Funding you earn now, next payment 03:00 UTC−0.0242%/8h= −26.5% APRpaid last 24h −0.024%
Price spread now: Kalshi against Phoenix−0.045%74s7-day average −0.074% · you buy dearer than you sell
Net, funding: paid 7d − costs−$50as 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−$510.510% of the position
Funding, last 7 days+0.012%+$1 on $10k
+Price spread, last 4 days (all we have)+0.069%+$7 · spread now −0.045%, 7d avg −0.074%
=The price spread pays, funding is against you. Kalshi is 0.029% dearer against Phoenix than usual: you sell high and buy low (spread −0.045% now, against its 7-day average of −0.074%): +$3 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 9 hours. The two prices were read 74 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.012% in total (about 0.6% 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 | Phoenix DOGE | 0.09909 | 0.0242 | pay 0.0030% / 1h | 37m 59s | $64K | $288K | 10x |
| Short | Kalshi KXDOGEPERP | 0.09905 | 0 | get 0.0000% / 8h | 37m 59s | $394K | $5.2M | 2.8x |
Phoenix DOGE
Kalshi KXDOGEPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi against Phoenix. 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
- −$50.91
- Price spread: −0.045% → −0.074%
- $2.86
- Slippage, 4 orders
- −$34.04
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- −$99.1
- Costs to cover
- 0.510%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 15 min ago; Kalshi: live order book, 1 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 Phoenix live order book, 15 min ago | 1.01 bp | 12.3 bp −$12 | 50.7 bp −$507 | doesn't fit | doesn't fit |
| Sell Kalshi live order book, 1 min ago | 4.43 bp | 15.0 bp −$15 | 18.7 bp −$187 | 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 | −0.0055% | 8h | 0.09914 | +0.047% | $150.0M | $275.4M | 75x | as long as short |
| Kraken Futures PF_DOGEUSD | −0.0032% | 1h | 0.09923 | +0.141% | $5.7M | $35.5M | 50x | as long as short |
| Kalshi KXDOGEPERPshort | 0.0000% | 8h | 0.09905 | −0.045% | $394K | $5.2M | 2.8x | |
| gTrade (Gains Network) DOGE/USD | L +0.0001% / S 0.0000% | 1h | 0.09926 | +0.170% | $23K | — | 150x | as long as short |
| dYdX DOGE-USD | +0.0029% | 1h | 0.09906 | −0.032% | $222K | $49K | 10x | as long as short |
| Polymarket Perps DOGE-USD | +0.0069% | 1h | 0.09924 | +0.147% | $258K | $855K | 10x | as long as short |
| Lighter DOGE | +0.0096% | 1h | 0.09920 | +0.111% | $728K | $6.2M | 15x | as long as short |
| Katana Perps DOGE-USD | +0.0096% | 8h | 0.09923 | +0.138% | $2K | $450K | 10x | as long as short |
| Nado DOGE-PERP | +0.0100% | 1h | 0.09934 | +0.254% | $525K | $1.0M | 10x | as long as short |
| Aster DOGEUSDT | +0.0100% | 8h | 0.09928 | +0.191% | $4.6M | $49.2M | 75x | as long as short |
Bitget DOGEUSDT
Kraken Futures PF_DOGEUSD
gTrade (Gains Network) DOGE/USD
dYdX DOGE-USD
Polymarket Perps DOGE-USD
Lighter DOGE
Katana Perps DOGE-USD
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 | 0.09911 | +0.021% | $322K | $482K | 20x | as long as short |
| Binance DOGEUSDT | +0.0100% | 8h | 0.09926 | +0.172% | $317.5M | $1.45B | 75x | as long as short |
| Bybit DOGEUSDT | +0.0100% | 8h | 0.09921 | +0.118% | $161.2M | $443.6M | 75x | as long as short |
| OKX DOGE-USDT-SWAP | +0.0100% | 8h | 0.09921 | +0.118% | $111.4M | $994.2M | 50x | as long as short |
| Bulk DOGE-USD | +0.0100% | 1h | 0.09885 | −0.245% | $380K | $859 | 10x | as long as short |
| Gate DOGE_USDT | +0.0100% | 8h | 0.09917 | +0.078% | $244.7M | $133.7M | 75x | as long as short |
| MEXC DOGE_USDT | +0.0100% | 8h | 0.09920 | +0.108% | $111.1M | $234.5M | 300x | as long as short |
| KuCoin DOGEUSDTM | +0.0100% | 8h | 0.09922 | +0.128% | $65.5M | $43.5M | 75x | as long as short |
| BingX DOGE-USDT | +0.0100% | 8h | 0.09919 | +0.098% | — | $76.7M | — | as long as short |
| Backpack DOGE_USDC_PERP | +0.0100% | 1h | 0.09919 | +0.098% | $311K | $1.1M | 15x | as long as short |
| Variational Omni DOGE | +0.0100% | 8h | 0.09927 | +0.175% | $1.0M | $8.2M | — | as long as short |
| edgeX DOGEUSDC | +0.0100% | 4h | 0.09907 | −0.019% | $295K | $129.1M | 20x | as long as short |
| GRVT DOGE_USDT_Perp | +0.0100% | 8h | 0.09930 | +0.207% | $625K | $4.3M | 10x | as long as short |
| ApeX Omni DOGEUSDT | +0.0100% | 1h | 0.09930 | +0.209% | $144K | $284K | 25x | as long as short |
| Orderly PERP_DOGE_USDC | +0.0100% | 8h | 0.09930 | +0.209% | $70K | $436K | 50x | as long as short |
| Derive DOGE-PERP | +0.0100% | 1h | 0.09927 | +0.180% | $24K | $1K | 10x | as long as short |
| SunX DOGE-USDT | +0.0100% | 8h | 0.09929 | +0.202% | $35K | $2.2M | 30x | as long as short |
| SoDEX DOGE-USD | +0.0100% | 1h | 0.09924 | +0.148% | $2K | $4.0M | 10x | as long as short |
| HTX DOGE-USDT | +0.0100% | 8h | 0.09920 | +0.108% | $5.9M | $57.6M | 75x | as long as short |
| Phemex DOGEUSDT | +0.0100% | 8h | 0.09916 | +0.068% | $91.1M | $16.6M | 50x | as long as short |
| Paradex DOGE-USD-PERP | +0.0101% | 8h | 0.09907 | −0.019% | $18K | $7K | 30x | as long as short |
| Extended DOGE-USD | +0.0104% | 1h | 0.09917 | +0.078% | $497K | $4.1M | 50x | as long as short |
| Aevo DOGE-PERP | +0.0104% | 1h | 0.09932 | +0.224% | $19K | — | 3x | as long as short |
| Deribit DOGE_USDC-PERPETUAL | +0.0113% | 1h | 0.09932 | +0.226% | $594K | $118K | 25x | as long as short |
| Reya DOGERUSDPERP | +0.0189% | 1h | 0.09930 | +0.207% | $2K | — | 20x | as long as short |
| 01 Exchange DOGEUSD | +0.0192% | 1h | 0.09919 | +0.099% | $529 | $4K | 10x | as long as short |
| BloFin DOGE-USDT | +0.0220% | 8h | 0.09897 | −0.124% | $15.4M | $25.0M | 75x | as long as short |
| Phoenix DOGElong | +0.0242% | 1h | 0.09909 | long leg | $64K | $288K | 10x | |
| GMX DOGE/USD [ETH-USDC] | L +0.0246% / S −0.0269% | 1h | 0.09925 | +0.159% | $311K | — | 200x | as long as short |
| Hyperliquid DOGE | +0.0266% | 1h | 0.09926 | +0.164% | $120.7M | $100.4M | 10x | as long as short |
| Coinbase International DOGE-PERP-INTX | +0.0296% | 1h | 0.09932 | +0.229% | $2.3M | $26.8M | 50x | as long as short |
| Arcus DOGE-USD | +0.0690% | 1h | 0.09926 | +0.169% | $117K | $189K | 10x | as long as short |
| RISEx DOGE/USDC | +0.0695% | 1h | 0.09921 | +0.113% | $401K | $412K | 10x | as long as short |
| Injective DOGE/USDC PERP | +0.1004% | 1h | 0.09960 | +0.512% | $5K | $239K | 12x | as long as short |
Pacifica DOGE
Binance DOGEUSDT
Bybit DOGEUSDT
OKX DOGE-USDT-SWAP
Bulk DOGE-USD
Gate DOGE_USDT
MEXC DOGE_USDT
KuCoin DOGEUSDTM
BingX DOGE-USDT
Backpack DOGE_USDC_PERP
Variational Omni DOGE
edgeX DOGEUSDC
GRVT DOGE_USDT_Perp
ApeX Omni DOGEUSDT
Orderly PERP_DOGE_USDC
Derive DOGE-PERP
SunX DOGE-USDT
SoDEX DOGE-USD
HTX DOGE-USDT
Phemex DOGEUSDT
Paradex DOGE-USD-PERP
Extended DOGE-USD
Aevo DOGE-PERP
Deribit DOGE_USDC-PERPETUAL
Reya DOGERUSDPERP
01 Exchange DOGEUSD
BloFin DOGE-USDT
GMX DOGE/USD [ETH-USDC]
Hyperliquid DOGE
Coinbase International DOGE-PERP-INTX
Arcus DOGE-USD
RISEx DOGE/USDC
Injective DOGE/USDC PERP