Funding arb · Price arb /

DOGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Derive against Phemex−0.103%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Derive

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.103% cheaper against Phemex than usual: you would sell low and buy high, −$10 on $10k if it goes back to zero (this spread has no 7-day history yet).

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	3h 08m	$92.7M	$17.1M	50x
Short	Derive DOGE-PERP	0.1006	0.0100	get 0.0013% / 1h	8m 10s	$19K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.103%Rate

Funding earned: $0
Price spread: −0.103% → 0.000%: −$10.26
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$28.26
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; Derive: no order-book sample. Net counts fees only.

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	1.97 bp	16.9 bp −$17	30.5 bp −$305	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Kalshi KXDOGEPERP	0.0000%	8h	0.1005	−0.203%	$659K	$6.3M	2.8x	as long as short
gTrade (Gains Network) DOGE/USD	L +0.0001% / S 0.0000%	1h	0.1006	−0.174%	$24K	—	150x	as long as short
dYdX DOGE-USD	+0.0018%	1h	0.1004	−0.344%	$225K	$70K	10x	as long as short
Bitget DOGEUSDT	+0.0089%	8h	0.1007	−0.010%	$130.5M	$318.9M	75x	as long as short
Lighter DOGE	+0.0096%	1h	0.1008	+0.015%	$745K	$6.5M	15x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.1005	−0.288%	$551K	$1.1M	10x	as long as short
Aster DOGEUSDT	+0.0100%	8h	0.1007	−0.056%	$4.8M	$55.1M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.1004	−0.318%	$321K	$520K	20x	as long as short
Binance DOGEUSDT	+0.0100%	8h	0.1007	−0.037%	$329.5M	$1.63B	75x	as long as short
Bybit DOGEUSDT	+0.0100%	8h	0.1007	−0.020%	$162.9M	$504.4M	75x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.1008	+0.020%	$114.6M	$1.15B	50x	as long as short
Bulk DOGE-USD	+0.0100%	1h	0.1016	+0.863%	$390K	$16K	10x	as long as short
Gate DOGE_USDT	+0.0100%	8h	0.1007	−0.030%	$247.3M	$147.6M	75x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.1007	−0.030%	$113.8M	$248.3M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.1007	−0.050%	$66.3M	$48.5M	75x	as long as short
BingX DOGE-USDT	+0.0100%	8h	0.1007	−0.010%	—	$79.5M	—	as long as short
Backpack DOGE_USDC_PERP	+0.0100%	1h	0.1008	+0.010%	$326K	$1.2M	15x	as long as short
Variational Omni DOGE	+0.0100%	8h	0.1013	+0.552%	$1.1M	$8.6M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.1017	+0.903%	$324K	$136.3M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.1016	+0.873%	$644K	$4.7M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.1017	+0.943%	$153K	$330K	25x	as long as short
Polymarket Perps DOGE-USD	+0.0100%	1h	0.1005	−0.288%	$261K	$1.1M	10x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.1007	−0.089%	$65K	$458K	50x	as long as short
Derive DOGE-PERPshort	+0.0100%	1h	0.1006	−0.103%	$19K	$1K	10x
SunX DOGE-USDT	+0.0100%	8h	0.1007	−0.024%	$35K	$2.3M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.1007	−0.020%	$2K	$5.1M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.1007	−0.052%	$6.0M	$65.9M	75x	as long as short
Phemex DOGEUSDTlong	+0.0100%	8h	0.1008	long leg	$92.7M	$17.1M	50x
Paradex DOGE-USD-PERP	+0.0100%	8h	0.1004	−0.379%	$18K	$5K	30x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.1007	−0.076%	$483K	$4.1M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.1007	−0.015%	$19K	—	3x	as long as short
Katana Perps DOGE-USD	+0.0119%	8h	0.1004	−0.367%	$2K	$503K	10x	as long as short
Reya DOGERUSDPERP	+0.0193%	1h	0.1005	−0.237%	$2K	—	20x	as long as short
BloFin DOGE-USDT	+0.0220%	8h	0.1006	−0.119%	$16.3M	$26.8M	75x	as long as short
01 Exchange DOGEUSD	+0.0232%	1h	0.1004	−0.301%	$447	$4K	10x	as long as short
Phoenix DOGE	+0.0235%	1h	0.1015	+0.727%	$18K	$292K	10x	as long as short
Kraken Futures PF_DOGEUSD	+0.0250%	1h	0.1007	−0.011%	$5.5M	$39.8M	50x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0253% / S −0.0292%	1h	0.1005	−0.201%	$328K	—	200x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0304%	1h	0.1008	+0.020%	$2.1M	$33.3M	50x	as long as short
Hyperliquid DOGE	+0.0401%	1h	0.1008	+0.079%	$125.2M	$112.3M	10x	as long as short
Deribit DOGE_USDC-PERPETUAL	+0.0435%	1h	0.1008	+0.025%	$572K	$247K	25x	as long as short
Arcus DOGE-USD	+0.0634%	1h	0.1005	−0.218%	$109K	$207K	10x	as long as short
RISEx DOGE/USDC	+0.0728%	1h	0.1005	−0.283%	$405K	$433K	10x	as long as short
Injective DOGE/USDC PERP	+0.1062%	1h	0.1053	+4.516%	$6K	$242K	12x	as long as short