Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0928%/8h= −101.7% APRpaid last 24h −0.121%

Price spread now: Aster against Deribit−0.028%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and Aster is 0.028% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SAGA_USDC-PERPETUAL	0.03916	0.1028	pay 0.0129% / 1h	8m 41s	$3K	$28	10x
Short	Aster SAGAUSDT	0.03915	0.0100	get 0.0050% / 4h	8m 41s	$70K	$895K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Deribit. 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 DeribitbpFee AsterbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$194.97
Price spread: −0.028% → 0.000%: −$2.8
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$212.77
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Aster: live order book, 64 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 Deribit no order-book sample	—	—	—	—	—
Sell Aster live order book, 64 min ago	20.61 bp	41.4 bp −$41	261.0 bp −$2,610	doesn't fit	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0767%	1h	0.03907	−0.234%	$70K	$713K	20x	as long as short
Coinbase International SAGA-PERP-INTX	−0.0104%	1h	0.03899	−0.434%	$47K	$431K	25x	as long as short
KuCoin SAGAUSDTM	−0.0024%	4h	0.03921	+0.128%	$780K	$3.1M	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03907	−0.230%	$2.2M	$323K	3x	as long as short
Aster SAGAUSDTshort	+0.0100%	4h	0.03915	−0.028%	$70K	$895K	5x
Binance SAGAUSDT	+0.0100%	4h	0.03917	+0.026%	$19.3M	$134.3M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03923	+0.171%	$3.8M	$18.3M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03926	+0.255%	$6.0M	$9.1M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03915	−0.026%	$2.6M	$6.1M	50x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03920	+0.102%	—	$2.2M	—	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	+0.0100%	4h	0.03906	−0.248%	$4K	$110K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03917	+0.024%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0156%	4h	0.03901	−0.383%	$994K	$406K	20x	as long as short
Deribit SAGA_USDC-PERPETUALlong	+0.1028%	1h	0.03916	long leg	$3K	$28	10x