Funding arb · Price arb /

DOGE

all DOGE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0057%/8h= +6.3% APRpaid last 24h −0.028%

Price spread now: Kalshi against Phoenix+0.527%7-day average −0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs+$11as in the Price arb table

costs, in and out, $10k−$490.487% of the position

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.504%−$50 · spread now +0.527%, 7d avg −0.074%

Together, before fees−0.495%−$50 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Kalshi is 0.601% dearer against Phoenix than usual: you sell high and buy low: +$60 more if the spread goes back to its 7-day average of −0.074%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix DOGE	0.1050	0.0235	pay 0.0029% / 1h	52m 30s	$68K	$292K	10x
Short	Kalshi KXDOGEPERP	0.1056	0.0292	get 0.0292% / 8h	7h 52m	$757K	$6.1M	2.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phoenix. 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 PhoenixbpFee KalshibpOrdersPrice spread, now +0.527%Rate

Funding earned: $12.07
Price spread: +0.527% → −0.074%: $60.15
Slippage, 4 orders: −$31.71
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $23.51
Costs to cover: 0.487%
Break-even: from the start

Slippage from Phoenix: live order book, 60 min ago; Kalshi: 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, 60 min ago	1.01 bp	12.3 bp −$12	50.7 bp −$507	doesn't fit	doesn't fit
Sell Kalshi live order book, 1 min ago	6.41 bp	12.6 bp −$13	20.5 bp −$205	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	−0.0007%	8h	0.1055	+0.472%	$143.4M	$306.2M	75x	as long as short
dYdX DOGE-USD	0.0000%	1h	0.1056	+0.507%	$237K	$59K	10x	as long as short
gTrade (Gains Network) DOGE/USD	L +0.0001% / S 0.0000%	1h	0.1055	+0.455%	$25K	—	150x	as long as short
Lighter DOGE	+0.0096%	1h	0.1057	+0.647%	$759K	$6.3M	15x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.1055	+0.498%	$571K	$1.1M	10x	as long as short
Aster DOGEUSDT	+0.0100%	8h	0.1056	+0.584%	$5.0M	$52.5M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.1057	+0.612%	$348K	$491K	20x	as long as short
Binance DOGEUSDT	+0.0100%	8h	0.1056	+0.523%	$348.7M	$1.55B	75x	as long as short
Bybit DOGEUSDT	+0.0100%	8h	0.1055	+0.491%	$175.5M	$482.5M	75x	as long as short
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.1055	+0.463%	$120.0M	$1.14B	50x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk DOGE-USD	+0.0100%	1h	0.1047	−0.343%	$402K	$11K	10x	as long as short
Gate DOGE_USDT	+0.0100%	8h	0.1056	+0.577%	$259.8M	$140.4M	75x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.1056	+0.548%	$118.9M	$238.8M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.1055	+0.453%	$69.9M	$46.6M	75x	as long as short
BingX DOGE-USDC	+0.0100%	8h	0.1054	+0.377%	—	$3.5M	—	as long as short
Variational Omni DOGE	+0.0100%	8h	0.1049	−0.074%	$1.1M	$8.2M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.1048	−0.191%	$318K	$133.6M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.1028	−2.078%	$651K	$4.5M	10x	as long as short
Polymarket Perps DOGE-USD	+0.0100%	1h	0.1055	+0.434%	$270K	$887K	10x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.1055	+0.444%	$74K	$440K	50x	as long as short
Derive DOGE-PERP	+0.0100%	1h	0.1055	+0.441%	$26K	$1K	10x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.1055	+0.408%	$37K	$2.2M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.1055	+0.415%	$2K	$4.8M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.1055	+0.479%	$6.2M	$62.2M	75x	as long as short
Phemex DOGEUSDT	+0.0100%	8h	0.1054	+0.368%	$96.9M	$17.1M	50x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.1055	+0.430%	$513K	$4.1M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.1054	+0.361%	$20K	—	3x	as long as short
Paradex DOGE-USD-PERP	+0.0104%	8h	0.1056	+0.542%	$19K	$7K	30x	as long as short
Katana Perps DOGE-USD	+0.0126%	8h	0.1057	+0.615%	$1K	$480K	10x	as long as short
Reya DOGERUSDPERP	+0.0191%	1h	0.1056	+0.517%	$2K	—	20x	as long as short
BloFin DOGE-USDT	+0.0220%	8h	0.1055	+0.463%	$16.5M	$27.6M	75x	as long as short
Deribit DOGE_USDC-PERPETUAL	+0.0224%	1h	0.1054	+0.388%	$594K	$241K	25x	as long as short
Phoenix DOGElong	+0.0235%	1h	0.1050	long leg	$68K	$292K	10x
Kraken Futures PF_DOGEUSD	+0.0239%	1h	0.1054	+0.352%	$5.8M	$37.3M	50x	as long as short
Backpack DOGE_USDC_PERP	+0.0255%	1h	0.1056	+0.567%	$353K	$1.2M	15x	as long as short
01 Exchange DOGEUSD	+0.0256%	1h	0.1057	+0.620%	$470	$4K	10x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0261% / S −0.0320%	1h	0.1055	+0.408%	$348K	—	200x	as long as short
Kalshi KXDOGEPERPshort	+0.0292%	8h	0.1056	+0.527%	$757K	$6.1M	2.8x
Coinbase International DOGE-PERP-INTX	+0.0304%	1h	0.1055	+0.434%	$2.2M	$31.7M	50x	as long as short
Arcus DOGE-USD	+0.0634%	1h	0.1056	+0.529%	$115K	$200K	10x	as long as short
Hyperliquid DOGE	+0.0695%	1h	0.1057	+0.625%	$130.6M	$106.6M	10x	as long as short
RISEx DOGE/USDC	+0.0728%	1h	0.1057	+0.603%	$426K	$426K	10x	as long as short
Injective DOGE/USDC PERP	+0.1062%	1h	0.1053	+0.263%	$6K	$242K	12x	as long as short
ApeX Omni DOGEUSDT	+0.1281%	1h	0.1047	−0.309%	$164K	$302K	25x	as long as short