Funding arb · Price arb /

DOGE

all DOGE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0080%/8h= +8.7% APRpaid last 24h +0.033%

Price spread now: Phoenix against Kalshi+0.013%7-day average +0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$490.491% of the position

Long on Kalshi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.010%−$1 · spread now +0.013%, 7d avg +0.074%

Together, before fees−0.012%−$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.061% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.013% now, against its 7-day average of +0.074%). If the spread goes back, that is −$6 on $10k: about 2.5 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXDOGEPERP	0.09980	0	get 0.0000% / 8h	4h 56m	$612K	$6.6M	2.8x
Short	Phoenix DOGE	0.09982	0.0080	get 0.0010% / 1h	56m 24s	$18K	$382K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.013%Rate

Funding earned: $16.78
Price spread: +0.013% → +0.074%: −$6.06
Slippage, 4 orders: −$32.08
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$38.37
Costs to cover: 0.491%
Break-even: 23.0 days

Slippage from Kalshi: live order book, 2 min ago; Phoenix: live order book, 41 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, 2 min ago	3.31 bp	13.3 bp −$13	19.5 bp −$195	doesn't fit	doesn't fit
Sell Phoenix live order book, 41 min ago	1.00 bp	12.3 bp −$12	43.0 bp −$430	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
Kraken Futures PF_DOGEUSD	−0.0060%	1h	0.09953	−0.277%	$5.6M	$40.6M	50x	as long as short
dYdX DOGE-USD	0.0000%	1h	0.09970	−0.108%	$224K	$69K	10x	as long as short
Kalshi KXDOGEPERPlong	0.0000%	8h	0.09980	long leg	$612K	$6.6M	2.8x
gTrade (Gains Network) DOGE/USD	L +0.0001% / S 0.0000%	1h	0.09953	−0.278%	$35K	—	150x	as long as short
Bitget DOGEUSDT	+0.0032%	8h	0.09947	−0.336%	$141.1M	$344.7M	75x	as long as short
Injective DOGE/USDC PERP	+0.0033%	1h	0.1053	+5.506%	$6K	$242K	12x	as long as short
Deribit DOGE_USDC-PERPETUAL	+0.0072%	1h	0.09956	−0.245%	$571K	$252K	25x	as long as short
Polymarket Perps DOGE-USD	+0.0077%	1h	0.09956	−0.245%	$259K	$1.2M	10x	as long as short
Phoenix DOGEshort	+0.0080%	1h	0.09982	+0.013%	$18K	$382K	10x
Lighter DOGE	+0.0096%	1h	0.09986	+0.057%	$847K	$6.8M	15x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado DOGE-PERP	+0.0100%	1h	0.09969	−0.115%	$537K	$1.1M	10x	as long as short
Hyperliquid DOGE	+0.0100%	1h	0.09970	−0.109%	$124.1M	$117.0M	10x	as long as short
Aster DOGEUSDT	+0.0100%	8h	0.09958	−0.225%	$4.5M	$58.8M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.09974	−0.065%	$318K	$501K	20x	as long as short
Binance DOGEUSDT	+0.0100%	8h	0.09957	−0.235%	$328.8M	$1.72B	75x	as long as short
Bybit DOGEUSDT	+0.0100%	8h	0.09951	−0.296%	$163.9M	$522.8M	75x	as long as short
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.09957	−0.235%	$116.8M	$1.20B	50x	as long as short
Arcus DOGE-USD	+0.0100%	1h	0.09963	−0.175%	$17K	$308K	10x	as long as short
Bulk DOGE-USD	+0.0100%	1h	0.09979	−0.013%	$383K	$16K	10x	as long as short
Gate DOGE_USDT	+0.0100%	8h	0.09951	−0.296%	$249.2M	$155.0M	75x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.09956	−0.245%	$112.0M	$256.9M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.09954	−0.266%	$66.5M	$50.0M	75x	as long as short
BingX DOGE-USDT	+0.0100%	8h	0.09954	−0.266%	—	$53.2M	—	as long as short
Backpack DOGE_USDC_PERP	+0.0100%	1h	0.09980	−0.005%	$302K	$1.3M	15x	as long as short
Variational Omni DOGE	+0.0100%	8h	0.09969	−0.118%	$1.1M	$8.7M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.09981	+0.001%	$303K	$139.7M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.09977	−0.039%	$629K	$4.6M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.09980	−0.005%	$146K	$341K	25x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.09952	−0.286%	$70K	$470K	50x	as long as short
Derive DOGE-PERP	+0.0100%	1h	0.09978	−0.028%	$19K	$7K	10x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.09959	−0.219%	$35K	$2.3M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.09955	−0.255%	$2K	$5.4M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.09983	+0.021%	$5.9M	$69.1M	75x	as long as short
Phemex DOGEUSDT	+0.0100%	8h	0.09985	+0.045%	$91.5M	$17.1M	50x	as long as short
Paradex DOGE-USD-PERP	+0.0100%	8h	0.09968	−0.125%	$18K	$5K	30x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.09949	−0.319%	$488K	$4.1M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.09954	−0.265%	$19K	—	3x	as long as short
Katana Perps DOGE-USD	+0.0107%	8h	0.09962	−0.185%	$832	$538K	10x	as long as short
Reya DOGERUSDPERP	+0.0198%	1h	0.09951	−0.298%	$2K	—	20x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0216%	1h	0.09955	−0.255%	$1.9M	$34.6M	50x	as long as short
BloFin DOGE-USDT	+0.0220%	8h	0.09985	+0.045%	$16.3M	$27.1M	75x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0250% / S −0.0297%	1h	0.09978	−0.020%	$314K	—	200x	as long as short
01 Exchange DOGEUSD	+0.0288%	1h	0.09969	−0.117%	$443	$4K	10x	as long as short
RISEx DOGE/USDC	+0.0731%	1h	0.09971	−0.100%	$401K	$458K	10x	as long as short