Funding arb · Price arb /

DOGE

all DOGE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0019%/8h= +2.1% APRpaid last 24h +0.020%

Price spread now: MEXC against Phoenix−0.019%92s7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$7as 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−$260.257% of the position

Long on Phoenix Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.183%+$18 on $10k

Price spread, last 3 days (all we have)−0.157%−$16 · spread now −0.019%, 7d avg −0.037%

Together, before fees+0.027%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.037%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 92 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	Phoenix DOGE	0.1002	0.0081	pay 0.0010% / 1h	5m 56s	$66K	$222K	10x
Short	MEXC DOGE_USDT	0.1002	0.0100	get 0.0100% / 8h	1h 05m	$111.4M	$218.4M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Phoenix. 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 PhoenixbpFee MEXCbpOrdersPrice spread, now −0.019%Rate

Funding earned: $4.09
Price spread: −0.019% → −0.037%: $1.84
Slippage, 4 orders: −$18.68
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$19.75
Costs to cover: 0.257%
Break-even: 40.8 days

Slippage from Phoenix: live order book, 7 min ago; MEXC: live order book, 8 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, 7 min ago	1.00 bp	12.3 bp −$12	50.7 bp −$507	doesn't fit	doesn't fit
Sell MEXC live order book, 8 min ago	0.50 bp	0.5 bp $0	1.4 bp −$14	8.1 bp −$812	34.3 bp −$17.1K

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	−0.0257%	8h	0.1001	−0.109%	$152.9M	$266.8M	75x	as long as short
Kalshi KXDOGEPERP	0.0000%	8h	0.1004	+0.163%	$415K	$4.7M	2.8x	as long as short
Deribit DOGE_USDC-PERPETUAL	0.0000%	1h	0.1004	+0.133%	$608K	$109K	25x	as long as short
gTrade (Gains Network) DOGE/USD	L +0.0001% / S −0.0001%	1h	0.1004	+0.136%	$32K	—	150x	as long as short
dYdX DOGE-USD	+0.0052%	1h	0.1004	+0.122%	$225K	$44K	10x	as long as short
Phoenix DOGElong	+0.0081%	1h	0.1002	long leg	$66K	$222K	10x
Lighter DOGE	+0.0096%	1h	0.1003	+0.086%	$790K	$5.4M	15x	as long as short
Katana Perps DOGE-USD	+0.0097%	8h	0.1004	+0.191%	$1K	$372K	10x	as long as short
Gate DOGE_USDT	+0.0097%	8h	0.1002	+0.001%	$241.5M	$125.3M	75x	as long as short
Nado DOGE-PERP	+0.0100%	1h	0.1004	+0.136%	$571K	$864K	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	0.1003	+0.061%	$4.9M	$44.2M	75x	as long as short
Pacifica DOGE	+0.0100%	1h	0.1004	+0.185%	$335K	$504K	20x	as long as short
Binance DOGEUSDT	+0.0100%	8h	0.1002	+0.017%	$318.9M	$1.33B	75x	as long as short
Bybit DOGEUSDT	+0.0100%	8h	0.1002	−0.029%	$158.9M	$421.6M	75x	as long as short
OKX DOGE-USDT-SWAP	+0.0100%	8h	0.1002	+0.001%	$109.2M	$933.0M	50x	as long as short
Arcus DOGE-USD	+0.0100%	1h	0.1005	+0.270%	$28K	$76K	10x	as long as short
Bulk DOGE-USD	+0.0100%	1h	0.1003	+0.053%	$384K	$12K	10x	as long as short
MEXC DOGE_USDTshort	+0.0100%	8h	0.1002	−0.019%	$111.4M	$218.4M	300x
KuCoin DOGEUSDTM	+0.0100%	8h	0.1002	−0.009%	$66.0M	$41.2M	75x	as long as short
BingX DOGE-USDC	+0.0100%	8h	0.1002	−0.019%	—	$3.4M	—	as long as short
Variational Omni DOGE	+0.0100%	8h	0.1002	−0.017%	$1.0M	$8.1M	—	as long as short
edgeX DOGEUSDC	+0.0100%	4h	0.1003	+0.073%	$277K	$116.5M	20x	as long as short
GRVT DOGE_USDT_Perp	+0.0100%	8h	0.1003	+0.091%	$639K	$4.6M	10x	as long as short
ApeX Omni DOGEUSDT	+0.0100%	1h	0.1004	+0.171%	$147K	$245K	25x	as long as short
Polymarket Perps DOGE-USD	+0.0100%	1h	0.1004	+0.141%	$268K	$540K	10x	as long as short
Orderly PERP_DOGE_USDC	+0.0100%	8h	0.1003	+0.111%	$73K	$432K	50x	as long as short
Derive DOGE-PERP	+0.0100%	1h	0.1003	+0.108%	$25K	$1K	10x	as long as short
SunX DOGE-USDT	+0.0100%	8h	0.1005	+0.260%	$35K	$2.2M	30x	as long as short
SoDEX DOGE-USD	+0.0100%	1h	0.1003	+0.081%	$2K	$3.6M	10x	as long as short
HTX DOGE-USDT	+0.0100%	8h	0.1004	+0.165%	$6.0M	$50.7M	75x	as long as short
Phemex DOGEUSDT	+0.0100%	8h	0.1003	+0.041%	$92.9M	$19.2M	50x	as long as short
Paradex DOGE-USD-PERP	+0.0100%	8h	0.1004	+0.170%	$18K	$5K	30x	as long as short
Extended DOGE-USD	+0.0104%	1h	0.1002	−0.054%	$554K	$3.6M	50x	as long as short
Aevo DOGE-PERP	+0.0104%	1h	0.1006	+0.387%	$19K	—	3x	as long as short
Reya DOGERUSDPERP	+0.0177%	1h	0.1004	+0.151%	$2K	—	20x	as long as short
01 Exchange DOGEUSD	+0.0192%	1h	0.1005	+0.272%	$531	$4K	10x	as long as short
Coinbase International DOGE-PERP-INTX	+0.0216%	1h	0.1005	+0.250%	$2.0M	$23.7M	50x	as long as short
BloFin DOGE-USDT	+0.0220%	8h	0.1004	+0.141%	$15.3M	$25.0M	75x	as long as short
GMX DOGE/USD [ETH-USDC]	L +0.0245% / S −0.0209%	1h	0.1004	+0.131%	$345K	—	200x	as long as short
Kraken Futures PF_DOGEUSD	+0.0363%	1h	0.1003	+0.041%	$6.0M	$32.9M	50x	as long as short
Backpack DOGE_USDC_PERP	+0.0406%	1h	0.1003	+0.091%	$536K	$959K	15x	as long as short
Hyperliquid DOGE	+0.0519%	1h	0.1004	+0.191%	$114.6M	$85.0M	10x	as long as short
RISEx DOGE/USDC	+0.0702%	1h	0.1005	+0.270%	$315K	$476K	10x	as long as short
Injective DOGE/USDC PERP	+0.0966%	1h	0.1004	+0.171%	$5K	$239K	12x	as long as short