Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0816%/8h= −89.3% APRpaid last 24h −0.090%

Price spread now: Kraken Futures against BloFin+0.255%57s7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$340as 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−$1471.470% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−1.929%−$193 on $10k

Price spread, last 3 days (all we have)−0.286%−$29 · spread now +0.255%, 7d avg −0.006%

Together, before fees−2.216%−$222 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.261% dearer against BloFin than usual: you sell high and buy low (spread +0.255% now, against its 7-day average of −0.006%): +$26 on $10k if it goes back. Holding the pair costs −$24 a day in funding at the current rate, which eats that in about 26 hours. The two prices were read 57 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	BloFin SAGA-USDT	0.03907	0.0124	pay 0.0062% / 4h	3h 35m	$992K	$364K	20x
Short	Kraken Futures PF_SAGAUSD	0.03917	−0.0692	pay 0.0087% / 1h	35m 53s	$70K	$682K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BloFin. 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 BloFinbpFee Kraken FuturesbpOrdersPrice spread, now +0.255%Rate

Funding earned: −$171.34
Price spread: +0.255% → −0.006%: $26.12
Slippage, 4 orders: −$124.98
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$292.2
Costs to cover: 1.470%
Break-even: never at this rate

Slippage from BloFin: live order book, 21 min ago; Kraken Futures: live order book, 37 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 BloFin live order book, 21 min ago	3.79 bp	20.0 bp −$20	75.2 bp −$752	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 37 min ago	26.78 bp	65.3 bp −$65	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	−0.0692%	1h	0.03917	+0.255%	$70K	$682K	20x
KuCoin SAGAUSDTM	+0.0064%	4h	0.03924	+0.435%	$779K	$3.0M	20x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0088%	1h	0.03920	+0.333%	$47K	$430K	25x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03908	+0.026%	$2.2M	$317K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03920	+0.335%	$70K	$884K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03926	+0.475%	$19.4M	$126.5M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03942	+0.896%	$6.0M	$8.6M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03923	+0.410%	$2.6M	$5.9M	50x	as long as short
Variational Omni SAGA	+0.0100%	4h	0.03922	+0.393%	$4K	$100K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03925	+0.470%	$4K	$153K	5x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin SAGA-USDTlong	+0.0124%	4h	0.03907	long leg	$992K	$364K	20x
BingX SAGA-USDT	+0.0300%	4h	0.03929	+0.563%	—	$2.1M	—	as long as short
Bybit SAGAUSDT	+0.0651%	4h	0.03930	+0.589%	$3.8M	$17.1M	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1794%	1h	0.03922	+0.384%	$3K	$28	10x	as long as short