Funding you earn now, next payment 08:00 UTC+0.0081%/8h= +8.9% APRpaid last 24h +0.036%
Price spread now: Phoenix against Kalshi+0.019%7-day average +0.074% · you sell dearer than you buy
Net, funding: paid 7d − costs−$44as in the Funding arb table
Net, price: spread back to 7d avg − costs−$50as in the Price arb table
costs, in and out, $10k−$450.447% of the position
Funding, last 7 days+0.003%$0 on $10k
+Price spread, last 4 days (all we have)−0.069%−$7 · spread now +0.019%, 7d avg +0.074%
=Funding pays, the price is against you. Phoenix is 0.055% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.019% now, against its 7-day average of +0.074%). If the spread goes back, that is −$5 on $10k: about 2.2 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.003% in total) that is about 5 months.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kalshi KXDOGEPERP | 0.09914 | 0 | get 0.0000% / 8h | 3h 48m | $549K | $6.6M | 2.8x |
| Short | Phoenix DOGE | 0.09916 | 0.0081 | get 0.0010% / 1h | 48m 34s | $18K | $386K | 10x |
Kalshi KXDOGEPERP
Phoenix DOGEFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Kalshi. 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
- $17
- Price spread: +0.019% → +0.074%
- −$5.45
- Slippage, 4 orders
- −$27.75
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$33.2
- Costs to cover
- 0.447%
- Break-even
- 20.7 days
Slippage from Kalshi: live order book, 5 min ago; Phoenix: live order book, 44 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, 5 min ago | 4.14 bp | 9.6 bp −$10 | 18.1 bp −$181 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 44 min ago | 1.01 bp | 12.3 bp −$12 | 43.1 bp −$431 | 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 | 0.09913 | −0.015% | $5.5M | $40.8M | 50x | as long as short |
| Bitget DOGEUSDT | −0.0010% | 8h | 0.09909 | −0.051% | $140.8M | $347.9M | 75x | as long as short |
| Kalshi KXDOGEPERPlong | 0.0000% | 8h | 0.09914 | long leg | $549K | $6.6M | 2.8x | |
| gTrade (Gains Network) DOGE/USD | L +0.0001% / S 0.0000% | 1h | 0.09909 | −0.054% | $35K | — | 150x | as long as short |
| Injective DOGE/USDC PERP | +0.0033% | 1h | 0.1053 | +6.212% | $6K | $242K | 12x | as long as short |
| Phoenix DOGEshort | +0.0081% | 1h | 0.09916 | +0.019% | $18K | $386K | 10x | |
| Deribit DOGE_USDC-PERPETUAL | +0.0093% | 1h | 0.09915 | +0.013% | $560K | $287K | 25x | as long as short |
| Lighter DOGE | +0.0096% | 1h | 0.09918 | +0.038% | $828K | $6.8M | 15x | as long as short |
| Katana Perps DOGE-USD | +0.0100% | 8h | 0.09907 | −0.072% | $1K | $545K | 10x | as long as short |
| Nado DOGE-PERP | +0.0100% | 1h | 0.09909 | −0.051% | $536K | $1.1M | 10x | as long as short |
Kraken Futures PF_DOGEUSD
Bitget DOGEUSDT
gTrade (Gains Network) DOGE/USD
Injective DOGE/USDC PERP
Deribit DOGE_USDC-PERPETUAL
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 | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid DOGE | +0.0100% | 1h | 0.09917 | +0.026% | $123.7M | $117.1M | 10x | as long as short |
| Aster DOGEUSDT | +0.0100% | 8h | 0.09912 | −0.025% | $4.9M | $59.3M | 75x | as long as short |
| Pacifica DOGE | +0.0100% | 1h | 0.09910 | −0.036% | $322K | $490K | 20x | as long as short |
| Binance DOGEUSDT | +0.0100% | 8h | 0.09913 | −0.013% | $328.5M | $1.72B | 75x | as long as short |
| Bybit DOGEUSDT | +0.0100% | 8h | 0.09913 | −0.011% | $164.1M | $522.9M | 75x | as long as short |
| OKX DOGE-USDT-SWAP | +0.0100% | 8h | 0.09915 | +0.009% | $115.4M | $1.19B | 50x | as long as short |
| Arcus DOGE-USD | +0.0100% | 1h | 0.09911 | −0.031% | $16K | $306K | 10x | as long as short |
| Gate DOGE_USDT | +0.0100% | 8h | 0.09904 | −0.102% | $250.7M | $152.9M | 75x | as long as short |
| MEXC DOGE_USDT | +0.0100% | 8h | 0.09908 | −0.062% | $117.6M | $258.1M | 300x | as long as short |
| KuCoin DOGEUSDTM | +0.0100% | 8h | 0.09909 | −0.051% | $66.1M | $50.0M | 75x | as long as short |
| BingX DOGE-USDT | +0.0100% | 8h | 0.09907 | −0.072% | — | $53.5M | — | as long as short |
| Backpack DOGE_USDC_PERP | +0.0100% | 1h | 0.09910 | −0.041% | $302K | $1.3M | 15x | as long as short |
| Variational Omni DOGE | +0.0100% | 8h | 0.09918 | +0.038% | $1.1M | $8.5M | — | as long as short |
| edgeX DOGEUSDC | +0.0100% | 4h | 0.09900 | −0.141% | $300K | $139.3M | 20x | as long as short |
| GRVT DOGE_USDT_Perp | +0.0100% | 8h | 0.09908 | −0.059% | $627K | $4.4M | 10x | as long as short |
| ApeX Omni DOGEUSDT | +0.0100% | 1h | 0.09910 | −0.041% | $142K | $346K | 25x | as long as short |
| Polymarket Perps DOGE-USD | +0.0100% | 1h | 0.09911 | −0.031% | $258K | $1.2M | 10x | as long as short |
| Orderly PERP_DOGE_USDC | +0.0100% | 8h | 0.09909 | −0.051% | $71K | $469K | 50x | as long as short |
| Derive DOGE-PERP | +0.0100% | 1h | 0.09908 | −0.059% | $18K | $7K | 10x | as long as short |
| SunX DOGE-USDT | +0.0100% | 8h | 0.09916 | +0.019% | $35K | $2.3M | 30x | as long as short |
| SoDEX DOGE-USD | +0.0100% | 1h | 0.09913 | −0.011% | $2K | $5.5M | 10x | as long as short |
| HTX DOGE-USDT | +0.0100% | 8h | 0.09917 | +0.029% | $5.9M | $69.1M | 75x | as long as short |
| Phemex DOGEUSDT | +0.0100% | 8h | 0.09910 | −0.041% | $90.6M | $16.6M | 50x | as long as short |
| Bulk DOGE-USD | +0.0100% | 1h | 0.09910 | −0.041% | $378K | $2K | 10x | as long as short |
| Paradex DOGE-USD-PERP | +0.0100% | 8h | 0.09906 | −0.082% | $18K | $5K | 30x | as long as short |
| Extended DOGE-USD | +0.0104% | 1h | 0.09904 | −0.107% | $481K | $4.1M | 50x | as long as short |
| Aevo DOGE-PERP | +0.0104% | 1h | 0.09910 | −0.040% | $19K | — | 3x | as long as short |
| Reya DOGERUSDPERP | +0.0201% | 1h | 0.09910 | −0.038% | $2K | — | 20x | as long as short |
| Coinbase International DOGE-PERP-INTX | +0.0208% | 1h | 0.09919 | +0.049% | $1.9M | $35.0M | 50x | as long as short |
| BloFin DOGE-USDT | +0.0220% | 8h | 0.09913 | −0.011% | $15.5M | $26.8M | 75x | as long as short |
| 01 Exchange DOGEUSD | +0.0240% | 1h | 0.09917 | +0.024% | $441 | $4K | 10x | as long as short |
| dYdX DOGE-USD | +0.0241% | 1h | 0.09909 | −0.052% | $223K | $64K | 10x | as long as short |
| GMX DOGE/USD [ETH-USDC] | L +0.0286% / S −0.0375% | 1h | 0.09909 | −0.051% | $413K | — | 200x | as long as short |
| RISEx DOGE/USDC | +0.0717% | 1h | 0.09915 | +0.014% | $399K | $455K | 10x | as long as short |
Hyperliquid DOGE
Aster DOGEUSDT
Pacifica DOGE
Binance DOGEUSDT
Bybit DOGEUSDT
OKX DOGE-USDT-SWAP
Arcus 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
Polymarket Perps DOGE-USD
Orderly PERP_DOGE_USDC
Derive DOGE-PERP
SunX DOGE-USDT
SoDEX DOGE-USD
HTX DOGE-USDT
Phemex DOGEUSDT
Bulk DOGE-USD
Paradex DOGE-USD-PERP
Extended DOGE-USD
Aevo DOGE-PERP
Reya DOGERUSDPERP
Coinbase International DOGE-PERP-INTX
BloFin DOGE-USDT
01 Exchange DOGEUSD
dYdX DOGE-USD
GMX DOGE/USD [ETH-USDC]
RISEx DOGE/USDC