Funding arb · Price arb /

DOGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Bybit−0.238%7-day average +0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$280.282% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 4 days (all we have)+0.303%+$30 · spread now −0.238%, 7d avg +0.059%

Together, before fees+0.386%+ Points / potential airdropLighter: Season 3 · farm board+$39 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.297% cheaper against Bybit than usual: you would sell low and buy high, −$30 on $10k if it goes back to its 7-day average of +0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit DOGEUSDT	0.1001	0.0100	pay 0.0100% / 8h	5h 53m	$160.2M	$437.4M	75x
Short	Lighter DOGE	0.09988	0.0096	get 0.0012% / 1h	53m 23s	$812K	$6.1M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now −0.238%Rate

Funding earned: −$0.84
Price spread: −0.238% → +0.059%: −$29.66
Slippage, 4 orders: −$17.22
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$58.72
Costs to cover: 0.282%
Break-even: never at this rate

Slippage from Bybit: live order book, 6 min ago; Lighter: live order book, 5 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 Bybit live order book, 6 min ago	0.50 bp	6.6 bp −$7	10.1 bp −$101	21.8 bp −$2,175	41.9 bp −$21.0K
Sell Lighter live order book, 5 min ago	1.46 bp	9.6 bp −$10	16.1 bp −$161	38.4 bp −$3,842	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	0.1000	−0.100%	$151.4M	$273.3M	75x	as long as short
dYdX DOGE-USD	0.0000%	1h	0.09978	−0.345%	$224K	$49K	10x	as long as short
Kalshi KXDOGEPERP	0.0000%	8h	0.09993	−0.192%	$394K	$5.0M	2.8x	as long as short
gTrade (Gains Network) DOGE/USD	L +0.0001% / S 0.0000%	1h	0.1001	−0.044%	$24K	—	150x	as long as short
Lighter DOGEshort	+0.0096%	1h	0.09988	−0.238%	$812K	$6.1M	15x
Katana Perps DOGE-USD	+0.0099%	8h	0.09986	−0.260%	$1K	$432K	10x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.09985	−0.265%	$532K	$988K	10x	as long as short
Aster DOGEUSDT	+0.0100%	8h	0.09985	−0.267%	$4.7M	$48.2M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.09981	−0.308%	$328K	$482K	20x	as long as short
Binance DOGEUSDT	+0.0100%	8h	0.1001	−0.020%	$320.2M	$1.43B	75x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit DOGEUSDTlong	+0.0100%	8h	0.1001	long leg	$160.2M	$437.4M	75x
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.1002	+0.030%	$111.5M	$985.3M	50x	as long as short
Bulk DOGE-USD	+0.0100%	1h	0.09990	−0.220%	$383K	$5K	10x	as long as short
Gate DOGE_USDT	+0.0100%	8h	0.1001	−0.060%	$243.0M	$131.0M	75x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.1000	−0.090%	$114.2M	$228.7M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.09987	−0.250%	$66.1M	$43.1M	75x	as long as short
BingX DOGE-USDC	+0.0100%	8h	0.09997	−0.150%	—	$3.5M	—	as long as short
Backpack DOGE_USDC_PERP	+0.0100%	1h	0.09977	−0.350%	$334K	$1.1M	15x	as long as short
Variational Omni DOGE	+0.0100%	8h	0.1002	+0.128%	$998K	$8.2M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.09991	−0.212%	$296K	$128.8M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.09953	−0.588%	$625K	$4.4M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.09950	−0.619%	$146K	$274K	25x	as long as short
Polymarket Perps DOGE-USD	+0.0100%	1h	0.09981	−0.314%	$256K	$730K	10x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.1001	+0.020%	$70K	$440K	50x	as long as short
Derive DOGE-PERP	+0.0100%	1h	0.1001	+0.014%	$25K	$1K	10x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.09976	−0.356%	$35K	$2.2M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.1001	0.000%	$2K	$3.8M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.09992	−0.198%	$5.9M	$55.9M	75x	as long as short
Phemex DOGEUSDT	+0.0100%	8h	0.09986	−0.260%	$92.0M	$16.8M	50x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.09978	−0.339%	$561K	$4.0M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.1001	−0.001%	$19K	—	3x	as long as short
Paradex DOGE-USD-PERP	+0.0105%	8h	0.09986	−0.261%	$18K	$6K	30x	as long as short
Deribit DOGE_USDC-PERPETUAL	+0.0130%	1h	0.09993	−0.189%	$597K	$118K	25x	as long as short
Reya DOGERUSDPERP	+0.0186%	1h	0.09990	−0.218%	$2K	—	20x	as long as short
01 Exchange DOGEUSD	+0.0232%	1h	0.09990	−0.218%	$532	$4K	10x	as long as short
Phoenix DOGE	+0.0240%	1h	0.09951	−0.610%	$65K	$288K	10x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0246% / S −0.0267%	1h	0.1001	−0.047%	$311K	—	200x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0248%	1h	0.09995	−0.170%	$2.3M	$25.9M	50x	as long as short
Kraken Futures PF_DOGEUSD	+0.0306%	1h	0.09994	−0.180%	$5.8M	$34.7M	50x	as long as short
Hyperliquid DOGE	+0.0435%	1h	0.1000	−0.110%	$121.7M	$99.5M	10x	as long as short
RISEx DOGE/USDC	+0.0747%	1h	0.09992	−0.200%	$402K	$367K	10x	as long as short
Arcus DOGE-USD	+0.0781%	1h	0.09998	−0.140%	$128K	$179K	10x	as long as short
Injective DOGE/USDC PERP	+0.1072%	1h	0.1004	+0.280%	$5K	$239K	12x	as long as short