Funding you earn now, next payment 21:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.022%
Price spread now: Bybit against Phoenix−0.677%65s7-day average −0.053% · you buy dearer than you sell
Net, funding: paid 7d − costs−$27as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$400.401% of the position
Funding, last 7 days+0.135%+$13 on $10k
+Price spread, last 3 days (all we have)+0.437%+$44 · spread now −0.677%, 7d avg −0.053%
=Funding pays, the price is against you. Bybit is 0.623% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.677% now, against its 7-day average of −0.053%). If the spread goes back, that is −$62 on $10k: about 3 months of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.135% in total) that is about 32 days. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix DOGE | 0.09899 | 0.0080 | pay 0.0010% / 1h | 38m 23s | $15K | $225K | 10x |
| Short | Bybit DOGEUSDT | 0.09832 | 0.0100 | get 0.0100% / 8h | 2h 38m | $156.1M | $397.0M | 75x |
Phoenix DOGE
Bybit DOGEUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit 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
- $4.24
- Price spread: −0.677% → −0.053%
- −$62.34
- Slippage, 4 orders
- −$22.11
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$98.22
- Costs to cover
- 0.401%
- Break-even
- 169.3 days
Slippage from Phoenix: live order book, 45 min ago; Bybit: live order book, 6 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, 45 min ago | 1.01 bp | 12.3 bp −$12 | 50.7 bp −$507 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 6 min ago | 0.50 bp | 6.7 bp −$7 | 12.7 bp −$127 | 26.5 bp −$2,647 | 48.3 bp −$24.1K |
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 | −0.0279% | 8h | 0.09826 | −0.737% | $151.1M | $259.8M | 75x | as long as short |
| Kalshi KXDOGEPERP | 0.0000% | 8h | 0.09819 | −0.807% | $354K | $4.3M | 2.8x | as long as short |
| Deribit DOGE_USDC-PERPETUAL | 0.0000% | 1h | 0.09823 | −0.771% | $614K | $88K | 25x | as long as short |
| gTrade (Gains Network) DOGE/USD | L +0.0001% / S −0.0001% | 1h | 0.09835 | −0.651% | $32K | — | 150x | as long as short |
| dYdX DOGE-USD | +0.0059% | 1h | 0.09844 | −0.556% | $221K | $44K | 10x | as long as short |
| Gate DOGE_USDT | +0.0060% | 8h | 0.09829 | −0.707% | $233.7M | $118.9M | 75x | as long as short |
| Phoenix DOGElong | +0.0080% | 1h | 0.09899 | long leg | $15K | $225K | 10x | |
| Katana Perps DOGE-USD | +0.0095% | 8h | 0.09839 | −0.606% | $1K | $334K | 10x | as long as short |
| Lighter DOGE | +0.0096% | 1h | 0.09841 | −0.582% | $781K | $5.1M | 15x | as long as short |
| Nado DOGE-PERP | +0.0100% | 1h | 0.09834 | −0.662% | $624K | $695K | 10x | as long as short |
Bitget DOGEUSDT
Kalshi KXDOGEPERP
Deribit DOGE_USDC-PERPETUAL
gTrade (Gains Network) DOGE/USD
dYdX DOGE-USD
Gate DOGE_USDT
Katana Perps DOGE-USD
Lighter DOGE
Nado DOGE-PERPShow all 44 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster DOGEUSDT | +0.0100% | 8h | 0.09836 | −0.635% | $4.9M | $40.5M | 75x | as long as short |
| Pacifica DOGE | +0.0100% | 1h | 0.09846 | −0.540% | $335K | $505K | 20x | as long as short |
| Binance DOGEUSDT | +0.0100% | 8h | 0.09836 | −0.637% | $314.6M | $1.26B | 75x | as long as short |
| Bybit DOGEUSDTshort | +0.0100% | 8h | 0.09832 | −0.677% | $156.1M | $397.0M | 75x | |
| OKX DOGE-USDT-SWAP | +0.0100% | 8h | 0.09838 | −0.616% | $107.0M | $879.9M | 50x | as long as short |
| Arcus DOGE-USD | +0.0100% | 1h | 0.09845 | −0.546% | $28K | $75K | 10x | as long as short |
| Bulk DOGE-USD | +0.0100% | 1h | 0.09919 | +0.201% | $380K | $19K | 10x | as long as short |
| MEXC DOGE_USDT | +0.0100% | 8h | 0.09835 | −0.647% | $119.5M | $214.1M | 300x | as long as short |
| KuCoin DOGEUSDTM | +0.0100% | 8h | 0.09833 | −0.667% | $64.7M | $39.0M | 75x | as long as short |
| BingX DOGE-USDC | +0.0100% | 8h | 0.09835 | −0.647% | — | $3.4M | — | as long as short |
| Variational Omni DOGE | +0.0100% | 8h | 0.09888 | −0.116% | $934K | $7.8M | — | as long as short |
| edgeX DOGEUSDC | +0.0100% | 4h | 0.09898 | −0.007% | $263K | $111.1M | 20x | as long as short |
| GRVT DOGE_USDT_Perp | +0.0100% | 8h | 0.09895 | −0.043% | $629K | $4.5M | 10x | as long as short |
| ApeX Omni DOGEUSDT | +0.0100% | 1h | 0.09890 | −0.091% | $141K | $223K | 25x | as long as short |
| Polymarket Perps DOGE-USD | +0.0100% | 1h | 0.09835 | −0.652% | $272K | $531K | 10x | as long as short |
| Orderly PERP_DOGE_USDC | +0.0100% | 8h | 0.09837 | −0.626% | $56K | $397K | 50x | as long as short |
| Derive DOGE-PERP | +0.0100% | 1h | 0.09820 | −0.800% | $24K | $1K | 10x | as long as short |
| SunX DOGE-USDT | +0.0100% | 8h | 0.09824 | −0.754% | $35K | $2.1M | 30x | as long as short |
| SoDEX DOGE-USD | +0.0100% | 1h | 0.09823 | −0.768% | $2K | $3.3M | 10x | as long as short |
| HTX DOGE-USDT | +0.0100% | 8h | 0.09819 | −0.809% | $5.9M | $46.5M | 75x | as long as short |
| Phemex DOGEUSDT | +0.0100% | 8h | 0.09826 | −0.737% | $91.2M | $19.0M | 50x | as long as short |
| Paradex DOGE-USD-PERP | +0.0100% | 8h | 0.09844 | −0.555% | $19K | $3K | 30x | as long as short |
| Extended DOGE-USD | +0.0104% | 1h | 0.09833 | −0.667% | $545K | $3.5M | 50x | as long as short |
| Aevo DOGE-PERP | +0.0104% | 1h | 0.09837 | −0.622% | $19K | — | 3x | as long as short |
| Backpack DOGE_USDC_PERP | +0.0158% | 1h | 0.09829 | −0.707% | $520K | $906K | 15x | as long as short |
| Reya DOGERUSDPERP | +0.0173% | 1h | 0.09834 | −0.660% | $2K | — | 20x | as long as short |
| 01 Exchange DOGEUSD | +0.0216% | 1h | 0.09841 | −0.583% | $520 | $4K | 10x | as long as short |
| BloFin DOGE-USDT | +0.0220% | 8h | 0.09821 | −0.788% | $15.1M | $23.5M | 75x | as long as short |
| Coinbase International DOGE-PERP-INTX | +0.0224% | 1h | 0.09824 | −0.758% | $2.0M | $22.1M | 50x | as long as short |
| GMX DOGE/USD [ETH-USDC] | L +0.0242% / S −0.0263% | 1h | 0.09834 | −0.653% | $303K | — | 200x | as long as short |
| Kraken Futures PF_DOGEUSD | +0.0291% | 1h | 0.09822 | −0.779% | $6.1M | $31.5M | 50x | as long as short |
| Hyperliquid DOGE | +0.0466% | 1h | 0.09843 | −0.563% | $109.6M | $78.1M | 10x | as long as short |
| RISEx DOGE/USDC | +0.0536% | 1h | 0.09848 | −0.517% | $310K | $469K | 10x | as long as short |
| Injective DOGE/USDC PERP | +0.1013% | 1h | 0.09930 | +0.313% | $5K | $153K | 12x | as long as short |
Aster DOGEUSDT
Pacifica DOGE
Binance DOGEUSDT
OKX DOGE-USDT-SWAP
Arcus DOGE-USD
Bulk DOGE-USD
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
Paradex DOGE-USD-PERP
Extended DOGE-USD
Aevo DOGE-PERP
Backpack DOGE_USDC_PERP
Reya DOGERUSDPERP
01 Exchange DOGEUSD
BloFin DOGE-USDT
Coinbase International DOGE-PERP-INTX
GMX DOGE/USD [ETH-USDC]
Kraken Futures PF_DOGEUSD
Hyperliquid DOGE
RISEx DOGE/USDC
Injective DOGE/USDC PERP