Funding arb · Price arb /

DOGE

all DOGE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0391%/8h= +42.8% APRpaid last 24h +0.022%

Price spread now: Coinbase International against Phemex+0.079%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$480.483% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 3 days (all we have)−0.084%−$8 · spread now +0.079%, 7d avg +0.010%

Together, before fees−0.147%−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Coinbase International is 0.069% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.010%. Mind the row above: over the last 7 days funding on this pair cost −0.064%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.064% in total (about -3.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex DOGEUSDT	0.1010	−0.0151	get 0.0151% / 8h	7h 25m	$93.2M	$17.8M	50x
Short	Coinbase International DOGE-PERP-INTX	0.1010	0.0240	get 0.0030% / 1h	25m 21s	$2.0M	$25.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.079%Rate

Funding earned: $82.17
Price spread: +0.079% → +0.010%: $6.9
Slippage, 4 orders: −$26.34
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $40.73
Costs to cover: 0.483%
Break-even: 3.5 days

Slippage from Phemex: live order book, 4 min ago; Coinbase International: 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 Phemex live order book, 4 min ago	2.98 bp	13.2 bp −$13	21.7 bp −$217	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	1.49 bp	10.0 bp −$10	15.2 bp −$152	41.4 bp −$4,136	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	−0.0179%	8h	0.1009	−0.059%	$153.3M	$270.9M	75x	as long as short
Phemex DOGEUSDTlong	−0.0151%	8h	0.1010	long leg	$93.2M	$17.8M	50x
Kraken Futures PF_DOGEUSD	−0.0077%	1h	0.1010	+0.053%	$6.1M	$33.9M	50x	as long as short
Kalshi KXDOGEPERP	0.0000%	8h	0.1010	+0.003%	$408K	$4.8M	2.8x	as long as short
gTrade (Gains Network) DOGE/USD	L +0.0001% / S 0.0000%	1h	0.1010	−0.001%	$24K	—	150x	as long as short
dYdX DOGE-USD	+0.0016%	1h	0.1010	−0.005%	$227K	$44K	10x	as long as short
Deribit DOGE_USDC-PERPETUAL	+0.0057%	1h	0.1010	+0.045%	$608K	$121K	25x	as long as short
Lighter DOGE	+0.0096%	1h	0.1011	+0.125%	$790K	$5.8M	15x	as long as short
Katana Perps DOGE-USD	+0.0100%	8h	0.1009	−0.030%	$843	$412K	10x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.1009	−0.059%	$517K	$971K	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	0.1009	−0.046%	$5.0M	$46.4M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.1010	+0.011%	$336K	$516K	20x	as long as short
Binance DOGEUSDT	+0.0100%	8h	0.1010	+0.023%	$321.1M	$1.40B	75x	as long as short
Bybit DOGEUSDT	+0.0100%	8h	0.1010	+0.030%	$160.3M	$437.8M	75x	as long as short
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.1010	+0.020%	$111.4M	$973.4M	50x	as long as short
Arcus DOGE-USD	+0.0100%	1h	0.1009	−0.020%	$28K	$82K	10x	as long as short
Bulk DOGE-USD	+0.0100%	1h	0.1007	−0.255%	$386K	$5K	10x	as long as short
Gate DOGE_USDT	+0.0100%	8h	0.1009	−0.020%	$245.3M	$129.5M	75x	as long as short
MEXC DOGE_USDT	+0.0100%	8h	0.1009	−0.010%	$113.9M	$224.7M	300x	as long as short
KuCoin DOGEUSDTM	+0.0100%	8h	0.1009	−0.069%	$66.2M	$42.6M	75x	as long as short
BingX DOGE-USDT	+0.0100%	8h	0.1010	+0.020%	—	$76.1M	—	as long as short
Backpack DOGE_USDC_PERP	+0.0100%	1h	0.1010	+0.010%	$365K	$1.1M	15x	as long as short
Variational Omni DOGE	+0.0100%	8h	0.1010	+0.087%	$1.0M	$8.1M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.1008	−0.165%	$265K	$123.9M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.1009	−0.103%	$633K	$4.5M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.1008	−0.158%	$148K	$268K	25x	as long as short
Polymarket Perps DOGE-USD	+0.0100%	1h	0.1009	−0.059%	$272K	$629K	10x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.1010	+0.020%	$73K	$424K	50x	as long as short
Derive DOGE-PERP	+0.0100%	1h	0.1010	+0.005%	$25K	$1K	10x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.1009	−0.046%	$35K	$2.2M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.1010	+0.030%	$2K	$3.8M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.1010	+0.055%	$6.0M	$52.7M	75x	as long as short
Paradex DOGE-USD-PERP	+0.0100%	8h	0.1009	−0.064%	$18K	$5K	30x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.1010	+0.002%	$532K	$3.9M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.1010	+0.017%	$19K	—	3x	as long as short
Reya DOGERUSDPERP	+0.0182%	1h	0.1009	−0.021%	$2K	—	20x	as long as short
01 Exchange DOGEUSD	+0.0192%	1h	0.1009	−0.011%	$533	$4K	10x	as long as short
BloFin DOGE-USDT	+0.0220%	8h	0.1010	+0.050%	$15.5M	$25.8M	75x	as long as short
Coinbase International DOGE-PERP-INTXshort	+0.0240%	1h	0.1010	+0.079%	$2.0M	$25.1M	50x
Phoenix DOGE	+0.0240%	1h	0.1010	+0.048%	$66K	$283K	10x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0244% / S −0.0263%	1h	0.1009	−0.013%	$311K	—	200x	as long as short
RISEx DOGE/USDC	+0.0701%	1h	0.1009	−0.012%	$326K	$480K	10x	as long as short
Hyperliquid DOGE	+0.0830%	1h	0.1011	+0.099%	$123.2M	$94.9M	10x	as long as short
Injective DOGE/USDC PERP	+0.0973%	1h	0.1012	+0.238%	$5K	$239K	12x	as long as short