Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0268%/8h= −29.3% APRpaid last 24h −0.889%

Price spread now: Coinbase International against Bybit−0.148%7-day average −1.547% · you buy dearer than you sell

Net, funding: paid 7d − costs−$832as in the Funding arb table

Net, price: spread back to 7d avg − costs−$231as in the Price arb table

costs, in and out, $10k−$3713.712% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−4.606%−$461 on $10k

Price spread, last 3 days (all we have)+1.011%+$101 · spread now −0.148%, 7d avg −1.547%

Together, before fees−3.595%−$360 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 1.399% dearer against Bybit than usual: you sell high and buy low (spread −0.148% now, against its 7-day average of −1.547%): +$140 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 17 days. At the pace of the last 7 days (−4.606% in total) that is about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SAGAUSDT	0.03861	0.0100	pay 0.0050% / 4h	1h 36m	$3.7M	$19.6M	20x
Short	Coinbase International SAGA-PERP-INTX	0.03855	−0.0168	pay 0.0021% / 1h	36m 47s	$49K	$437K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now −0.148%Rate

Funding earned: −$56.28
Price spread: −0.148% → −1.547%: $139.93
Slippage, 4 orders: −$350.2
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$287.56
Costs to cover: 3.712%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Coinbase International: live order book, 46 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, 2 min ago	0.13 bp	39.2 bp −$39	135.5 bp −$1,355	doesn't fit	doesn't fit
Sell Coinbase International live order book, 46 min ago	25.38 bp	117.8 bp −$118	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
Coinbase International SAGA-PERP-INTXshort	−0.0168%	1h	0.03855	−0.148%	$49K	$437K	25x
Hyperliquid SAGA	+0.0100%	1h	0.03851	−0.251%	$2.1M	$342K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03858	−0.070%	$73K	$942K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03862	+0.023%	$19.1M	$141.9M	20x	as long as short
Bybit SAGAUSDTlong	+0.0100%	4h	0.03861	long leg	$3.7M	$19.6M	20x
Gate SAGA_USDT	+0.0100%	4h	0.03870	+0.241%	$5.9M	$9.3M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03859	−0.044%	$2.6M	$6.5M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03860	−0.018%	$871K	$3.1M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03862	+0.034%	—	$2.2M	—	as long as short
Variational Omni SAGA	+0.0100%	4h	0.03889	+0.733%	$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	0.03860	−0.012%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0134%	4h	0.03869	+0.215%	$990K	$453K	20x	as long as short
Kraken Futures PF_SAGAUSD	+0.0186%	1h	0.03854	−0.163%	$70K	$728K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0788%	1h	0.03859	−0.044%	$3K	$28	10x	as long as short