Funding arb · Price arb /

DOGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.029%

Price spread now: Kalshi against Lighter+0.009%7-day average −0.072% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on Lighter Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.193%−$19 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now +0.009%, 7d avg −0.072%

Together, before fees−0.170%+ Points / potential airdropLighter: Season 3 · farm board−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.081% dearer against Lighter than usual: you sell high and buy low (spread +0.009% now, against its 7-day average of −0.072%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter DOGE	0.1004	0.0096	pay 0.0012% / 1h	52m 05s	$816K	$6.1M	15x
Short	Kalshi KXDOGEPERP	0.1004	0	get 0.0000% / 8h	1h 52m	$438K	$5.1M	2.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter. 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 LighterbpFee KalshibpOrdersPrice spread, now +0.009%Rate

Funding earned: −$20.16
Price spread: +0.009% → −0.072%: $8.08
Slippage, 4 orders: −$27.63
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$49.7
Costs to cover: 0.376%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Kalshi: live order book, 2 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 Lighter live order book, 6 min ago	1.46 bp	5.2 bp −$5	8.6 bp −$86	26.3 bp −$2,635	doesn't fit
Sell Kalshi live order book, 2 min ago	4.70 bp	12.9 bp −$13	19.8 bp −$198	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
Bitget DOGEUSDT	−0.0091%	8h	0.1002	−0.204%	$151.8M	$273.5M	75x	as long as short
dYdX DOGE-USD	0.0000%	1h	0.1004	+0.001%	$225K	$49K	10x	as long as short
Kalshi KXDOGEPERPshort	0.0000%	8h	0.1004	+0.009%	$438K	$5.1M	2.8x
Deribit DOGE_USDC-PERPETUAL	0.0000%	1h	0.1003	−0.137%	$599K	$118K	25x	as long as short
gTrade (Gains Network) DOGE/USD	L +0.0001% / S 0.0000%	1h	0.1003	−0.126%	$24K	—	150x	as long as short
Lighter DOGElong	+0.0096%	1h	0.1004	long leg	$816K	$6.1M	15x
Katana Perps DOGE-USD	+0.0099%	8h	0.1004	+0.005%	$839	$434K	10x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.1004	−0.040%	$535K	$989K	10x	as long as short
Aster DOGEUSDT	+0.0100%	8h	0.1003	−0.095%	$4.7M	$48.3M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.1005	+0.045%	$330K	$482K	20x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance DOGEUSDT	+0.0100%	8h	0.1003	−0.177%	$320.7M	$1.43B	75x	as long as short
Bybit DOGEUSDT	+0.0100%	8h	0.1003	−0.184%	$160.6M	$438.3M	75x	as long as short
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.1003	−0.124%	$111.6M	$988.5M	50x	as long as short
Bulk DOGE-USD	+0.0100%	1h	0.09990	−0.533%	$383K	$5K	10x	as long as short
Gate DOGE_USDT	+0.0100%	8h	0.1003	−0.124%	$243.6M	$131.1M	75x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.1003	−0.095%	$114.4M	$229.0M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.1003	−0.085%	$66.3M	$43.1M	75x	as long as short
BingX DOGE-USDC	+0.0100%	8h	0.1002	−0.214%	—	$3.5M	—	as long as short
Backpack DOGE_USDC_PERP	+0.0100%	1h	0.1003	−0.124%	$330K	$1.1M	15x	as long as short
Variational Omni DOGE	+0.0100%	8h	0.1002	−0.186%	$998K	$8.2M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.09991	−0.525%	$296K	$128.8M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.09953	−0.900%	$625K	$4.4M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.09950	−0.931%	$146K	$274K	25x	as long as short
Polymarket Perps DOGE-USD	+0.0100%	1h	0.1004	+0.015%	$257K	$730K	10x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.1002	−0.204%	$70K	$440K	50x	as long as short
Derive DOGE-PERP	+0.0100%	1h	0.1003	−0.158%	$25K	$1K	10x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.1004	−0.042%	$35K	$2.2M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.1003	−0.085%	$2K	$3.8M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.1003	−0.178%	$6.0M	$56.0M	75x	as long as short
Phemex DOGEUSDT	+0.0100%	8h	0.1003	−0.085%	$92.4M	$16.8M	50x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.1003	−0.140%	$562K	$4.0M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.1003	−0.147%	$19K	—	3x	as long as short
Paradex DOGE-USD-PERP	+0.0105%	8h	0.1004	+0.008%	$18K	$6K	30x	as long as short
Reya DOGERUSDPERP	+0.0186%	1h	0.1005	+0.027%	$2K	—	20x	as long as short
01 Exchange DOGEUSD	+0.0232%	1h	0.1005	+0.083%	$536	$4K	10x	as long as short
Phoenix DOGE	+0.0240%	1h	0.09951	−0.922%	$65K	$288K	10x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0246% / S −0.0267%	1h	0.1004	−0.059%	$312K	—	200x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0248%	1h	0.1003	−0.124%	$2.3M	$26.0M	50x	as long as short
Kraken Futures PF_DOGEUSD	+0.0305%	1h	0.1004	−0.083%	$5.8M	$34.8M	50x	as long as short
Hyperliquid DOGE	+0.0414%	1h	0.1004	−0.015%	$122.3M	$99.6M	10x	as long as short
RISEx DOGE/USDC	+0.0747%	1h	0.1005	+0.020%	$404K	$367K	10x	as long as short
Arcus DOGE-USD	+0.0781%	1h	0.1006	+0.124%	$129K	$179K	10x	as long as short
Injective DOGE/USDC PERP	+0.1072%	1h	0.1004	−0.035%	$5K	$239K	12x	as long as short