Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1398%/8h= −153.0% APRpaid last 24h −0.137%

Price spread now: Kraken Futures against Bybit−0.139%7-day average −0.183% · you buy dearer than you sell

Net, funding: paid 7d − costs−$376as in the Funding arb table

Net, price: spread back to 7d avg − costs−$175as in the Price arb table

costs, in and out, $10k−$1801.799% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−1.962%−$196 on $10k

Price spread, last 3 days (all we have)−0.353%−$35 · spread now −0.139%, 7d avg −0.183%

Together, before fees−2.314%−$231 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.044% dearer against Bybit than usual: you sell high and buy low (spread −0.139% now, against its 7-day average of −0.183%): +$4 on $10k if it goes back. Holding the pair costs −$42 a day in funding at the current rate, which eats that in about 3 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SAGAUSDT	0.03903	0.0702	pay 0.0351% / 4h	3h 06m	$3.8M	$16.4M	20x
Short	Kraken Futures PF_SAGAUSD	0.03898	−0.0696	pay 0.0087% / 1h	6m 47s	$69K	$675K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.139%Rate

Funding earned: −$293.51
Price spread: −0.139% → −0.183%: $4.4
Slippage, 4 orders: −$158.9
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$469.01
Costs to cover: 1.799%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Kraken Futures: live order book, 1 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	2.43 bp	35.4 bp −$35	125.1 bp −$1,251	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	44.91 bp	57.8 bp −$58	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	−0.0696%	1h	0.03898	−0.139%	$69K	$675K	20x
BloFin SAGA-USDT	+0.0078%	4h	0.03901	−0.056%	$979K	$322K	20x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0088%	1h	0.03901	−0.056%	$46K	$424K	25x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03891	−0.313%	$2.2M	$302K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03901	−0.049%	$70K	$860K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03902	−0.027%	$19.3M	$121.5M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03917	+0.354%	$6.0M	$8.6M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03902	−0.031%	$2.6M	$6.0M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03901	−0.056%	$767K	$2.9M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03900	−0.070%	$2K	$131K	5x	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	+0.0266%	4h	0.03909	+0.154%	$4K	$91K	—	as long as short
BingX SAGA-USDT	+0.0700%	4h	0.03903	−0.005%	—	$2.1M	—	as long as short
Bybit SAGAUSDTlong	+0.0702%	4h	0.03903	long leg	$3.8M	$16.4M	20x
Deribit SAGA_USDC-PERPETUAL	+0.1290%	1h	0.03903	−0.005%	$3K	$28	10x	as long as short