Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.312%

Price spread now: MEXC against Coinbase International+0.205%7-day average +1.400% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$570as in the Price arb table

costs, in and out, $10k−$4504.505% of the position

Long on Coinbase International Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+4.550%+$455 on $10k

Price spread, last 4 days (all we have)−0.878%−$88 · spread now +0.205%, 7d avg +1.400%

Together, before fees+3.673%+$367 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 1.196% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.205% now, against its 7-day average of +1.400%). If the spread goes back, that is −$120 on $10k: about 7 months of funding at the current rate (+$1 a day). At the pace of the last 7 days (+4.550% in total) that is about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International SAGA-PERP-INTX	0.03911	0.0080	pay 0.0010% / 1h	46m 46s	$45K	$380K	25x
Short	MEXC SAGA_USDT	0.03919	0.0100	get 0.0050% / 4h	46m 46s	$2.6M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.205%Rate

Funding earned: $4.2
Price spread: +0.205% → +1.400%: −$119.55
Slippage, 4 orders: −$436.46
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$565.81
Costs to cover: 4.505%
Break-even: 950.0 days

Slippage from Coinbase International: live order book, 11 min ago; MEXC: live order book, 6 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, 11 min ago	48.22 bp	265.3 bp −$265	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 6 min ago	1.28 bp	26.6 bp −$27	100.6 bp −$1,006	752.0 bp −$75.2K	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	−0.0263%	1h	0.03912	+0.028%	$69K	$646K	20x	as long as short
Coinbase International SAGA-PERP-INTXlong	+0.0080%	1h	0.03911	long leg	$45K	$380K	25x
BloFin SAGA-USDT	+0.0082%	4h	0.03912	+0.026%	$994K	$214K	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03892	−0.486%	$2.2M	$267K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03915	+0.110%	$70K	$789K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03923	+0.307%	$19.4M	$102.6M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03925	+0.358%	$6.0M	$7.8M	20x	as long as short
MEXC SAGA_USDTshort	+0.0100%	4h	0.03919	+0.205%	$2.6M	$4.5M	50x
KuCoin SAGAUSDTM	+0.0100%	4h	0.03919	+0.205%	$776K	$2.6M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03922	+0.281%	$2K	$129K	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	+0.0144%	4h	0.03920	+0.230%	—	$2.0M	—	as long as short
Variational Omni SAGA	+0.0220%	4h	0.03898	−0.345%	$4K	$51K	—	as long as short
Bybit SAGAUSDT	+0.0236%	4h	0.03918	+0.171%	$3.8M	$14.4M	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1792%	1h	0.03926	+0.384%	$3K	$28	10x	as long as short