Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0234%/8h= −25.6% APRpaid last 24h −0.105%

Price spread now: Kraken Futures against BingX−0.076%7-day average −0.143% · you buy dearer than you sell

Net, funding: paid 7d − costs−$351as in the Funding arb table

Net, price: spread back to 7d avg − costs−$138as in the Price arb table

costs, in and out, $10k−$1451.446% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−2.064%−$206 on $10k

Price spread, last 4 days (all we have)−0.554%−$55 · spread now −0.076%, 7d avg −0.143%

Together, before fees−2.617%−$262 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.067% dearer against BingX than usual: you sell high and buy low (spread −0.076% now, against its 7-day average of −0.143%): +$7 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 23 hours. At the pace of the last 7 days (−2.064% in total) that is about 5 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SAGA-USDT	0.04182	0.0326	pay 0.0163% / 4h	2h 16m	—	$1.9M	—
Short	Kraken Futures PF_SAGAUSD	0.04179	0.0092	get 0.0012% / 1h	16m 22s	$77K	$616K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$49.11
Price spread: −0.076% → −0.143%: $6.69
Slippage, 4 orders: −$124.56
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$186.97
Costs to cover: 1.446%
Break-even: never at this rate

Slippage from BingX: live order book, 2 min ago; Kraken Futures: live order book, 32 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 BingX live order book, 2 min ago	2.40 bp	18.9 bp −$19	68.1 bp −$681	406.2 bp −$40.6K	doesn't fit
Sell Kraken Futures live order book, 32 min ago	29.04 bp	55.8 bp −$56	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
Hyperliquid SAGA	−0.0078%	1h	0.04170	−0.287%	$2.3M	$259K	3x	as long as short
BloFin SAGA-USDT	+0.0076%	4h	0.04169	−0.311%	$1.1M	$215K	20x	as long as short
Kraken Futures PF_SAGAUSDshort	+0.0092%	1h	0.04179	−0.076%	$77K	$616K	20x
Aster SAGAUSDT	+0.0100%	4h	0.04182	+0.011%	$71K	$729K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.04182	+0.011%	$20.7M	$97.4M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.04196	+0.335%	$6.3M	$7.7M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.04184	+0.048%	$2.9M	$4.2M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.04183	+0.024%	$830K	$2.5M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.04182	+0.003%	$4K	$192K	5x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0176%	1h	0.04200	+0.430%	$46K	$399K	25x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit SAGAUSDT	+0.0302%	4h	0.04185	+0.062%	$4.1M	$14.4M	20x	as long as short
BingX SAGA-USDTlong	+0.0326%	4h	0.04182	long leg	—	$1.9M	—
Variational Omni SAGA	+0.0528%	4h	0.04157	−0.598%	$6K	$46K	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1185%	1h	0.04186	+0.096%	$3K	—	10x	as long as short