Funding arb · Price arb /

DOGE

all DOGE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.027%

Price spread now: Backpack against Phemex+0.010%7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$340.336% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 3 days (all we have)−0.058%−$6 · spread now +0.010%, 7d avg −0.019%

Together, before fees−0.014%−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.029% dearer against Phemex than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex DOGEUSDT	0.1008	0.0100	pay 0.0100% / 8h	7h 18m	$93.1M	$17.6M	50x
Short	Backpack DOGE_USDC_PERP	0.1009	0.0100	get 0.0013% / 1h	18m 13s	$365K	$1.1M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now +0.010%Rate

Funding earned: $0
Price spread: +0.010% → −0.019%: $2.89
Slippage, 4 orders: −$11.63
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$30.74
Costs to cover: 0.336%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Backpack: live order book, 1 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 Phemex live order book, 6 min ago	0.99 bp	7.9 bp −$8	16.1 bp −$161	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	1.00 bp	9.3 bp −$9	doesn't fit	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	−0.0174%	8h	0.1008	−0.050%	$153.4M	$271.3M	75x	as long as short
Kraken Futures PF_DOGEUSD	−0.0077%	1h	0.1008	−0.082%	$6.1M	$33.9M	50x	as long as short
Kalshi KXDOGEPERP	0.0000%	8h	0.1003	−0.592%	$416K	$4.8M	2.8x	as long as short
gTrade (Gains Network) DOGE/USD	L +0.0001% / S 0.0000%	1h	0.1006	−0.287%	$24K	—	150x	as long as short
dYdX DOGE-USD	+0.0014%	1h	0.1002	−0.656%	$225K	$44K	10x	as long as short
Lighter DOGE	+0.0096%	1h	0.1008	−0.039%	$787K	$5.8M	15x	as long as short
Katana Perps DOGE-USD	+0.0100%	8h	0.1003	−0.496%	$1K	$418K	10x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.1004	−0.456%	$515K	$972K	10x	as long as short
Aster DOGEUSDT	+0.0100%	8h	0.1004	−0.411%	$5.0M	$46.5M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.1003	−0.553%	$334K	$511K	20x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance DOGEUSDT	+0.0100%	8h	0.1008	−0.051%	$320.7M	$1.40B	75x	as long as short
Bybit DOGEUSDT	+0.0100%	8h	0.1008	0.000%	$160.2M	$438.7M	75x	as long as short
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.1009	+0.020%	$111.2M	$973.1M	50x	as long as short
Arcus DOGE-USD	+0.0100%	1h	0.1004	−0.476%	$28K	$82K	10x	as long as short
Bulk DOGE-USD	+0.0100%	1h	0.1003	−0.527%	$384K	$5K	10x	as long as short
Gate DOGE_USDT	+0.0100%	8h	0.1008	−0.059%	$245.1M	$130.2M	75x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.1008	−0.030%	$113.2M	$225.3M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.1008	−0.010%	$66.1M	$42.4M	75x	as long as short
BingX DOGE-USDC	+0.0100%	8h	0.1007	−0.139%	—	$3.4M	—	as long as short
Backpack DOGE_USDC_PERPshort	+0.0100%	1h	0.1009	+0.010%	$365K	$1.1M	15x
Variational Omni DOGE	+0.0100%	8h	0.1004	−0.398%	$989K	$8.1M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.1005	−0.340%	$266K	$124.4M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.1005	−0.366%	$630K	$4.5M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.1004	−0.446%	$148K	$268K	25x	as long as short
Polymarket Perps DOGE-USD	+0.0100%	1h	0.1004	−0.407%	$267K	$635K	10x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.1007	−0.198%	$73K	$424K	50x	as long as short
Derive DOGE-PERP	+0.0100%	1h	0.1006	−0.212%	$25K	$1K	10x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.1005	−0.319%	$36K	$2.2M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.1007	−0.188%	$2K	$3.8M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.1008	−0.053%	$6.0M	$52.7M	75x	as long as short
Phemex DOGEUSDTlong	+0.0100%	8h	0.1008	long leg	$93.1M	$17.6M	50x
Paradex DOGE-USD-PERP	+0.0100%	8h	0.1003	−0.577%	$18K	$5K	30x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.1006	−0.234%	$529K	$3.9M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.1007	−0.134%	$19K	—	3x	as long as short
01 Exchange DOGEUSD	+0.0176%	1h	0.1004	−0.470%	$530	$4K	10x	as long as short
Reya DOGERUSDPERP	+0.0182%	1h	0.1005	−0.383%	$2K	—	20x	as long as short
Deribit DOGE_USDC-PERPETUAL	+0.0197%	1h	0.1007	−0.189%	$605K	$121K	25x	as long as short
BloFin DOGE-USDT	+0.0220%	8h	0.1003	−0.526%	$15.5M	$25.6M	75x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0240%	1h	0.1008	−0.050%	$2.0M	$25.1M	50x	as long as short
Phoenix DOGE	+0.0240%	1h	0.1008	−0.007%	$65K	$283K	10x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0247% / S −0.0272%	1h	0.1006	−0.290%	$316K	—	200x	as long as short
RISEx DOGE/USDC	+0.0701%	1h	0.1004	−0.488%	$325K	$404K	10x	as long as short
Hyperliquid DOGE	+0.0805%	1h	0.1010	+0.149%	$123.0M	$95.3M	10x	as long as short
Injective DOGE/USDC PERP	+0.0973%	1h	0.1007	−0.149%	$5K	$239K	12x	as long as short