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: Bulk against Kalshi+0.130%7-day average +0.035% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$410.409% of the position

Long on Kalshi Short on Bulk

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)−0.092%−$9 · spread now +0.130%, 7d avg +0.035%

Together, before fees+0.018%+$2 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 Bulk is 0.095% dearer against Kalshi than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXDOGEPERP	0.09977	0	get 0.0000% / 8h	5h 44m	$612K	$6.6M	2.8x
Short	Bulk DOGE-USD	0.09990	0.0100	get 0.0013% / 1h	44m 28s	$384K	$16K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Kalshi. 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 KalshibpFee BulkbpOrdersPrice spread, now +0.130%Rate

Funding earned: $21
Price spread: +0.130% → +0.035%: $9.53
Slippage, 4 orders: −$23.91
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$10.39
Costs to cover: 0.409%
Break-even: 10.5 days

Slippage from Kalshi: live order book, 4 min ago; Bulk: live order book, 65 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 Kalshi live order book, 4 min ago	4.51 bp	12.7 bp −$13	18.0 bp −$180	doesn't fit	doesn't fit
Sell Bulk live order book, 65 min ago	5.01 bp	8.5 bp −$9	8.5 bp −$85	11.6 bp −$1,163	22.2 bp −$11.1K

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
Kraken Futures PF_DOGEUSD	−0.0083%	1h	0.09986	+0.093%	$5.7M	$40.5M	50x	as long as short
dYdX DOGE-USD	0.0000%	1h	0.09991	+0.137%	$224K	$69K	10x	as long as short
Kalshi KXDOGEPERPlong	0.0000%	8h	0.09977	long leg	$612K	$6.6M	2.8x
gTrade (Gains Network) DOGE/USD	L +0.0001% / S 0.0000%	1h	0.09981	+0.037%	$34K	—	150x	as long as short
Polymarket Perps DOGE-USD	+0.0007%	1h	0.09971	−0.060%	$266K	$1.2M	10x	as long as short
Injective DOGE/USDC PERP	+0.0033%	1h	0.1053	+5.543%	$6K	$242K	12x	as long as short
Bitget DOGEUSDT	+0.0075%	8h	0.09970	−0.070%	$142.1M	$344.4M	75x	as long as short
Phoenix DOGE	+0.0080%	1h	0.09985	+0.080%	$18K	$382K	10x	as long as short
Lighter DOGE	+0.0096%	1h	0.09990	+0.128%	$852K	$6.8M	15x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.09979	+0.025%	$539K	$1.1M	10x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster DOGEUSDT	+0.0100%	8h	0.09990	+0.129%	$4.6M	$58.6M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.09989	+0.115%	$320K	$500K	20x	as long as short
Binance DOGEUSDT	+0.0100%	8h	0.09987	+0.099%	$328.1M	$1.71B	75x	as long as short
Bybit DOGEUSDT	+0.0100%	8h	0.09975	−0.020%	$165.6M	$521.0M	75x	as long as short
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.09977	0.000%	$117.5M	$1.20B	50x	as long as short
Bulk DOGE-USDshort	+0.0100%	1h	0.09990	+0.130%	$384K	$16K	10x
Gate DOGE_USDT	+0.0100%	8h	0.09987	+0.100%	$251.1M	$155.0M	75x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.09990	+0.130%	$110.6M	$257.5M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.09983	+0.060%	$66.3M	$50.1M	75x	as long as short
BingX DOGE-USDT	+0.0100%	8h	0.09990	+0.130%	—	$80.9M	—	as long as short
Backpack DOGE_USDC_PERP	+0.0100%	1h	0.09986	+0.090%	$302K	$1.3M	15x	as long as short
Variational Omni DOGE	+0.0100%	8h	0.09967	−0.103%	$1.1M	$8.7M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.09979	+0.017%	$304K	$140.5M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.09979	+0.020%	$638K	$4.7M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.09980	+0.030%	$150K	$337K	25x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.09983	+0.060%	$66K	$467K	50x	as long as short
Derive DOGE-PERP	+0.0100%	1h	0.09981	+0.044%	$19K	$7K	10x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.09960	−0.173%	$35K	$2.3M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.09982	+0.050%	$2K	$5.4M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.09974	−0.035%	$5.9M	$69.2M	75x	as long as short
Phemex DOGEUSDT	+0.0100%	8h	0.09986	+0.090%	$91.7M	$17.0M	50x	as long as short
Paradex DOGE-USD-PERP	+0.0100%	8h	0.09989	+0.125%	$18K	$5K	30x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.09986	+0.093%	$486K	$4.1M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.09982	+0.050%	$19K	—	3x	as long as short
Katana Perps DOGE-USD	+0.0109%	8h	0.09987	+0.100%	$1K	$531K	10x	as long as short
Hyperliquid DOGE	+0.0118%	1h	0.09991	+0.139%	$123.8M	$116.3M	10x	as long as short
Reya DOGERUSDPERP	+0.0196%	1h	0.09975	−0.022%	$2K	—	20x	as long as short
BloFin DOGE-USDT	+0.0220%	8h	0.09983	+0.060%	$16.2M	$27.0M	75x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0240%	1h	0.09985	+0.080%	$1.9M	$34.7M	50x	as long as short
01 Exchange DOGEUSD	+0.0248%	1h	0.09995	+0.179%	$444	$4K	10x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0250% / S −0.0297%	1h	0.09981	+0.039%	$314K	—	200x	as long as short
Deribit DOGE_USDC-PERPETUAL	+0.0321%	1h	0.09986	+0.095%	$573K	$252K	25x	as long as short
Arcus DOGE-USD	+0.0387%	1h	0.09988	+0.110%	$27K	$300K	10x	as long as short
RISEx DOGE/USDC	+0.0626%	1h	0.09996	+0.190%	$403K	$452K	10x	as long as short