Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: BingX against Bybit+0.169%7-day average −0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$1131.128% of the position

Long on Bybit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 7 days−0.253%−$25 · spread now +0.169%, 7d avg −0.047%

Together, before fees−0.234%−$23 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.216% dearer against Bybit than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of −0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SAGAUSDT	0.03894	0.0100	pay 0.0050% / 4h	1h 42m	$3.7M	$19.6M	20x
Short	BingX SAGA-USDT	0.03901	0.0100	get 0.0050% / 4h	1h 42m	—	$2.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpFee BingXbpOrdersPrice spread, now +0.169%Rate

Funding earned: $0
Price spread: +0.169% → −0.047%: $21.65
Slippage, 4 orders: −$91.75
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee BingX: 5 bp × 2 orders: −$10
Net: −$91.11
Costs to cover: 1.128%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; BingX: live order book, 6 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 Bybit live order book, 1 min ago	1.16 bp	39.1 bp −$39	140.4 bp −$1,404	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	1.27 bp	21.5 bp −$21	53.5 bp −$535	555.0 bp −$55.5K	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
Coinbase International SAGA-PERP-INTX	−0.0168%	1h	0.03926	+0.811%	$50K	$445K	25x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03885	−0.241%	$2.2M	$342K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03892	−0.067%	$74K	$963K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03894	−0.018%	$19.3M	$142.3M	20x	as long as short
Bybit SAGAUSDTlong	+0.0100%	4h	0.03894	long leg	$3.7M	$19.6M	20x
Gate SAGA_USDT	+0.0100%	4h	0.03903	+0.221%	$6.0M	$9.3M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03892	−0.062%	$2.6M	$6.5M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03897	+0.067%	$874K	$3.1M	20x	as long as short
BingX SAGA-USDTshort	+0.0100%	4h	0.03901	+0.169%	—	$2.2M	—
Variational Omni SAGA	+0.0100%	4h	0.03933	+0.987%	$6K	$112K	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended SAGA-USD	+0.0104%	1h	0.03892	−0.069%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0121%	4h	0.03913	+0.478%	$969K	$459K	20x	as long as short
Kraken Futures PF_SAGAUSD	+0.0185%	1h	0.03884	−0.269%	$71K	$729K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0779%	1h	0.03893	−0.036%	$3K	$28	10x	as long as short