Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0385%/8h= +42.2% APRpaid last 24h +0.116%

Price spread now: Deribit against BingX−0.050%7-day average — · you buy dearer than you sell

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

Long on BingX 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 0.050% cheaper against BingX than usual: you would sell low and buy high (spread −0.050% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 10 hours of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SAGA-USDT	0.03973	0.0878	pay 0.0439% / 4h	3h 11m	—	$2.0M	—
Short	Deribit SAGA_USDC-PERPETUAL	0.03971	0.1263	get 0.0158% / 1h	11m 46s	$3K	$28	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BingX. 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 BingXbpFee DeribitbpOrdersPrice spread, now −0.050%Rate

Funding earned: $80.9
Price spread: −0.050% → 0.000%: −$5.03
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $58.87
Costs to cover: 0.170%
Break-even: 1.9 days

Slippage unknown: BingX: live order book, 6 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 BingX live order book, 6 min ago	3.79 bp	26.1 bp −$26	118.4 bp −$1,184	681.0 bp −$68.1K	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	−0.0701%	1h	0.03967	−0.157%	$74K	$634K	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03958	−0.378%	$2.2M	$254K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03966	−0.167%	$69K	$757K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03964	−0.227%	$19.5M	$98.2M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03980	+0.176%	$6.0M	$7.7M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03962	−0.277%	$2.6M	$4.2M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03968	−0.126%	$765K	$2.6M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03967	−0.148%	$4K	$201K	5x	as long as short
BloFin SAGA-USDT	+0.0136%	4h	0.03953	−0.503%	$1.0M	$212K	20x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0248%	1h	0.03965	−0.201%	$44K	$380K	25x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SAGA	+0.0529%	4h	0.03963	−0.254%	$4K	$45K	—	as long as short
BingX SAGA-USDTlong	+0.0878%	4h	0.03973	long leg	—	$2.0M	—
Bybit SAGAUSDT	+0.0958%	4h	0.03967	−0.141%	$3.9M	$14.3M	20x	as long as short
Deribit SAGA_USDC-PERPETUALshort	+0.1263%	1h	0.03971	−0.050%	$3K	$28	10x