Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0947%/8h= −103.7% APRpaid last 24h −0.068%

Price spread now: Kraken Futures against Binance−0.379%7-day average −0.130% · you buy dearer than you sell

Net, funding: paid 7d − costs−$401as in the Funding arb table

Net, price: spread back to 7d avg − costs−$224as in the Price arb table

costs, in and out, $10k−$1991.987% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−2.027%−$203 on $10k

Price spread, last 4 days (all we have)−0.062%−$6 · spread now −0.379%, 7d avg −0.130%

Together, before fees−2.089%−$209 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and Kraken Futures is 0.250% cheaper against Binance than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of −0.130%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SAGAUSDT	0.04153	0.0100	pay 0.0050% / 4h	3h 52m	$20.3M	$98.8M	20x
Short	Kraken Futures PF_SAGAUSD	0.04137	−0.0847	pay 0.0106% / 1h	52m 47s	$78K	$545K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.379%Rate

Funding earned: −$198.81
Price spread: −0.379% → −0.130%: −$24.98
Slippage, 4 orders: −$178.73
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$422.52
Costs to cover: 1.987%
Break-even: never at this rate

Slippage from Binance: live order book, 5 min ago; Kraken Futures: live order book, 45 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 Binance live order book, 5 min ago	2.43 bp	24.0 bp −$24	103.0 bp −$1,030	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 45 min ago	66.77 bp	77.5 bp −$77	doesn't fit	doesn't fit	doesn't fit

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_SAGAUSDshort	−0.0847%	1h	0.04137	−0.379%	$78K	$545K	20x
KuCoin SAGAUSDTM	−0.0024%	4h	0.04155	+0.048%	$818K	$2.6M	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.04132	−0.506%	$2.3M	$255K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.04154	+0.023%	$67K	$695K	5x	as long as short
Binance SAGAUSDTlong	+0.0100%	4h	0.04153	long leg	$20.3M	$98.8M	20x
Bybit SAGAUSDT	+0.0100%	4h	0.04153	−0.010%	$4.0M	$15.5M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.04146	−0.169%	$2.8M	$4.3M	50x	as long as short
Variational Omni SAGA	+0.0100%	4h	0.04108	−1.077%	$4K	$43K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.04154	+0.021%	$649	$178K	5x	as long as short
BloFin SAGA-USDT	+0.0121%	4h	0.04150	−0.072%	$1.0M	$292K	20x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SAGA-PERP-INTX	+0.0440%	1h	0.04135	−0.433%	$42K	$386K	25x	as long as short
BingX SAGA-USDT	+0.0482%	4h	0.04155	+0.048%	—	$2.0M	—	as long as short
Gate SAGA_USDT	+0.0780%	4h	0.04166	+0.313%	$6.3M	$7.1M	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1198%	1h	0.04149	−0.096%	$3K	$124	10x	as long as short