Funding arb · Price arb /

DOGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.027%

Price spread now: Backpack against Phemex+0.030%7-day average −0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$370.372% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 4 days (all we have)−0.087%−$9 · spread now +0.030%, 7d avg −0.018%

Together, before fees−0.043%−$4 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: Backpack is 0.048% dearer against Phemex than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex DOGEUSDT	0.09952	0.0100	pay 0.0100% / 8h	5h 10m	$91.6M	$16.6M	50x
Short	Backpack DOGE_USDC_PERP	0.09955	0.0100	get 0.0013% / 1h	10m 58s	$327K	$1.1M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now +0.030%Rate

Funding earned: $0
Price spread: +0.030% → −0.018%: $4.8
Slippage, 4 orders: −$15.16
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$32.36
Costs to cover: 0.372%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Backpack: live order book, 3 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 Phemex live order book, 3 min ago	3.02 bp	11.2 bp −$11	17.9 bp −$179	37.5 bp −$3,753	doesn't fit
Sell Backpack live order book, 3 min ago	0.50 bp	6.6 bp −$7	124.0 bp −$1,240	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	−0.0076%	8h	0.09952	0.000%	$150.5M	$274.1M	75x	as long as short
dYdX DOGE-USD	0.0000%	1h	0.09924	−0.278%	$223K	$49K	10x	as long as short
Kalshi KXDOGEPERP	0.0000%	8h	0.09936	−0.165%	$429K	$5.2M	2.8x	as long as short
gTrade (Gains Network) DOGE/USD	L +0.0001% / S 0.0000%	1h	0.09944	−0.083%	$24K	—	150x	as long as short
Lighter DOGE	+0.0096%	1h	0.09958	+0.062%	$771K	$6.2M	15x	as long as short
Katana Perps DOGE-USD	+0.0100%	8h	0.09941	−0.111%	$898	$444K	10x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.09936	−0.161%	$533K	$997K	10x	as long as short
Aster DOGEUSDT	+0.0100%	8h	0.09953	+0.013%	$4.7M	$48.7M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.09932	−0.198%	$326K	$483K	20x	as long as short
Binance DOGEUSDT	+0.0100%	8h	0.09962	+0.100%	$318.8M	$1.44B	75x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit DOGEUSDT	+0.0100%	8h	0.09960	+0.080%	$160.4M	$441.0M	75x	as long as short
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.09959	+0.070%	$111.1M	$988.7M	50x	as long as short
Bulk DOGE-USD	+0.0100%	1h	0.09966	+0.140%	$382K	$0	10x	as long as short
Gate DOGE_USDT	+0.0100%	8h	0.09957	+0.050%	$243.4M	$133.8M	75x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.09960	+0.080%	$112.1M	$231.6M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.09954	+0.020%	$65.9M	$43.4M	75x	as long as short
BingX DOGE-USDC	+0.0100%	8h	0.09952	0.000%	—	$3.5M	—	as long as short
Backpack DOGE_USDC_PERPshort	+0.0100%	1h	0.09955	+0.030%	$327K	$1.1M	15x
Variational Omni DOGE	+0.0100%	8h	0.09931	−0.215%	$982K	$8.2M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.09943	−0.087%	$296K	$128.3M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.09934	−0.181%	$627K	$4.4M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.09940	−0.121%	$145K	$281K	25x	as long as short
Polymarket Perps DOGE-USD	+0.0100%	1h	0.09931	−0.209%	$251K	$742K	10x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.09951	−0.010%	$70K	$438K	50x	as long as short
Derive DOGE-PERP	+0.0100%	1h	0.09948	−0.042%	$24K	$1K	10x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.09942	−0.106%	$35K	$2.2M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.09952	0.000%	$2K	$3.9M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.09949	−0.027%	$6.0M	$56.7M	75x	as long as short
Phemex DOGEUSDTlong	+0.0100%	8h	0.09952	long leg	$91.6M	$16.6M	50x
Paradex DOGE-USD-PERP	+0.0102%	8h	0.09926	−0.257%	$18K	$6K	30x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.09958	+0.060%	$499K	$4.1M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.09950	−0.024%	$19K	—	3x	as long as short
Deribit DOGE_USDC-PERPETUAL	+0.0182%	1h	0.09954	+0.024%	$595K	$118K	25x	as long as short
Reya DOGERUSDPERP	+0.0187%	1h	0.09938	−0.139%	$2K	—	20x	as long as short
01 Exchange DOGEUSD	+0.0216%	1h	0.09942	−0.101%	$530	$4K	10x	as long as short
BloFin DOGE-USDT	+0.0220%	8h	0.09948	−0.040%	$15.6M	$25.1M	75x	as long as short
Phoenix DOGE	+0.0240%	1h	0.09930	−0.217%	$64K	$288K	10x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0246% / S −0.0269%	1h	0.09940	−0.117%	$311K	—	200x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0248%	1h	0.09958	+0.060%	$2.3M	$26.4M	50x	as long as short
Kraken Futures PF_DOGEUSD	+0.0307%	1h	0.09951	−0.007%	$5.7M	$35.3M	50x	as long as short
Hyperliquid DOGE	+0.0522%	1h	0.09964	+0.116%	$121.5M	$100.0M	10x	as long as short
RISEx DOGE/USDC	+0.0747%	1h	0.09944	−0.083%	$402K	$388K	10x	as long as short
Arcus DOGE-USD	+0.0781%	1h	0.09950	−0.020%	$128K	$179K	10x	as long as short
Injective DOGE/USDC PERP	+0.1072%	1h	0.09960	+0.080%	$5K	$239K	12x	as long as short