Funding arb · Price arb /

DOGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Kalshi against Bulk−0.189%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$440.442% of the position

Long on Bulk Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.110%−$11 on $10k

Price spread, last 4 days (all we have)+0.151%+$15 · spread now −0.189%, 7d avg −0.035%

Together, before fees+0.041%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Kalshi is 0.154% cheaper against Bulk than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.035%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk DOGE-USD	0.1003	0.0100	pay 0.0013% / 1h	14m 55s	$385K	$16K	10x
Short	Kalshi KXDOGEPERP	0.1001	0	get 0.0000% / 8h	5h 14m	$613K	$6.6M	2.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bulk. 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 BulkbpFee KalshibpOrdersPrice spread, now −0.189%Rate

Funding earned: −$21
Price spread: −0.189% → −0.035%: −$15.41
Slippage, 4 orders: −$27.21
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$80.62
Costs to cover: 0.442%
Break-even: never at this rate

Slippage from Bulk: live order book, 29 min ago; Kalshi: live order book, 4 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 Bulk live order book, 29 min ago	5.02 bp	8.5 bp −$9	8.5 bp −$85	8.5 bp −$852	19.9 bp −$9,938
Sell Kalshi live order book, 4 min ago	4.09 bp	14.8 bp −$15	19.5 bp −$195	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
Kraken Futures PF_DOGEUSD	−0.0082%	1h	0.1001	−0.221%	$5.7M	$40.6M	50x	as long as short
dYdX DOGE-USD	0.0000%	1h	0.1001	−0.196%	$225K	$69K	10x	as long as short
Kalshi KXDOGEPERPshort	0.0000%	8h	0.1001	−0.189%	$613K	$6.6M	2.8x
gTrade (Gains Network) DOGE/USD	L +0.0001% / S 0.0000%	1h	0.10000	−0.281%	$35K	—	150x	as long as short
Injective DOGE/USDC PERP	+0.0033%	1h	0.1053	+5.009%	$6K	$242K	12x	as long as short
Bitget DOGEUSDT	+0.0049%	8h	0.1000	−0.276%	$142.0M	$344.3M	75x	as long as short
Polymarket Perps DOGE-USD	+0.0049%	1h	0.09999	−0.290%	$263K	$1.2M	10x	as long as short
Phoenix DOGE	+0.0080%	1h	0.1002	−0.032%	$18K	$382K	10x	as long as short
Lighter DOGE	+0.0096%	1h	0.1001	−0.163%	$849K	$6.8M	15x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.1001	−0.181%	$540K	$1.1M	10x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster DOGEUSDT	+0.0100%	8h	0.1001	−0.225%	$4.6M	$58.7M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.1001	−0.151%	$319K	$501K	20x	as long as short
Binance DOGEUSDT	+0.0100%	8h	0.1001	−0.213%	$329.7M	$1.72B	75x	as long as short
Bybit DOGEUSDT	+0.0100%	8h	0.1000	−0.256%	$165.1M	$522.1M	75x	as long as short
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.1001	−0.216%	$117.4M	$1.21B	50x	as long as short
Bulk DOGE-USDlong	+0.0100%	1h	0.1003	long leg	$385K	$16K	10x
Gate DOGE_USDT	+0.0100%	8h	0.1000	−0.256%	$250.1M	$157.2M	75x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.1001	−0.226%	$112.2M	$258.4M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.1000	−0.236%	$66.8M	$50.1M	75x	as long as short
BingX DOGE-USDC	+0.0100%	8h	0.1001	−0.216%	—	$3.5M	—	as long as short
Backpack DOGE_USDC_PERP	+0.0100%	1h	0.1001	−0.226%	$303K	$1.3M	15x	as long as short
Variational Omni DOGE	+0.0100%	8h	0.1001	−0.189%	$1.1M	$8.7M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.1002	−0.073%	$304K	$140.3M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.1001	−0.166%	$631K	$4.6M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.1002	−0.076%	$148K	$340K	25x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.1000	−0.256%	$70K	$476K	50x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.1001	−0.193%	$35K	$2.3M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.1000	−0.236%	$2K	$5.4M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.1001	−0.163%	$5.9M	$68.9M	75x	as long as short
Phemex DOGEUSDT	+0.0100%	8h	0.1001	−0.226%	$91.7M	$17.1M	50x	as long as short
Paradex DOGE-USD-PERP	+0.0100%	8h	0.1000	−0.248%	$18K	$5K	30x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.1000	−0.275%	$488K	$4.1M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.1000	−0.245%	$19K	—	3x	as long as short
Katana Perps DOGE-USD	+0.0108%	8h	0.1000	−0.246%	$836	$538K	10x	as long as short
Hyperliquid DOGE	+0.0136%	1h	0.1002	−0.116%	$124.6M	$116.6M	10x	as long as short
Reya DOGERUSDPERP	+0.0198%	1h	0.1000	−0.264%	$2K	—	20x	as long as short
BloFin DOGE-USDT	+0.0220%	8h	0.1001	−0.176%	$16.2M	$27.1M	75x	as long as short
Deribit DOGE_USDC-PERPETUAL	+0.0240%	1h	0.1001	−0.203%	$574K	$253K	25x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0240%	1h	0.1001	−0.166%	$1.9M	$34.9M	50x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0250% / S −0.0297%	1h	0.10000	−0.281%	$315K	—	200x	as long as short
01 Exchange DOGEUSD	+0.0272%	1h	0.1001	−0.170%	$445	$4K	10x	as long as short
Arcus DOGE-USD	+0.0387%	1h	0.1000	−0.236%	$18K	$307K	10x	as long as short
RISEx DOGE/USDC	+0.0626%	1h	0.1001	−0.181%	$403K	$458K	10x	as long as short