Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0694%/8h= −76.0% APRpaid last 24h −0.048%

Price spread now: Extended against Bybit−0.087%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$173as in the Funding arb table

Net, price: spread back to 7d avg − costs−$176as in the Price arb table

costs, in and out, $10k−$1711.708% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 4 days (all we have)+0.169%+$17 · spread now −0.087%, 7d avg −0.034%

Together, before fees+0.143%+ Points / potential airdropExtended: Active · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Extended is 0.053% cheaper against Bybit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.034%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.025% in total (about -1.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SAGAUSDT	0.03922	0.0798	pay 0.0399% / 4h	3h 13m	$3.8M	$16.6M	20x
Short	Extended SAGA-USD	0.03919	0.0104	get 0.0013% / 1h	13m 02s	$2K	$134K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.087%Rate

Funding earned: −$145.79
Price spread: −0.087% → −0.034%: −$5.32
Slippage, 4 orders: −$154.84
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$321.94
Costs to cover: 1.708%
Break-even: never at this rate

Slippage from Bybit: live order book, just now; Extended: live order book, 58 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, just now	1.66 bp	38.7 bp −$39	126.8 bp −$1,268	doesn't fit	doesn't fit
Sell Extended live order book, 58 min ago	6.66 bp	48.8 bp −$49	341.9 bp −$3,419	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_SAGAUSD	−0.0692%	1h	0.03916	−0.167%	$70K	$683K	20x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0088%	1h	0.03911	−0.283%	$46K	$426K	25x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03895	−0.691%	$2.2M	$302K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03912	−0.249%	$70K	$860K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03920	−0.065%	$19.4M	$122.9M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03935	+0.329%	$6.0M	$8.6M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03921	−0.028%	$2.7M	$6.0M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03919	−0.079%	$775K	$2.9M	20x	as long as short
Extended SAGA-USDshort	+0.0104%	1h	0.03919	−0.087%	$2K	$134K	5x
BloFin SAGA-USDT	+0.0155%	4h	0.03917	−0.130%	$997K	$331K	20x	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	+0.0235%	4h	0.03881	−1.057%	$4K	$91K	—	as long as short
Bybit SAGAUSDTlong	+0.0798%	4h	0.03922	long leg	$3.8M	$16.6M	20x
BingX SAGA-USDT	+0.0854%	4h	0.03920	−0.054%	—	$2.1M	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1285%	1h	0.03915	−0.181%	$3K	$28	10x	as long as short