Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0320%/8h= −35.0% APRpaid last 24h −0.182%

Price spread now: Hyperliquid against Bybit−0.566%7-day average −0.255% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.931%−$93 on $10k

Price spread, last 7 days+0.379%+$38 · spread now −0.566%, 7d avg −0.255%

Together, before fees−0.552%+ Points / potential airdropHyperliquid: Season 2 · farm board−$55 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Hyperliquid is 0.311% cheaper against Bybit than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of −0.255%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SAGAUSDT	0.03885	0.0171	pay 0.0085% / 4h	31m 15s	$3.8M	$14.4M	20x
Short	Hyperliquid SAGA	0.03863	−0.0149	pay 0.0019% / 1h	31m 15s	$2.1M	$266K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.566%Rate

Funding earned: −$67.14
Price spread: −0.566% → −0.255%: −$31.14
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$118.27
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 min ago; Hyperliquid: live order book, 10 min ago. Net counts fees only.

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	1.67 bp	41.1 bp −$41	125.1 bp −$1,251	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	1.30 bp	5.8 bp −$6	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_SAGAUSD	−0.0265%	1h	0.03881	−0.097%	$69K	$644K	20x	as long as short
Hyperliquid SAGAshort	−0.0149%	1h	0.03863	−0.566%	$2.1M	$266K	3x
BloFin SAGA-USDT	+0.0046%	4h	0.03880	−0.129%	$981K	$213K	20x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0080%	1h	0.03883	−0.051%	$44K	$379K	25x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03887	+0.056%	$69K	$768K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03887	+0.040%	$19.2M	$101.9M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03895	+0.257%	$5.9M	$7.8M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03884	−0.026%	$2.5M	$4.5M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03889	+0.103%	$772K	$2.6M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03887	+0.050%	$7K	$135K	5x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SAGA-USDT	+0.0164%	4h	0.03891	+0.154%	—	$2.0M	—	as long as short
Bybit SAGAUSDTlong	+0.0171%	4h	0.03885	long leg	$3.8M	$14.4M	20x
Variational Omni SAGA	+0.0191%	4h	0.03855	−0.761%	$4K	$48K	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1295%	1h	0.03889	+0.103%	$3K	$28	10x	as long as short