Funding arb · Price arb /

DOGE

all DOGE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Phemex+0.062%7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$310.306% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 4 days (all we have)−0.017%−$2 · spread now +0.062%, 7d avg +0.030%

Together, before fees+0.004%+ Points / potential airdropLighter: Season 3 · farm board$0 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: Lighter is 0.032% dearer against Phemex than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex DOGEUSDT	0.1002	0.0100	pay 0.0100% / 8h	1h 06m	$91.9M	$17.1M	50x
Short	Lighter DOGE	0.1003	0.0096	get 0.0012% / 1h	6m 17s	$849K	$6.8M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.062%Rate

Funding earned: −$0.84
Price spread: +0.062% → +0.030%: $3.18
Slippage, 4 orders: −$18.59
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$28.25
Costs to cover: 0.306%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Lighter: live order book, 7 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, 3 min ago	1.00 bp	10.7 bp −$11	19.2 bp −$192	40.9 bp −$4,094	doesn't fit
Sell Lighter live order book, 7 min ago	1.45 bp	4.7 bp −$5	12.1 bp −$121	32.4 bp −$3,244	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	−0.0082%	1h	0.1002	−0.016%	$5.7M	$40.5M	50x	as long as short
dYdX DOGE-USD	0.0000%	1h	0.1002	+0.001%	$225K	$69K	10x	as long as short
Kalshi KXDOGEPERP	0.0000%	8h	0.1001	−0.099%	$613K	$6.6M	2.8x	as long as short
gTrade (Gains Network) DOGE/USD	L +0.0001% / S 0.0000%	1h	0.1002	−0.039%	$36K	—	150x	as long as short
Injective DOGE/USDC PERP	+0.0033%	1h	0.1053	+5.069%	$6K	$242K	12x	as long as short
Bitget DOGEUSDT	+0.0042%	8h	0.1001	−0.120%	$142.1M	$344.3M	75x	as long as short
Polymarket Perps DOGE-USD	+0.0055%	1h	0.1002	−0.010%	$264K	$1.2M	10x	as long as short
Phoenix DOGE	+0.0080%	1h	0.1003	+0.104%	$18K	$382K	10x	as long as short
Lighter DOGEshort	+0.0096%	1h	0.1003	+0.062%	$849K	$6.8M	15x
Nado DOGE-PERP	+0.0100%	1h	0.1002	0.000%	$540K	$1.1M	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	0.1002	+0.009%	$4.6M	$58.8M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.1003	+0.030%	$320K	$501K	20x	as long as short
Binance DOGEUSDT	+0.0100%	8h	0.1002	0.000%	$330.8M	$1.72B	75x	as long as short
Bybit DOGEUSDT	+0.0100%	8h	0.1002	−0.050%	$165.1M	$521.4M	75x	as long as short
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.1002	−0.040%	$117.5M	$1.21B	50x	as long as short
Bulk DOGE-USD	+0.0100%	1h	0.1001	−0.153%	$384K	$16K	10x	as long as short
Gate DOGE_USDT	+0.0100%	8h	0.1002	−0.050%	$250.6M	$157.6M	75x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.1003	+0.030%	$112.6M	$258.7M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.1003	+0.030%	$66.9M	$49.9M	75x	as long as short
BingX DOGE-USDC	+0.0100%	8h	0.1002	0.000%	—	$3.5M	—	as long as short
Backpack DOGE_USDC_PERP	+0.0100%	1h	0.1003	+0.090%	$304K	$1.3M	15x	as long as short
Variational Omni DOGE	+0.0100%	8h	0.1000	−0.213%	$1.1M	$8.7M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.1002	−0.008%	$304K	$140.2M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.1002	+0.030%	$632K	$4.6M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.1003	+0.080%	$146K	$340K	25x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.1002	−0.030%	$70K	$470K	50x	as long as short
Derive DOGE-PERP	+0.0100%	1h	0.1003	+0.056%	$19K	$7K	10x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.1002	+0.024%	$35K	$2.3M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.1002	−0.030%	$2K	$5.4M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.1002	−0.065%	$5.9M	$69.0M	75x	as long as short
Phemex DOGEUSDTlong	+0.0100%	8h	0.1002	long leg	$91.9M	$17.1M	50x
Paradex DOGE-USD-PERP	+0.0100%	8h	0.1002	+0.011%	$18K	$5K	30x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.1001	−0.113%	$488K	$4.1M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.1001	−0.090%	$19K	—	3x	as long as short
Katana Perps DOGE-USD	+0.0108%	8h	0.1002	+0.010%	$837	$537K	10x	as long as short
Hyperliquid DOGE	+0.0126%	1h	0.1003	+0.090%	$124.8M	$116.8M	10x	as long as short
Reya DOGERUSDPERP	+0.0198%	1h	0.1002	+0.008%	$2K	—	20x	as long as short
BloFin DOGE-USDT	+0.0220%	8h	0.1003	+0.110%	$16.3M	$27.2M	75x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0240%	1h	0.1002	−0.030%	$1.9M	$34.8M	50x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0250% / S −0.0297%	1h	0.1002	−0.014%	$315K	—	200x	as long as short
01 Exchange DOGEUSD	+0.0264%	1h	0.1003	+0.119%	$446	$4K	10x	as long as short
Deribit DOGE_USDC-PERPETUAL	+0.0289%	1h	0.1002	−0.064%	$574K	$252K	25x	as long as short
Arcus DOGE-USD	+0.0387%	1h	0.1003	+0.030%	$17K	$308K	10x	as long as short
RISEx DOGE/USDC	+0.0626%	1h	0.1003	+0.115%	$403K	$458K	10x	as long as short