Funding arb · Price arb /

DOGE

all DOGE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.011%

Price spread now: Phemex against Deribit+0.086%57s7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as 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−$370.366% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.154%+$15 on $10k

Price spread, last 4 days (all we have)−0.111%−$11 · spread now +0.086%, 7d avg +0.009%

Together, before fees+0.043%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.078% dearer against Deribit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.009%. The two prices were read 57 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	Deribit DOGE_USDC-PERPETUAL	0.09832	0	get 0.0000% / 1h	48m 17s	$550K	$292K	25x
Short	Phemex DOGEUSDT	0.09841	0.0100	get 0.0100% / 8h	5h 48m	$89.9M	$15.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.086%Rate

Funding earned: $21
Price spread: +0.086% → +0.009%: $7.76
Slippage, 4 orders: −$17.6
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$7.83
Costs to cover: 0.366%
Break-even: 9.6 days

Slippage from Deribit: live order book, 63 min ago; Phemex: 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 Deribit live order book, 63 min ago	4.05 bp	10.6 bp −$11	16.8 bp −$168	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.51 bp	8.2 bp −$8	13.2 bp −$132	30.5 bp −$3,049	doesn't fit

DOGE on 43 exchanges

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	−0.0140%	1h	0.09831	−0.018%	$5.3M	$39.5M	50x	as long as short
Bitget DOGEUSDT	−0.0041%	8h	0.09822	−0.107%	$139.0M	$305.1M	75x	as long as short
Kalshi KXDOGEPERP	0.0000%	8h	0.09831	−0.017%	$524K	$6.2M	2.8x	as long as short
Deribit DOGE_USDC-PERPETUALlong	0.0000%	1h	0.09832	long leg	$550K	$292K	25x
gTrade (Gains Network) DOGE/USD	L +0.0001% / S 0.0000%	1h	0.09843	+0.103%	$33K	—	150x	as long as short
Bybit DOGEUSDT	+0.0016%	8h	0.09823	−0.097%	$165.6M	$493.1M	75x	as long as short
Gate DOGE_USDT	+0.0028%	8h	0.09824	−0.086%	$251.5M	$144.0M	75x	as long as short
Injective DOGE/USDC PERP	+0.0033%	1h	0.1053	+7.094%	$6K	$240K	12x	as long as short
Phoenix DOGE	+0.0081%	1h	0.09839	+0.069%	$18K	$311K	10x	as long as short
Lighter DOGE	+0.0096%	1h	0.09837	+0.049%	$818K	$6.4M	15x	as long as short

Show all 43 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Katana Perps DOGE-USD	+0.0100%	8h	0.09828	−0.046%	$942	$539K	10x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.09828	−0.051%	$508K	$1.1M	10x	as long as short
Aster DOGEUSDT	+0.0100%	8h	0.09827	−0.058%	$4.9M	$57.1M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.09831	−0.017%	$313K	$436K	20x	as long as short
Binance DOGEUSDT	+0.0100%	8h	0.09827	−0.056%	$325.3M	$1.59B	75x	as long as short
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.09831	−0.015%	$118.2M	$1.10B	50x	as long as short
Arcus DOGE-USD	+0.0100%	1h	0.09830	−0.025%	$16K	$308K	10x	as long as short
Bulk DOGE-USD	+0.0100%	1h	0.09860	+0.280%	$376K	$2K	10x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.09827	−0.056%	$112.7M	$247.7M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.09826	−0.066%	$64.9M	$45.5M	75x	as long as short
BingX DOGE-USDC	+0.0100%	8h	0.09824	−0.086%	—	$3.5M	—	as long as short
Backpack DOGE_USDC_PERP	+0.0100%	1h	0.09840	+0.076%	$307K	$1.2M	15x	as long as short
Variational Omni DOGE	+0.0100%	8h	0.09820	−0.127%	$1.3M	$7.8M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.09825	−0.081%	$264K	$132.0M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.09845	+0.128%	$620K	$3.8M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.09830	−0.025%	$138K	$344K	25x	as long as short
Polymarket Perps DOGE-USD	+0.0100%	1h	0.09821	−0.121%	$236K	$1.2M	10x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.09830	−0.025%	$68K	$414K	50x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.09833	+0.003%	$34K	$1.9M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.09831	−0.015%	$2K	$5.3M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.09840	+0.076%	$5.9M	$64.8M	75x	as long as short
Phemex DOGEUSDTshort	+0.0100%	8h	0.09841	+0.086%	$89.9M	$15.6M	50x
Paradex DOGE-USD-PERP	+0.0100%	8h	0.09826	−0.065%	$18K	$5K	30x	as long as short
Hyperliquid DOGE	+0.0103%	1h	0.09832	−0.005%	$122.0M	$108.0M	10x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.09825	−0.079%	$483K	$3.6M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.09829	−0.038%	$19K	—	3x	as long as short
01 Exchange DOGEUSD	+0.0136%	1h	0.09827	−0.055%	$452	$4K	10x	as long as short
Reya DOGERUSDPERP	+0.0206%	1h	0.09823	−0.097%	$2K	—	20x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0211% / S −0.0184%	1h	0.09831	−0.017%	$285K	—	200x	as long as short
BloFin DOGE-USDT	+0.0220%	8h	0.09841	+0.086%	$15.5M	$25.7M	75x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0264%	1h	0.09834	+0.015%	$2.2M	$32.9M	50x	as long as short
dYdX DOGE-USD	+0.0374%	1h	0.09831	−0.017%	$231K	$75K	10x	as long as short
RISEx DOGE/USDC	+0.0587%	1h	0.09831	−0.019%	$408K	$402K	10x	as long as short