Funding arb · Price arb /

DOGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Kalshi against Bulk−0.539%7-day average −0.044% · 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−$88as in the Price arb table

costs, in and out, $10k−$380.382% of the position

Long on Bulk Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.104%−$10 on $10k

Price spread, last 4 days (all we have)+0.632%+$63 · spread now −0.539%, 7d avg −0.044%

Together, before fees+0.528%+$53 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 0.494% cheaper against Bulk than usual: you would sell low and buy high (−$49 if the spread goes back to its 7-day average of −0.044%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk DOGE-USD	0.09984	0.0100	pay 0.0013% / 1h	19m 35s	$383K	$5K	10x
Short	Kalshi KXDOGEPERP	0.09930	0	get 0.0000% / 8h	2h 19m	$390K	$5.0M	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 −0.539%Rate

Funding earned: −$21
Price spread: −0.539% → −0.044%: −$49.43
Slippage, 4 orders: −$21.24
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$108.67
Costs to cover: 0.382%
Break-even: never at this rate

Slippage from Bulk: live order book, 49 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, 49 min ago	4.95 bp	8.4 bp −$8	8.4 bp −$84	9.6 bp −$961	21.7 bp −$10.9K
Sell Kalshi live order book, 4 min ago	5.67 bp	10.7 bp −$11	18.3 bp −$183	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	−0.0107%	8h	0.09917	−0.669%	$150.3M	$273.2M	75x	as long as short
Kalshi KXDOGEPERPshort	0.0000%	8h	0.09930	−0.539%	$390K	$5.0M	2.8x
gTrade (Gains Network) DOGE/USD	L +0.0001% / S 0.0000%	1h	0.09918	−0.662%	$23K	—	150x	as long as short
dYdX DOGE-USD	+0.0014%	1h	0.09919	−0.653%	$223K	$49K	10x	as long as short
Deribit DOGE_USDC-PERPETUAL	+0.0032%	1h	0.09917	−0.670%	$592K	$118K	25x	as long as short
Kraken Futures PF_DOGEUSD	+0.0067%	1h	0.09915	−0.688%	$5.8M	$34.2M	50x	as long as short
Lighter DOGE	+0.0096%	1h	0.09939	−0.447%	$820K	$6.1M	15x	as long as short
Katana Perps DOGE-USD	+0.0099%	8h	0.09926	−0.579%	$829	$428K	10x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.09924	−0.594%	$528K	$989K	10x	as long as short
Aster DOGEUSDT	+0.0100%	8h	0.09927	−0.565%	$4.6M	$48.2M	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica DOGE	+0.0100%	1h	0.09927	−0.566%	$326K	$503K	20x	as long as short
Binance DOGEUSDT	+0.0100%	8h	0.09925	−0.593%	$314.7M	$1.43B	75x	as long as short
Bybit DOGEUSDT	+0.0100%	8h	0.09929	−0.549%	$157.2M	$440.8M	75x	as long as short
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.09926	−0.579%	$109.9M	$976.9M	50x	as long as short
Arcus DOGE-USD	+0.0100%	1h	0.09936	−0.479%	$128K	$178K	10x	as long as short
Bulk DOGE-USDlong	+0.0100%	1h	0.09984	long leg	$383K	$5K	10x
Gate DOGE_USDT	+0.0100%	8h	0.09924	−0.599%	$240.7M	$132.6M	75x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.09924	−0.599%	$110.3M	$230.0M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.09929	−0.549%	$65.7M	$43.1M	75x	as long as short
BingX DOGE-USDC	+0.0100%	8h	0.09918	−0.659%	—	$3.5M	—	as long as short
Backpack DOGE_USDC_PERP	+0.0100%	1h	0.09929	−0.549%	$339K	$1.1M	15x	as long as short
Variational Omni DOGE	+0.0100%	8h	0.09945	−0.392%	$992K	$8.2M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.09948	−0.355%	$282K	$128.8M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.09957	−0.268%	$636K	$4.5M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.09960	−0.238%	$145K	$269K	25x	as long as short
Polymarket Perps DOGE-USD	+0.0100%	1h	0.09918	−0.659%	$255K	$642K	10x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.09921	−0.629%	$70K	$440K	50x	as long as short
Derive DOGE-PERP	+0.0100%	1h	0.09918	−0.662%	$24K	$1K	10x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.09926	−0.582%	$35K	$2.2M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.09918	−0.659%	$2K	$3.7M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.09919	−0.650%	$5.9M	$55.0M	75x	as long as short
Phemex DOGEUSDT	+0.0100%	8h	0.09920	−0.639%	$91.4M	$16.9M	50x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.09921	−0.625%	$558K	$4.0M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.09914	−0.697%	$19K	—	3x	as long as short
Paradex DOGE-USD-PERP	+0.0109%	8h	0.09922	−0.617%	$18K	$6K	30x	as long as short
Reya DOGERUSDPERP	+0.0184%	1h	0.09919	−0.647%	$2K	—	20x	as long as short
01 Exchange DOGEUSD	+0.0208%	1h	0.09929	−0.547%	$529	$4K	10x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0240%	1h	0.09923	−0.609%	$2.0M	$25.0M	50x	as long as short
Phoenix DOGE	+0.0241%	1h	0.09998	+0.143%	$65K	$284K	10x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0245% / S −0.0267%	1h	0.09918	−0.660%	$309K	—	200x	as long as short
RISEx DOGE/USDC	+0.0563%	1h	0.09931	−0.532%	$399K	$367K	10x	as long as short
Hyperliquid DOGE	+0.0702%	1h	0.09941	−0.424%	$121.4M	$97.7M	10x	as long as short
Injective DOGE/USDC PERP	+0.1004%	1h	0.1000	+0.162%	$5K	$239K	12x	as long as short