Funding arb · Price arb /

DOGE

all DOGE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.057%

Price spread now: Backpack against Kalshi+0.208%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$370.372% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.218%+$22 on $10k

Price spread, last 7 days−0.246%−$25 · spread now +0.208%, 7d avg −0.003%

Together, before fees−0.028%−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.211% dearer against Kalshi than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXDOGEPERP	0.09858	0	get 0.0000% / 8h	3h 22m	$523K	$6.6M	2.8x
Short	Backpack DOGE_USDC_PERP	0.09879	0.0100	get 0.0013% / 1h	22m 19s	$302K	$1.3M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now +0.208%Rate

Funding earned: $21
Price spread: +0.208% → −0.003%: $21.07
Slippage, 4 orders: −$17.2
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $4.87
Costs to cover: 0.372%
Break-even: 5.4 days

Slippage from Kalshi: live order book, 1 min ago; Backpack: live order book, 2 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 Kalshi live order book, 1 min ago	3.24 bp	14.7 bp −$15	20.6 bp −$206	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	0.51 bp	5.9 bp −$6	18.2 bp −$182	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	−0.0096%	1h	0.09895	+0.372%	$5.5M	$40.9M	50x	as long as short
Bitget DOGEUSDT	−0.0014%	8h	0.09892	+0.340%	$140.1M	$347.2M	75x	as long as short
Kalshi KXDOGEPERPlong	0.0000%	8h	0.09858	long leg	$523K	$6.6M	2.8x
gTrade (Gains Network) DOGE/USD	L +0.0001% / S 0.0000%	1h	0.09869	+0.102%	$33K	—	150x	as long as short
Injective DOGE/USDC PERP	+0.0033%	1h	0.1053	+6.811%	$6K	$242K	12x	as long as short
Gate DOGE_USDT	+0.0055%	8h	0.09894	+0.360%	$250.1M	$155.2M	75x	as long as short
Phoenix DOGE	+0.0081%	1h	0.09822	−0.373%	$18K	$386K	10x	as long as short
Lighter DOGE	+0.0096%	1h	0.09900	+0.423%	$826K	$6.8M	15x	as long as short
Katana Perps DOGE-USD	+0.0100%	8h	0.09886	+0.279%	$826	$545K	10x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.09891	+0.335%	$510K	$1.1M	10x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid DOGE	+0.0100%	1h	0.09901	+0.429%	$123.4M	$116.2M	10x	as long as short
Aster DOGEUSDT	+0.0100%	8h	0.09898	+0.399%	$4.9M	$58.9M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.09889	+0.310%	$321K	$481K	20x	as long as short
Binance DOGEUSDT	+0.0100%	8h	0.09899	+0.411%	$326.6M	$1.71B	75x	as long as short
Bybit DOGEUSDT	+0.0100%	8h	0.09899	+0.411%	$164.5M	$522.5M	75x	as long as short
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.09892	+0.340%	$114.6M	$1.19B	50x	as long as short
Arcus DOGE-USD	+0.0100%	1h	0.09896	+0.380%	$16K	$306K	10x	as long as short
Bulk DOGE-USD	+0.0100%	1h	0.09784	−0.754%	$374K	$2K	10x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.09895	+0.370%	$115.1M	$262.0M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.09898	+0.401%	$65.7M	$49.3M	75x	as long as short
BingX DOGE-USDT	+0.0100%	8h	0.09896	+0.380%	—	$53.4M	—	as long as short
Backpack DOGE_USDC_PERPshort	+0.0100%	1h	0.09879	+0.208%	$302K	$1.3M	15x
Variational Omni DOGE	+0.0100%	8h	0.09791	−0.684%	$1.0M	$8.4M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.09813	−0.463%	$261K	$139.2M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.09813	−0.463%	$627K	$4.2M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.09820	−0.391%	$140K	$348K	25x	as long as short
Polymarket Perps DOGE-USD	+0.0100%	1h	0.09891	+0.325%	$257K	$1.2M	10x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.09899	+0.411%	$71K	$465K	50x	as long as short
Derive DOGE-PERP	+0.0100%	1h	0.09809	−0.505%	$18K	$7K	10x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.09901	+0.435%	$34K	$2.2M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.09897	+0.391%	$2K	$5.4M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.09880	+0.216%	$5.9M	$69.3M	75x	as long as short
Phemex DOGEUSDT	+0.0100%	8h	0.09897	+0.391%	$90.4M	$16.5M	50x	as long as short
Paradex DOGE-USD-PERP	+0.0100%	8h	0.09891	+0.329%	$18K	$5K	30x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.09893	+0.350%	$478K	$4.1M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.09897	+0.394%	$19K	—	3x	as long as short
Deribit DOGE_USDC-PERPETUAL	+0.0114%	1h	0.09901	+0.434%	$554K	$301K	25x	as long as short
Reya DOGERUSDPERP	+0.0202%	1h	0.09890	+0.323%	$2K	—	20x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0208%	1h	0.09903	+0.451%	$1.9M	$34.9M	50x	as long as short
BloFin DOGE-USDT	+0.0220%	8h	0.09875	+0.167%	$15.5M	$26.9M	75x	as long as short
01 Exchange DOGEUSD	+0.0232%	1h	0.09895	+0.368%	$455	$4K	10x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0251% / S −0.0267%	1h	0.09873	+0.144%	$329K	—	200x	as long as short
dYdX DOGE-USD	+0.0450%	1h	0.09889	+0.313%	$232K	$74K	10x	as long as short
RISEx DOGE/USDC	+0.0717%	1h	0.09899	+0.414%	$398K	$449K	10x	as long as short