread back to 7d avg − costs−$38as in the Price arb table
costs, in and out, $10k−$350.351% of the position
Funding, last 7 days−0.155%−$16 on $10k
+Price spread, last 4 days (all we have)−0.118%−$12 · spread now −0.085%, 7d avg −0.056%
=Together, before fees−0.273%+ Points / potential airdropHyperliquid: Season 2 · farm board−$27 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phemex is 0.029% cheaper against Hyperliquid than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.056%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.155% in total (about -8.1% 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 | Hyperliquid DOGE | 0.09928 | 0.0348 | pay 0.0043% / 1h | 53m 05s | $120.9M | $99.8M | 10x |
| Short | Phemex DOGEUSDT | 0.09920 | 0.0100 | get 0.0100% / 8h | 4h 53m | $91.2M | $16.6M | 50x |
Hyperliquid DOGE
Phemex DOGEUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Hyperliquid. 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
- −$52.03
- Price spread: −0.085% → −0.056%
- −$2.91
- Slippage, 4 orders
- −$14.12
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$90.05
- Costs to cover
- 0.351%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 11 min ago; Phemex: live order book, 6 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 Hyperliquid live order book, 11 min ago | 0.10 bp | 6.6 bp −$7 | 9.0 bp −$90 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 6 min ago | 4.03 bp | 13.0 bp −$13 | 19.8 bp −$198 | 41.2 bp −$4,124 | 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 | −0.0063% | 8h | 0.09914 | −0.145% | $149.8M | $274.4M | 75x | as long as short |
| Kraken Futures PF_DOGEUSD | −0.0032% | 1h | 0.09920 | −0.084% | $5.7M | $35.4M | 50x | as long as short |
| Kalshi KXDOGEPERP | 0.0000% | 8h | 0.09911 | −0.175% | $429K | $5.2M | 2.8x | as long as short |
| gTrade (Gains Network) DOGE/USD | L +0.0001% / S 0.0000% | 1h | 0.09918 | −0.106% | $23K | — | 150x | as long as short |
| dYdX DOGE-USD | +0.0001% | 1h | 0.09900 | −0.286% | $222K | $49K | 10x | as long as short |
| Deribit DOGE_USDC-PERPETUAL | +0.0073% | 1h | 0.09925 | −0.034% | $593K | $118K | 25x | as long as short |
| Polymarket Perps DOGE-USD | +0.0095% | 1h | 0.09904 | −0.246% | $259K | $793K | 10x | as long as short |
| Lighter DOGE | +0.0096% | 1h | 0.09924 | −0.046% | $748K | $6.2M | 15x | as long as short |
| Katana Perps DOGE-USD | +0.0099% | 8h | 0.09902 | −0.266% | $895 | $446K | 10x | as long as short |
| Nado DOGE-PERP | +0.0100% | 1h | 0.09913 | −0.155% | $528K | $1.0M | 10x | as long as short |
Bitget DOGEUSDT
Kraken Futures PF_DOGEUSD
Kalshi KXDOGEPERP
gTrade (Gains Network) DOGE/USD
dYdX DOGE-USD
Deribit DOGE_USDC-PERPETUAL
Polymarket Perps DOGE-USD
Lighter DOGE
Katana Perps DOGE-USD
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 | 0.09921 | −0.078% | $4.6M | $48.9M | 75x | as long as short |
| Pacifica DOGE | +0.0100% | 1h | 0.09904 | −0.241% | $322K | $482K | 20x | as long as short |
| Binance DOGEUSDT | +0.0100% | 8h | 0.09917 | −0.115% | $316.8M | $1.45B | 75x | as long as short |
| Bybit DOGEUSDT | +0.0100% | 8h | 0.09918 | −0.105% | $160.4M | $441.3M | 75x | as long as short |
| OKX DOGE-USDT-SWAP | +0.0100% | 8h | 0.09922 | −0.064% | $110.7M | $988.7M | 50x | as long as short |
| Bulk DOGE-USD | +0.0100% | 1h | 0.09930 | +0.016% | $381K | $0 | 10x | as long as short |
| Gate DOGE_USDT | +0.0100% | 8h | 0.09916 | −0.125% | $242.5M | $132.6M | 75x | as long as short |
| MEXC DOGE_USDT | +0.0100% | 8h | 0.09920 | −0.085% | $111.7M | $232.9M | 300x | as long as short |
| KuCoin DOGEUSDTM | +0.0100% | 8h | 0.09922 | −0.064% | $65.5M | $43.4M | 75x | as long as short |
| BingX DOGE-USDT | +0.0100% | 8h | 0.09922 | −0.064% | — | $76.3M | — | as long as short |
| Backpack DOGE_USDC_PERP | +0.0100% | 1h | 0.09918 | −0.105% | $311K | $1.1M | 15x | as long as short |
| Variational Omni DOGE | +0.0100% | 8h | 0.09912 | −0.167% | $973K | $8.2M | — | as long as short |
| edgeX DOGEUSDC | +0.0100% | 4h | 0.09913 | −0.151% | $294K | $129.0M | 20x | as long as short |
| GRVT DOGE_USDT_Perp | +0.0100% | 8h | 0.09883 | −0.453% | $622K | $4.4M | 10x | as long as short |
| ApeX Omni DOGEUSDT | +0.0100% | 1h | 0.09870 | −0.588% | $143K | $282K | 25x | as long as short |
| Orderly PERP_DOGE_USDC | +0.0100% | 8h | 0.09922 | −0.064% | $70K | $437K | 50x | as long as short |
| Derive DOGE-PERP | +0.0100% | 1h | 0.09921 | −0.078% | $24K | $1K | 10x | as long as short |
| SunX DOGE-USDT | +0.0100% | 8h | 0.09905 | −0.234% | $35K | $2.2M | 30x | as long as short |
| SoDEX DOGE-USD | +0.0100% | 1h | 0.09921 | −0.075% | $47K | $3.9M | 10x | as long as short |
| HTX DOGE-USDT | +0.0100% | 8h | 0.09907 | −0.216% | $5.9M | $56.9M | 75x | as long as short |
| Phemex DOGEUSDTshort | +0.0100% | 8h | 0.09920 | −0.085% | $91.2M | $16.6M | 50x | |
| Paradex DOGE-USD-PERP | +0.0101% | 8h | 0.09900 | −0.284% | $18K | $7K | 30x | as long as short |
| Extended DOGE-USD | +0.0104% | 1h | 0.09920 | −0.081% | $495K | $4.0M | 50x | as long as short |
| Aevo DOGE-PERP | +0.0104% | 1h | 0.09921 | −0.076% | $19K | — | 3x | as long as short |
| Reya DOGERUSDPERP | +0.0188% | 1h | 0.09913 | −0.153% | $2K | — | 20x | as long as short |
| 01 Exchange DOGEUSD | +0.0192% | 1h | 0.09911 | −0.179% | $528 | $4K | 10x | as long as short |
| BloFin DOGE-USDT | +0.0220% | 8h | 0.09921 | −0.075% | $15.6M | $25.1M | 75x | as long as short |
| Phoenix DOGE | +0.0242% | 1h | 0.09913 | −0.156% | $64K | $288K | 10x | as long as short |
| GMX DOGE/USD [ETH-USDC] | L +0.0246% / S −0.0269% | 1h | 0.09916 | −0.125% | $310K | — | 200x | as long as short |
| Coinbase International DOGE-PERP-INTX | +0.0296% | 1h | 0.09929 | +0.006% | $2.3M | $26.6M | 50x | as long as short |
| Hyperliquid DOGElong | +0.0348% | 1h | 0.09928 | long leg | $120.9M | $99.8M | 10x | |
| Arcus DOGE-USD | +0.0690% | 1h | 0.09916 | −0.125% | $117K | $189K | 10x | as long as short |
| RISEx DOGE/USDC | +0.0695% | 1h | 0.09910 | −0.181% | $400K | $411K | 10x | as long as short |
| Injective DOGE/USDC PERP | +0.1004% | 1h | 0.09940 | +0.117% | $5K | $239K | 12x | 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
Backpack DOGE_USDC_PERP
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
Paradex DOGE-USD-PERP
Extended DOGE-USD
Aevo DOGE-PERP
Reya DOGERUSDPERP
01 Exchange DOGEUSD
BloFin DOGE-USDT
Phoenix DOGE
GMX DOGE/USD [ETH-USDC]
Coinbase International DOGE-PERP-INTX
Arcus DOGE-USD
RISEx DOGE/USDC
Injective DOGE/USDC PERP