Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1178%/8h= −129.0% APRpaid last 24h −0.107%

Price spread now: Binance against Deribit−0.194%55s7-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 Binance

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—needs both histories

Both sides work against this trade now: funding costs −$35 a day on $10k at the current rate, and Binance is 0.194% cheaper against Deribit than usual: you would sell low and buy high (−$19 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SAGA_USDC-PERPETUAL	0.03932	0.1278	pay 0.0160% / 1h	22m 30s	$3K	$28	10x
Short	Binance SAGAUSDT	0.03924	0.0100	get 0.0050% / 4h	1h 22m	$19.4M	$140.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.194%Rate

Funding earned: −$247.44
Price spread: −0.194% → 0.000%: −$19.45
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$283.88
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Binance: live order book, 6 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 Binance live order book, 6 min ago	1.30 bp	22.4 bp −$22	88.0 bp −$880	637.0 bp −$63.7K	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
Coinbase International SAGA-PERP-INTX	−0.0168%	1h	0.03921	−0.280%	$49K	$442K	25x	as long as short
BloFin SAGA-USDT	+0.0095%	4h	0.03877	−1.399%	$982K	$448K	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03912	−0.509%	$2.2M	$341K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03921	−0.267%	$74K	$937K	5x	as long as short
Binance SAGAUSDTshort	+0.0100%	4h	0.03924	−0.194%	$19.4M	$140.3M	20x
Bybit SAGAUSDT	+0.0100%	4h	0.03926	−0.142%	$3.7M	$19.3M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03941	+0.229%	$6.1M	$9.3M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03918	−0.356%	$2.6M	$6.5M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03926	−0.153%	$886K	$3.1M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03934	+0.051%	—	$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	0.03883	−1.252%	$6K	$112K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03917	−0.375%	$3K	$159K	5x	as long as short
Kraken Futures PF_SAGAUSD	+0.0183%	1h	0.03925	−0.187%	$72K	$728K	20x	as long as short
Deribit SAGA_USDC-PERPETUALlong	+0.1278%	1h	0.03932	long leg	$3K	$28	10x