Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0388%/8h= +42.5% APRpaid last 24h +0.890%

Price spread now: Bybit against Coinbase International−0.090%7-day average +1.567% · you buy dearer than you sell

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$619as in the Price arb table

costs, in and out, $10k−$4534.532% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+4.608%+$461 on $10k

Price spread, last 3 days (all we have)−0.607%−$61 · spread now −0.090%, 7d avg +1.567%

Together, before fees+4.001%+$400 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 1.656% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.090% now, against its 7-day average of +1.567%). If the spread goes back, that is −$166 on $10k: about 14 days of funding at the current rate (+$12 a day). At the pace of the last 7 days (+4.608% in total) that is about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International SAGA-PERP-INTX	0.04021	−0.0288	get 0.0036% / 1h	37m 40s	$52K	$452K	25x
Short	Bybit SAGAUSDT	0.04017	0.0100	get 0.0050% / 4h	2h 37m	$3.9M	$20.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.090%Rate

Funding earned: $81.48
Price spread: −0.090% → +1.567%: −$165.62
Slippage, 4 orders: −$432.22
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$537.35
Costs to cover: 4.532%
Break-even: 53.2 days

Slippage from Coinbase International: live order book, 50 min ago; Bybit: 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 Coinbase International live order book, 50 min ago	58.34 bp	222.0 bp −$222	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	3.85 bp	44.0 bp −$44	121.0 bp −$1,210	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
Hyperliquid SAGA	−0.1116%	1h	0.04002	−0.473%	$2.2M	$344K	3x	as long as short
Coinbase International SAGA-PERP-INTXlong	−0.0288%	1h	0.04021	long leg	$52K	$452K	25x
BloFin SAGA-USDT	+0.0044%	4h	0.04029	+0.199%	$1.0M	$532K	20x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.04019	−0.053%	$68K	$982K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.04017	−0.099%	$20.1M	$148.2M	20x	as long as short
Bybit SAGAUSDTshort	+0.0100%	4h	0.04017	−0.090%	$3.9M	$20.8M	20x
Gate SAGA_USDT	+0.0100%	4h	0.04029	+0.199%	$6.2M	$9.4M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.04016	−0.124%	$2.9M	$6.7M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.04012	−0.224%	$916K	$3.2M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.04016	−0.124%	—	$2.3M	—	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	0.04016	−0.136%	$3K	$159K	5x	as long as short
Variational Omni SAGA	+0.0187%	4h	0.03989	−0.802%	$6K	$113K	—	as long as short
Kraken Futures PF_SAGAUSD	+0.0921%	1h	0.04030	+0.231%	$82K	$724K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0992%	1h	0.04031	+0.249%	$3K	$28	10x	as long as short