Funding arb · Price arb /

DOGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Bybit against Lighter−0.278%7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on Lighter Short on Bybit

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)+0.217%+$22 · spread now −0.278%, 7d avg −0.059%

Together, before fees+0.134%+ Points / potential airdropLighter: Season 3 · farm board+$13 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: Bybit is 0.219% cheaper against Lighter than usual: you would sell low and buy high, −$22 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	Lighter DOGE	0.1008	0.0096	pay 0.0012% / 1h	33m 23s	$791K	$5.8M	15x
Short	Bybit DOGEUSDT	0.1006	0.0100	get 0.0100% / 8h	7h 33m	$159.5M	$437.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.278%Rate

Funding earned: $0.84
Price spread: −0.278% → −0.059%: −$21.89
Slippage, 4 orders: −$10.36
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$42.42
Costs to cover: 0.214%
Break-even: 360.5 days

Slippage from Lighter: live order book, 5 min ago; Bybit: live order book, 6 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, 5 min ago	2.23 bp	3.2 bp −$3	11.3 bp −$113	24.3 bp −$2,429	doesn't fit
Sell Bybit live order book, 6 min ago	0.50 bp	7.7 bp −$8	10.5 bp −$105	21.7 bp −$2,167	43.2 bp −$21.6K

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
Phemex DOGEUSDT	−0.0286%	8h	0.1006	−0.238%	$92.9M	$18.0M	50x	as long as short
Bitget DOGEUSDT	−0.0188%	8h	0.1006	−0.278%	$153.1M	$270.7M	75x	as long as short
Kraken Futures PF_DOGEUSD	−0.0077%	1h	0.1006	−0.223%	$6.0M	$33.9M	50x	as long as short
Kalshi KXDOGEPERP	0.0000%	8h	0.1007	−0.132%	$400K	$4.8M	2.8x	as long as short
Deribit DOGE_USDC-PERPETUAL	0.0000%	1h	0.1006	−0.233%	$605K	$121K	25x	as long as short
gTrade (Gains Network) DOGE/USD	L +0.0001% / S 0.0000%	1h	0.1005	−0.307%	$24K	—	150x	as long as short
dYdX DOGE-USD	+0.0021%	1h	0.1008	−0.046%	$226K	$44K	10x	as long as short
Lighter DOGElong	+0.0096%	1h	0.1008	long leg	$791K	$5.8M	15x
Katana Perps DOGE-USD	+0.0100%	8h	0.1006	−0.248%	$840	$410K	10x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.1006	−0.238%	$516K	$973K	10x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster DOGEUSDT	+0.0100%	8h	0.1007	−0.139%	$5.0M	$46.3M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.1008	−0.056%	$336K	$516K	20x	as long as short
Binance DOGEUSDT	+0.0100%	8h	0.1006	−0.268%	$320.0M	$1.40B	75x	as long as short
Bybit DOGEUSDTshort	+0.0100%	8h	0.1006	−0.278%	$159.5M	$437.9M	75x
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.1006	−0.248%	$110.3M	$968.9M	50x	as long as short
Arcus DOGE-USD	+0.0100%	1h	0.1008	−0.089%	$28K	$82K	10x	as long as short
Bulk DOGE-USD	+0.0100%	1h	0.1005	−0.322%	$385K	$9K	10x	as long as short
Gate DOGE_USDT	+0.0100%	8h	0.1006	−0.288%	$244.1M	$129.0M	75x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.1006	−0.198%	$113.8M	$224.3M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.1006	−0.198%	$66.0M	$42.5M	75x	as long as short
BingX DOGE-USDC	+0.0100%	8h	0.1006	−0.238%	—	$3.4M	—	as long as short
Backpack DOGE_USDC_PERP	+0.0100%	1h	0.1007	−0.179%	$366K	$1.1M	15x	as long as short
Variational Omni DOGE	+0.0100%	8h	0.1010	+0.208%	$1.0M	$8.1M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.1008	−0.088%	$265K	$123.2M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.1007	−0.169%	$643K	$4.5M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.1010	+0.159%	$148K	$267K	25x	as long as short
Polymarket Perps DOGE-USD	+0.0100%	1h	0.1006	−0.258%	$274K	$577K	10x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.1006	−0.268%	$73K	$428K	50x	as long as short
Derive DOGE-PERP	+0.0100%	1h	0.1006	−0.246%	$25K	$1K	10x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.1006	−0.212%	$36K	$2.2M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.1006	−0.238%	$2K	$3.8M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.1006	−0.270%	$6.0M	$52.5M	75x	as long as short
Paradex DOGE-USD-PERP	+0.0100%	8h	0.1007	−0.135%	$18K	$5K	30x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.1006	−0.278%	$532K	$3.9M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.1006	−0.264%	$19K	—	3x	as long as short
Reya DOGERUSDPERP	+0.0181%	1h	0.1006	−0.220%	$2K	—	20x	as long as short
01 Exchange DOGEUSD	+0.0192%	1h	0.1006	−0.232%	$531	$4K	10x	as long as short
BloFin DOGE-USDT	+0.0220%	8h	0.1008	−0.079%	$15.3M	$25.7M	75x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0240%	1h	0.1006	−0.198%	$2.0M	$24.9M	50x	as long as short
Phoenix DOGE	+0.0240%	1h	0.1008	−0.069%	$67K	$283K	10x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0244% / S −0.0263%	1h	0.1005	−0.306%	$310K	—	200x	as long as short
RISEx DOGE/USDC	+0.0701%	1h	0.1007	−0.154%	$319K	$477K	10x	as long as short
Hyperliquid DOGE	+0.0850%	1h	0.1008	−0.079%	$121.9M	$93.7M	10x	as long as short
Injective DOGE/USDC PERP	+0.0973%	1h	0.1014	+0.555%	$5K	$239K	12x	as long as short