Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0935%/8h= +102.4% APRpaid last 24h +0.158%

Price spread now: Deribit against Binance−0.054%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Deribit is 0.054% cheaper against Binance than usual: you would sell low and buy high (spread −0.054% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 5 hours of funding at the current rate (+$28 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SAGAUSDT	0.03897	0.0100	pay 0.0050% / 4h	50m 32s	$19.3M	$102.8M	20x
Short	Deribit SAGA_USDC-PERPETUAL	0.03895	0.1035	get 0.0129% / 1h	50m 32s	$3K	$28	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now −0.054%Rate

Funding earned: $196.42
Price spread: −0.054% → 0.000%: −$5.43
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $173.99
Costs to cover: 0.170%
Break-even: 0.8 days

Slippage unknown: Binance: live order book, 7 min ago; Deribit: no order-book sample. Net counts fees only.

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 Binance live order book, 7 min ago	2.55 bp	23.1 bp −$23	174.9 bp −$1,749	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

SAGA on 14 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
Kraken Futures PF_SAGAUSD	−0.0265%	1h	0.03889	−0.212%	$69K	$646K	20x	as long as short
BloFin SAGA-USDT	+0.0053%	4h	0.03896	−0.029%	$1.0M	$214K	20x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0080%	1h	0.03888	−0.234%	$44K	$377K	25x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03884	−0.337%	$2.1M	$267K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03898	+0.010%	$69K	$789K	5x	as long as short
Binance SAGAUSDTlong	+0.0100%	4h	0.03897	long leg	$19.3M	$102.8M	20x
Gate SAGA_USDT	+0.0100%	4h	0.03903	+0.151%	$5.9M	$7.8M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03897	−0.003%	$2.5M	$4.5M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03897	−0.003%	$772K	$2.6M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03897	−0.005%	$2K	$129K	5x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit SAGAUSDT	+0.0156%	4h	0.03907	+0.246%	$3.8M	$14.4M	20x	as long as short
BingX SAGA-USDT	+0.0182%	4h	0.03891	−0.157%	—	$2.0M	—	as long as short
Variational Omni SAGA	+0.0220%	4h	0.03898	+0.010%	$4K	$51K	—	as long as short
Deribit SAGA_USDC-PERPETUALshort	+0.1035%	1h	0.03895	−0.054%	$3K	$28	10x