Funding you earn now, next payment 21:00 UTC+0.0080%/8h= +8.7% APRnext payment +$0.10 per $10,000 · paid last 24h +0.012%
Price spread now: Phoenix against Deribit+0.245%70s7-day average +0.028% · you sell dearer than you buy
Net, funding: paid 7d − costs−$43as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$400.403% of the position
Funding, last 7 days−0.028%−$3 on $10k
+Price spread, last 3 days (all we have)−0.256%−$26 · spread now +0.245%, 7d avg +0.028%
=Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.217% dearer against Deribit than usual: you sell high and buy low: +$22 more if the spread goes back to its 7-day average of +0.028%. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit DOGE_USDC-PERPETUAL | 0.09926 | 0 | get 0.0000% / 1h | 4m 17s | $620K | $106K | 25x |
| Short | Phoenix DOGE | 0.09951 | 0.0080 | get 0.0010% / 1h | 4m 17s | $15K | $225K | 10x |
Deribit DOGE_USDC-PERPETUAL
Phoenix DOGEFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $16.76
- Price spread: +0.245% → +0.028%
- $21.72
- Slippage, 4 orders
- −$26.26
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$1.78
- Costs to cover
- 0.403%
- Break-even
- 7.7 days
Slippage from Deribit: live order book, 20 min ago; Phoenix: live order book, 13 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 Deribit live order book, 20 min ago | 3.01 bp | 8.5 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 13 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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget DOGEUSDT | −0.0278% | 8h | 0.09915 | −0.115% | $152.0M | $261.3M | 75x | as long as short |
| Kalshi KXDOGEPERP | 0.0000% | 8h | 0.09921 | −0.049% | $368K | $4.4M | 2.8x | as long as short |
| Deribit DOGE_USDC-PERPETUALlong | 0.0000% | 1h | 0.09926 | long leg | $620K | $106K | 25x | |
| gTrade (Gains Network) DOGE/USD | L +0.0001% / S −0.0001% | 1h | 0.09920 | −0.060% | $32K | — | 150x | as long as short |
| Phoenix DOGEshort | +0.0080% | 1h | 0.09951 | +0.245% | $15K | $225K | 10x | |
| Gate DOGE_USDT | +0.0080% | 8h | 0.09917 | −0.095% | $236.2M | $121.2M | 75x | as long as short |
| Katana Perps DOGE-USD | +0.0096% | 8h | 0.09913 | −0.135% | $839 | $345K | 10x | as long as short |
| Lighter DOGE | +0.0096% | 1h | 0.09927 | +0.005% | $752K | $5.2M | 15x | as long as short |
| Nado DOGE-PERP | +0.0100% | 1h | 0.09909 | −0.180% | $617K | $703K | 10x | as long as short |
| Aster DOGEUSDT | +0.0100% | 8h | 0.09920 | −0.062% | $4.9M | $40.7M | 75x | as long as short |
Bitget DOGEUSDT
Kalshi KXDOGEPERP
gTrade (Gains Network) DOGE/USD
Gate DOGE_USDT
Katana Perps DOGE-USD
Lighter DOGE
Nado DOGE-PERP
Aster DOGEUSDTShow all 44 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Pacifica DOGE | +0.0100% | 1h | 0.09917 | −0.095% | $334K | $496K | 20x | as long as short |
| Binance DOGEUSDT | +0.0100% | 8h | 0.09932 | +0.052% | $314.5M | $1.27B | 75x | as long as short |
| Bybit DOGEUSDT | +0.0100% | 8h | 0.09929 | +0.026% | $158.8M | $399.2M | 75x | as long as short |
| OKX DOGE-USDT-SWAP | +0.0100% | 8h | 0.09935 | +0.087% | $108.7M | $895.1M | 50x | as long as short |
| Arcus DOGE-USD | +0.0100% | 1h | 0.09921 | −0.054% | $28K | $76K | 10x | as long as short |
| MEXC DOGE_USDT | +0.0100% | 8h | 0.09915 | −0.115% | $109.7M | $221.4M | 300x | as long as short |
| KuCoin DOGEUSDTM | +0.0100% | 8h | 0.09913 | −0.135% | $64.9M | $39.3M | 75x | as long as short |
| BingX DOGE-USDC | +0.0100% | 8h | 0.09907 | −0.195% | — | $3.4M | — | as long as short |
| Variational Omni DOGE | +0.0100% | 8h | 0.09902 | −0.245% | $931K | $7.8M | — | as long as short |
| edgeX DOGEUSDC | +0.0100% | 4h | 0.09933 | +0.068% | $267K | $112.2M | 20x | as long as short |
| GRVT DOGE_USDT_Perp | +0.0100% | 8h | 0.09924 | −0.020% | $629K | $4.6M | 10x | as long as short |
| ApeX Omni DOGEUSDT | +0.0100% | 1h | 0.09920 | −0.064% | $144K | $228K | 25x | as long as short |
| Polymarket Perps DOGE-USD | +0.0100% | 1h | 0.09909 | −0.180% | $271K | $529K | 10x | as long as short |
| Orderly PERP_DOGE_USDC | +0.0100% | 8h | 0.09922 | −0.044% | $57K | $396K | 50x | as long as short |
| Derive DOGE-PERP | +0.0100% | 1h | 0.09922 | −0.044% | $24K | $1K | 10x | as long as short |
| SunX DOGE-USDT | +0.0100% | 8h | 0.09918 | −0.087% | $35K | $2.2M | 30x | as long as short |
| SoDEX DOGE-USD | +0.0100% | 1h | 0.09925 | −0.014% | $2K | $3.4M | 10x | as long as short |
| HTX DOGE-USDT | +0.0100% | 8h | 0.09931 | +0.046% | $5.9M | $47.7M | 75x | as long as short |
| Phemex DOGEUSDT | +0.0100% | 8h | 0.09931 | +0.046% | $92.1M | $19.0M | 50x | as long as short |
| Bulk DOGE-USD | +0.0100% | 1h | 0.09947 | +0.208% | $381K | $14K | 10x | as long as short |
| Paradex DOGE-USD-PERP | +0.0100% | 8h | 0.09915 | −0.115% | $18K | $5K | 30x | as long as short |
| Extended DOGE-USD | +0.0104% | 1h | 0.09921 | −0.055% | $547K | $3.6M | 50x | as long as short |
| Aevo DOGE-PERP | +0.0104% | 1h | 0.09924 | −0.025% | $19K | — | 3x | as long as short |
| dYdX DOGE-USD | +0.0109% | 1h | 0.09913 | −0.137% | $223K | $44K | 10x | as long as short |
| 01 Exchange DOGEUSD | +0.0168% | 1h | 0.09916 | −0.103% | $524 | $4K | 10x | as long as short |
| Reya DOGERUSDPERP | +0.0175% | 1h | 0.09912 | −0.140% | $2K | — | 20x | as long as short |
| BloFin DOGE-USDT | +0.0220% | 8h | 0.09910 | −0.165% | $15.1M | $23.8M | 75x | as long as short |
| Coinbase International DOGE-PERP-INTX | +0.0224% | 1h | 0.09925 | −0.014% | $2.0M | $22.5M | 50x | as long as short |
| GMX DOGE/USD [ETH-USDC] | L +0.0244% / S −0.0247% | 1h | 0.09920 | −0.067% | $317K | — | 200x | as long as short |
| Backpack DOGE_USDC_PERP | +0.0253% | 1h | 0.09911 | −0.155% | $523K | $931K | 15x | as long as short |
| Kraken Futures PF_DOGEUSD | +0.0288% | 1h | 0.09925 | −0.015% | $6.0M | $31.9M | 50x | as long as short |
| Hyperliquid DOGE | +0.0409% | 1h | 0.09924 | −0.022% | $109.1M | $79.9M | 10x | as long as short |
| RISEx DOGE/USDC | +0.0536% | 1h | 0.09921 | −0.056% | $311K | $474K | 10x | as long as short |
| Injective DOGE/USDC PERP | +0.1013% | 1h | 0.09960 | +0.338% | $5K | $180K | 12x | as long as short |
Pacifica DOGE
Binance DOGEUSDT
Bybit DOGEUSDT
OKX DOGE-USDT-SWAP
Arcus DOGE-USD
MEXC DOGE_USDT
KuCoin DOGEUSDTM
BingX DOGE-USDC
Variational Omni DOGE
edgeX DOGEUSDC
GRVT DOGE_USDT_Perp
ApeX Omni DOGEUSDT
Polymarket Perps DOGE-USD
Orderly PERP_DOGE_USDC
Derive DOGE-PERP
SunX DOGE-USDT
SoDEX DOGE-USD
HTX DOGE-USDT
Phemex DOGEUSDT
Bulk DOGE-USD
Paradex DOGE-USD-PERP
Extended DOGE-USD
Aevo DOGE-PERP
dYdX DOGE-USD
01 Exchange DOGEUSD
Reya DOGERUSDPERP
BloFin DOGE-USDT
Coinbase International DOGE-PERP-INTX
GMX DOGE/USD [ETH-USDC]
Backpack DOGE_USDC_PERP
Kraken Futures PF_DOGEUSD
Hyperliquid DOGE
RISEx DOGE/USDC
Injective DOGE/USDC PERP