Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.506%

Price spread now: BingX against Coinbase International+0.180%7-day average +1.462% · you sell dearer than you buy

Net, funding: paid 7d − costs+$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$499as in the Price arb table

costs, in and out, $10k−$3703.705% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+4.607%+$461 on $10k

Price spread, last 3 days (all we have)−0.444%−$44 · spread now +0.180%, 7d avg +1.462%

Together, before fees+4.163%+$416 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 1.282% cheaper against Coinbase International than usual: you would sell low and buy high, −$128 on $10k if it goes back to its 7-day average of +1.462%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International SAGA-PERP-INTX	0.03894	0.0104	pay 0.0013% / 1h	29m 44s	$46K	$409K	25x
Short	BingX SAGA-USDT	0.03901	0.0100	get 0.0050% / 4h	2h 29m	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now +0.180%Rate

Funding earned: −$0.84
Price spread: +0.180% → +1.462%: −$128.18
Slippage, 4 orders: −$350.47
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$499.49
Costs to cover: 3.705%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 38 min ago; BingX: live order book, 8 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 Coinbase International live order book, 38 min ago	11.55 bp	256.8 bp −$257	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	3.84 bp	13.8 bp −$14	51.1 bp −$511	492.7 bp −$49.3K	doesn't fit

SAGA on 13 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
Hyperliquid SAGA	−0.0976%	1h	0.03877	−0.437%	$2.2M	$288K	3x	as long as short
Kraken Futures PF_SAGAUSD	−0.0039%	1h	0.03900	+0.166%	$69K	$652K	20x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03905	+0.285%	$70K	$834K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03902	+0.205%	$19.3M	$114.4M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03900	+0.159%	$3.8M	$15.7M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03917	+0.591%	$6.0M	$8.3M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03901	+0.180%	$2.6M	$5.4M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03905	+0.282%	$770K	$2.8M	20x	as long as short
BingX SAGA-USDTshort	+0.0100%	4h	0.03901	+0.180%	—	$2.0M	—
Extended SAGA-USD	+0.0104%	1h	0.03907	+0.335%	$2K	$134K	5x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SAGA-PERP-INTXlong	+0.0104%	1h	0.03894	long leg	$46K	$409K	25x
Variational Omni SAGA	+0.0165%	4h	0.03902	+0.203%	$4K	$74K	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1288%	1h	0.03906	+0.308%	$3K	$28	10x	as long as short