Funding you earn now, next payment 03:00 UTC−0.0206%/8h= −22.5% APRnext payment −$0.26 per $10,000 · paid last 24h −0.001%
Price spread now: Backpack against Kraken Futures−0.110%7-day average −0.017% · you buy dearer than you sell
Net, funding: paid 7d − costs−$34as in the Funding arb table
Net, price: spread back to 7d avg − costs−$43as in the Price arb table
costs, in and out, $10k−$340.341% of the position
Funding, last 7 days+0.006%+$1 on $10k
+Price spread, last 4 days (all we have)+0.073%+$7 · spread now −0.110%, 7d avg −0.017%
=Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Backpack is 0.093% cheaper against Kraken Futures than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.017%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.006% in total (about 0.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.26 per $10,000. 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 | Kraken Futures PF_DOGEUSD | 0.1001 | 0.0306 | pay 0.0038% / 1h | 41m 19s | $5.7M | $35.1M | 50x |
| Short | Backpack DOGE_USDC_PERP | 0.09996 | 0.0100 | get 0.0013% / 1h | 41m 19s | $329K | $1.1M | 15x |
Kraken Futures PF_DOGEUSD
Backpack DOGE_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Kraken Futures. 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
- −$43.17
- Price spread: −0.110% → −0.017%
- −$9.28
- Slippage, 4 orders
- −$14.14
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$86.6
- Costs to cover
- 0.341%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 3 min ago; Backpack: live order book, 3 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 Kraken Futures live order book, 3 min ago | 2.00 bp | 10.3 bp −$10 | 13.1 bp −$131 | 33.3 bp −$3,329 | doesn't fit |
| Sell Backpack live order book, 3 min ago | 1.00 bp | 7.4 bp −$7 | 30.9 bp −$309 | 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 | −0.0093% | 8h | 0.09957 | −0.499% | $150.9M | $273.7M | 75x | as long as short |
| dYdX DOGE-USD | 0.0000% | 1h | 0.09964 | −0.429% | $224K | $49K | 10x | as long as short |
| Kalshi KXDOGEPERP | 0.0000% | 8h | 0.1002 | +0.138% | $447K | $5.1M | 2.8x | as long as short |
| gTrade (Gains Network) DOGE/USD | L +0.0001% / S 0.0000% | 1h | 0.09971 | −0.361% | $24K | — | 150x | as long as short |
| Lighter DOGE | +0.0096% | 1h | 0.09977 | −0.297% | $807K | $6.1M | 15x | as long as short |
| Katana Perps DOGE-USD | +0.0099% | 8h | 0.09966 | −0.410% | $900 | $436K | 10x | as long as short |
| Nado DOGE-PERP | +0.0100% | 1h | 0.09969 | −0.375% | $531K | $991K | 10x | as long as short |
| Aster DOGEUSDT | +0.0100% | 8h | 0.09974 | −0.330% | $4.7M | $48.5M | 75x | as long as short |
| Pacifica DOGE | +0.0100% | 1h | 0.09971 | −0.364% | $328K | $484K | 20x | as long as short |
| Binance DOGEUSDT | +0.0100% | 8h | 0.09975 | −0.320% | $319.7M | $1.44B | 75x | as long as short |
Bitget DOGEUSDT
dYdX DOGE-USD
Kalshi KXDOGEPERP
gTrade (Gains Network) DOGE/USD
Lighter DOGE
Katana Perps DOGE-USD
Nado DOGE-PERP
Aster DOGEUSDT
Pacifica DOGE
Binance DOGEUSDTShow all 44 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit DOGEUSDT | +0.0100% | 8h | 0.09970 | −0.370% | $160.4M | $440.6M | 75x | as long as short |
| OKX DOGE-USDT-SWAP | +0.0100% | 8h | 0.09971 | −0.360% | $111.3M | $986.5M | 50x | as long as short |
| Bulk DOGE-USD | +0.0100% | 1h | 0.09995 | −0.122% | $383K | $5K | 10x | as long as short |
| Gate DOGE_USDT | +0.0100% | 8h | 0.09969 | −0.380% | $243.0M | $131.8M | 75x | as long as short |
| MEXC DOGE_USDT | +0.0100% | 8h | 0.09972 | −0.350% | $113.5M | $229.7M | 300x | as long as short |
| KuCoin DOGEUSDTM | +0.0100% | 8h | 0.09971 | −0.360% | $66.0M | $43.3M | 75x | as long as short |
| BingX DOGE-USDC | +0.0100% | 8h | 0.09969 | −0.380% | — | $3.5M | — | as long as short |
| Backpack DOGE_USDC_PERPshort | +0.0100% | 1h | 0.09996 | −0.110% | $329K | $1.1M | 15x | |
| Variational Omni DOGE | +0.0100% | 8h | 0.09980 | −0.272% | $997K | $8.2M | — | as long as short |
| edgeX DOGEUSDC | +0.0100% | 4h | 0.1000 | −0.057% | $297K | $129.3M | 20x | as long as short |
| GRVT DOGE_USDT_Perp | +0.0100% | 8h | 0.1001 | +0.025% | $629K | $4.4M | 10x | as long as short |
| ApeX Omni DOGEUSDT | +0.0100% | 1h | 0.1001 | +0.030% | $146K | $277K | 25x | as long as short |
| Polymarket Perps DOGE-USD | +0.0100% | 1h | 0.09965 | −0.421% | $255K | $731K | 10x | as long as short |
| Orderly PERP_DOGE_USDC | +0.0100% | 8h | 0.09969 | −0.380% | $70K | $440K | 50x | as long as short |
| Derive DOGE-PERP | +0.0100% | 1h | 0.09971 | −0.360% | $24K | $1K | 10x | as long as short |
| SunX DOGE-USDT | +0.0100% | 8h | 0.1001 | +0.077% | $36K | $2.2M | 30x | as long as short |
| SoDEX DOGE-USD | +0.0100% | 1h | 0.1001 | −0.010% | $2K | $3.9M | 10x | as long as short |
| HTX DOGE-USDT | +0.0100% | 8h | 0.1002 | +0.102% | $6.0M | $56.4M | 75x | as long as short |
| Phemex DOGEUSDT | +0.0100% | 8h | 0.1000 | −0.030% | $92.1M | $16.7M | 50x | as long as short |
| Extended DOGE-USD | +0.0104% | 1h | 0.09969 | −0.380% | $555K | $4.0M | 50x | as long as short |
| Aevo DOGE-PERP | +0.0104% | 1h | 0.09966 | −0.412% | $19K | — | 3x | as long as short |
| Paradex DOGE-USD-PERP | +0.0104% | 8h | 0.09965 | −0.421% | $18K | $6K | 30x | as long as short |
| Deribit DOGE_USDC-PERPETUAL | +0.0150% | 1h | 0.1001 | −0.020% | $598K | $118K | 25x | as long as short |
| Reya DOGERUSDPERP | +0.0186% | 1h | 0.09969 | −0.378% | $2K | — | 20x | as long as short |
| 01 Exchange DOGEUSD | +0.0208% | 1h | 0.09972 | −0.348% | $532 | $4K | 10x | as long as short |
| BloFin DOGE-USDT | +0.0220% | 8h | 0.1002 | +0.110% | $15.8M | $25.2M | 75x | as long as short |
| Phoenix DOGE | +0.0240% | 1h | 0.09980 | −0.266% | $65K | $288K | 10x | as long as short |
| GMX DOGE/USD [ETH-USDC] | L +0.0246% / S −0.0267% | 1h | 0.09971 | −0.356% | $310K | — | 200x | as long as short |
| Coinbase International DOGE-PERP-INTX | +0.0248% | 1h | 0.1002 | +0.110% | $2.3M | $26.2M | 50x | as long as short |
| Kraken Futures PF_DOGEUSDlong | +0.0306% | 1h | 0.1001 | long leg | $5.7M | $35.1M | 50x | |
| Hyperliquid DOGE | +0.0431% | 1h | 0.09982 | −0.247% | $121.8M | $100.0M | 10x | as long as short |
| RISEx DOGE/USDC | +0.0747% | 1h | 0.09974 | −0.335% | $402K | $367K | 10x | as long as short |
| Arcus DOGE-USD | +0.0781% | 1h | 0.09983 | −0.240% | $128K | $179K | 10x | as long as short |
| Injective DOGE/USDC PERP | +0.1072% | 1h | 0.1001 | +0.030% | $5K | $239K | 12x | as long as short |
Bybit DOGEUSDT
OKX DOGE-USDT-SWAP
Bulk DOGE-USD
Gate DOGE_USDT
MEXC DOGE_USDT
KuCoin DOGEUSDTM
BingX DOGE-USDC
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
Extended DOGE-USD
Aevo DOGE-PERP
Paradex DOGE-USD-PERP
Deribit DOGE_USDC-PERPETUAL
Reya DOGERUSDPERP
01 Exchange DOGEUSD
BloFin DOGE-USDT
Phoenix DOGE
GMX DOGE/USD [ETH-USDC]
Coinbase International DOGE-PERP-INTX
Hyperliquid DOGE
RISEx DOGE/USDC
Arcus DOGE-USD
Injective DOGE/USDC PERP