Funding you earn now, next payment 01:00 UTC−0.0141%/8h= −15.5% APRnext payment −$0.18 per $10,000 · paid last 24h +0.039%
Price spread now: Backpack against Phoenix−0.183%7-day average −0.047% · you buy dearer than you sell
Net, funding: paid 7d − costs−$14as in the Funding arb table
Net, price: spread back to 7d avg − costs−$51as in the Price arb table
costs, in and out, $10k−$380.378% of the position
Funding, last 7 days+0.236%+$24 on $10k
+Price spread, last 4 days (all we have)−0.564%−$56 · spread now −0.183%, 7d avg −0.047%
=Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Backpack is 0.136% cheaper against Phoenix than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.047%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.236%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix DOGE | 0.09898 | 0.0241 | pay 0.0030% / 1h | 33m 06s | $64K | $284K | 10x |
| Short | Backpack DOGE_USDC_PERP | 0.09880 | 0.0100 | get 0.0013% / 1h | 33m 06s | $342K | $1.1M | 15x |
Phoenix DOGE
Backpack DOGE_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phoenix. 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
- −$29.65
- Price spread: −0.183% → −0.047%
- −$13.63
- Slippage, 4 orders
- −$20.79
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$81.07
- Costs to cover
- 0.378%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 30 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 Phoenix live order book, 30 min ago | 1.00 bp | 12.3 bp −$12 | 50.8 bp −$508 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 1 min ago | 0.51 bp | 7.4 bp −$7 | doesn't fit | doesn't fit | doesn't fit |
DOGE on 43 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 | −0.0122% | 8h | 0.09877 | −0.213% | $149.7M | $273.5M | 75x | as long as short |
| Kalshi KXDOGEPERP | 0.0000% | 8h | 0.09899 | +0.005% | $388K | $5.0M | 2.8x | as long as short |
| gTrade (Gains Network) DOGE/USD | L +0.0001% / S 0.0000% | 1h | 0.09881 | −0.173% | $23K | — | 150x | as long as short |
| Deribit DOGE_USDC-PERPETUAL | +0.0003% | 1h | 0.09881 | −0.176% | $590K | $118K | 25x | as long as short |
| dYdX DOGE-USD | +0.0022% | 1h | 0.09878 | −0.203% | $222K | $51K | 10x | as long as short |
| Kraken Futures PF_DOGEUSD | +0.0067% | 1h | 0.09873 | −0.256% | $5.8M | $34.1M | 50x | as long as short |
| Lighter DOGE | +0.0096% | 1h | 0.09880 | −0.187% | $767K | $6.0M | 15x | as long as short |
| Katana Perps DOGE-USD | +0.0099% | 8h | 0.09878 | −0.203% | $825 | $430K | 10x | as long as short |
| Nado DOGE-PERP | +0.0100% | 1h | 0.09887 | −0.112% | $482K | $972K | 10x | as long as short |
| Aster DOGEUSDT | +0.0100% | 8h | 0.09885 | −0.133% | $4.6M | $48.3M | 75x | as long as short |
Bitget DOGEUSDT
Kalshi KXDOGEPERP
gTrade (Gains Network) DOGE/USD
Deribit DOGE_USDC-PERPETUAL
dYdX DOGE-USD
Kraken Futures PF_DOGEUSD
Lighter DOGE
Katana Perps DOGE-USD
Nado DOGE-PERP
Aster DOGEUSDTShow all 43 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Pacifica DOGE | +0.0100% | 1h | 0.09885 | −0.131% | $326K | $504K | 20x | as long as short |
| Binance DOGEUSDT | +0.0100% | 8h | 0.09887 | −0.109% | $313.0M | $1.43B | 75x | as long as short |
| Bybit DOGEUSDT | +0.0100% | 8h | 0.09896 | −0.021% | $156.7M | $442.7M | 75x | as long as short |
| OKX DOGE-USDT-SWAP | +0.0100% | 8h | 0.09900 | +0.019% | $108.9M | $975.7M | 50x | as long as short |
| Arcus DOGE-USD | +0.0100% | 1h | 0.09889 | −0.092% | $127K | $178K | 10x | as long as short |
| Bulk DOGE-USD | +0.0100% | 1h | 0.09870 | −0.284% | $378K | $5K | 10x | as long as short |
| Gate DOGE_USDT | +0.0100% | 8h | 0.09877 | −0.213% | $239.9M | $131.7M | 75x | as long as short |
| MEXC DOGE_USDT | +0.0100% | 8h | 0.09882 | −0.163% | $108.8M | $229.1M | 300x | as long as short |
| KuCoin DOGEUSDTM | +0.0100% | 8h | 0.09880 | −0.183% | $65.3M | $43.1M | 75x | as long as short |
| BingX DOGE-USDC | +0.0100% | 8h | 0.09881 | −0.173% | — | $3.4M | — | as long as short |
| Backpack DOGE_USDC_PERPshort | +0.0100% | 1h | 0.09880 | −0.183% | $342K | $1.1M | 15x | |
| Variational Omni DOGE | +0.0100% | 8h | 0.09884 | −0.143% | $973K | $8.2M | — | as long as short |
| edgeX DOGEUSDC | +0.0100% | 4h | 0.09884 | −0.146% | $271K | $128.3M | 20x | as long as short |
| GRVT DOGE_USDT_Perp | +0.0100% | 8h | 0.09887 | −0.116% | $622K | $4.5M | 10x | as long as short |
| ApeX Omni DOGEUSDT | +0.0100% | 1h | 0.09880 | −0.183% | $144K | $276K | 25x | as long as short |
| Polymarket Perps DOGE-USD | +0.0100% | 1h | 0.09876 | −0.223% | $254K | $642K | 10x | as long as short |
| Orderly PERP_DOGE_USDC | +0.0100% | 8h | 0.09883 | −0.153% | $70K | $440K | 50x | as long as short |
| Derive DOGE-PERP | +0.0100% | 1h | 0.09880 | −0.184% | $24K | $1K | 10x | as long as short |
| SunX DOGE-USDT | +0.0100% | 8h | 0.09886 | −0.121% | $35K | $2.2M | 30x | as long as short |
| SoDEX DOGE-USD | +0.0100% | 1h | 0.09878 | −0.203% | $2K | $3.7M | 10x | as long as short |
| HTX DOGE-USDT | +0.0100% | 8h | 0.09875 | −0.237% | $5.9M | $54.8M | 75x | as long as short |
| Phemex DOGEUSDT | +0.0100% | 8h | 0.09875 | −0.233% | $91.0M | $17.4M | 50x | as long as short |
| Extended DOGE-USD | +0.0104% | 1h | 0.09879 | −0.194% | $523K | $3.9M | 50x | as long as short |
| Aevo DOGE-PERP | +0.0104% | 1h | 0.09882 | −0.163% | $19K | — | 3x | as long as short |
| Paradex DOGE-USD-PERP | +0.0113% | 8h | 0.09882 | −0.158% | $18K | $6K | 30x | as long as short |
| Reya DOGERUSDPERP | +0.0184% | 1h | 0.09882 | −0.164% | $2K | — | 20x | as long as short |
| 01 Exchange DOGEUSD | +0.0192% | 1h | 0.09884 | −0.142% | $527 | $4K | 10x | as long as short |
| Coinbase International DOGE-PERP-INTX | +0.0240% | 1h | 0.09879 | −0.193% | $2.0M | $24.9M | 50x | as long as short |
| Phoenix DOGElong | +0.0241% | 1h | 0.09898 | long leg | $64K | $284K | 10x | |
| GMX DOGE/USD [ETH-USDC] | L +0.0245% / S −0.0267% | 1h | 0.09883 | −0.151% | $307K | — | 200x | as long as short |
| RISEx DOGE/USDC | +0.0563% | 1h | 0.09882 | −0.159% | $318K | $404K | 10x | as long as short |
| Hyperliquid DOGE | +0.0701% | 1h | 0.09886 | −0.126% | $120.3M | $97.3M | 10x | as long as short |
| Injective DOGE/USDC PERP | +0.1004% | 1h | 0.09920 | +0.221% | $5K | $239K | 12x | as long as short |
Pacifica DOGE
Binance DOGEUSDT
Bybit DOGEUSDT
OKX DOGE-USDT-SWAP
Arcus DOGE-USD
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
Reya DOGERUSDPERP
01 Exchange DOGEUSD
Coinbase International DOGE-PERP-INTX
GMX DOGE/USD [ETH-USDC]
RISEx DOGE/USDC
Hyperliquid DOGE
Injective DOGE/USDC PERP