Funding arb · Price arb /

DOGE

all DOGE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.031%

Price spread now: Deribit against Phemex−0.021%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$430.434% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.175%−$18 on $10k

Price spread, last 3 days (all we have)+0.045%+$5 · spread now −0.021%, 7d avg −0.005%

Together, before fees−0.130%−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.005%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex DOGEUSDT	0.1003	0.0100	pay 0.0100% / 8h	1h 34m	$92.9M	$19.1M	50x
Short	Deribit DOGE_USDC-PERPETUAL	0.1003	0	get 0.0000% / 1h	34m 20s	$607K	$105K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$21
Price spread: −0.021% → −0.005%: −$1.62
Slippage, 4 orders: −$24.41
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$66.03
Costs to cover: 0.434%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Deribit: live order book, 49 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, 5 min ago	3.45 bp	11.4 bp −$11	21.0 bp −$210	doesn't fit	doesn't fit
Sell Deribit live order book, 49 min ago	3.01 bp	7.1 bp −$7	100.7 bp −$1,007	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	−0.0269%	8h	0.1003	−0.060%	$153.2M	$265.1M	75x	as long as short
Kalshi KXDOGEPERP	0.0000%	8h	0.1006	+0.270%	$414K	$4.6M	2.8x	as long as short
Deribit DOGE_USDC-PERPETUALshort	0.0000%	1h	0.1003	−0.021%	$607K	$105K	25x
gTrade (Gains Network) DOGE/USD	L +0.0001% / S −0.0001%	1h	0.1002	−0.158%	$32K	—	150x	as long as short
dYdX DOGE-USD	+0.0009%	1h	0.1003	+0.009%	$225K	$44K	10x	as long as short
Phoenix DOGE	+0.0081%	1h	0.1008	+0.485%	$16K	$222K	10x	as long as short
Gate DOGE_USDT	+0.0086%	8h	0.1001	−0.239%	$240.7M	$123.1M	75x	as long as short
Lighter DOGE	+0.0096%	1h	0.1004	+0.067%	$786K	$5.3M	15x	as long as short
Katana Perps DOGE-USD	+0.0096%	8h	0.1001	−0.189%	$2K	$362K	10x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.1001	−0.254%	$671K	$797K	10x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster DOGEUSDT	+0.0100%	8h	0.1001	−0.191%	$5.2M	$42.8M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.1003	−0.004%	$336K	$503K	20x	as long as short
Binance DOGEUSDT	+0.0100%	8h	0.1001	−0.197%	$319.4M	$1.31B	75x	as long as short
Bybit DOGEUSDT	+0.0100%	8h	0.1002	−0.110%	$161.9M	$413.2M	75x	as long as short
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.1003	−0.020%	$109.0M	$923.7M	50x	as long as short
Arcus DOGE-USD	+0.0100%	1h	0.1002	−0.110%	$28K	$76K	10x	as long as short
Bulk DOGE-USD	+0.0100%	1h	0.1017	+1.397%	$390K	$17K	10x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.1000	−0.299%	$110.1M	$216.2M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.09999	−0.329%	$65.3M	$40.1M	75x	as long as short
BingX DOGE-USDC	+0.0100%	8h	0.1001	−0.199%	—	$3.4M	—	as long as short
Variational Omni DOGE	+0.0100%	8h	0.1007	+0.412%	$994K	$7.8M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.1009	+0.589%	$279K	$114.8M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.1008	+0.476%	$640K	$4.5M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.1014	+1.077%	$149K	$241K	25x	as long as short
Polymarket Perps DOGE-USD	+0.0100%	1h	0.1000	−0.299%	$269K	$536K	10x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.1003	−0.050%	$73K	$432K	50x	as long as short
Derive DOGE-PERP	+0.0100%	1h	0.1003	−0.035%	$25K	$1K	10x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.1002	−0.092%	$36K	$2.2M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.1003	+0.020%	$2K	$3.5M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.1003	+0.012%	$6.0M	$49.6M	75x	as long as short
Phemex DOGEUSDTlong	+0.0100%	8h	0.1003	long leg	$92.9M	$19.1M	50x
Paradex DOGE-USD-PERP	+0.0101%	8h	0.1003	−0.026%	$18K	$5K	30x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.1003	−0.028%	$554K	$3.6M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.1003	+0.002%	$19K	—	3x	as long as short
Reya DOGERUSDPERP	+0.0176%	1h	0.1000	−0.307%	$2K	—	20x	as long as short
01 Exchange DOGEUSD	+0.0184%	1h	0.1001	−0.188%	$529	$4K	10x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0216%	1h	0.1005	+0.159%	$2.0M	$23.4M	50x	as long as short
BloFin DOGE-USDT	+0.0220%	8h	0.1005	+0.159%	$15.4M	$25.0M	75x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0246% / S −0.0271%	1h	0.1002	−0.169%	$314K	—	200x	as long as short
Kraken Futures PF_DOGEUSD	+0.0363%	1h	0.1003	+0.027%	$6.0M	$32.6M	50x	as long as short
Hyperliquid DOGE	+0.0410%	1h	0.1002	−0.159%	$110.5M	$82.2M	10x	as long as short
Backpack DOGE_USDC_PERP	+0.0411%	1h	0.1006	+0.239%	$538K	$948K	15x	as long as short
RISEx DOGE/USDC	+0.0702%	1h	0.1002	−0.110%	$314K	$477K	10x	as long as short
Injective DOGE/USDC PERP	+0.0966%	1h	0.1009	+0.578%	$5K	$207K	12x	as long as short