Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0938%/8h= −102.7% APRpaid last 24h −0.054%

Price spread now: Bybit against Deribit+0.270%45s7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Bybit

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

The price spread pays, funding is against you. Bybit is 0.270% dearer against Deribit than usual: you sell high and buy low (spread +0.270% now, against zero (this spread has no 7-day history yet)): +$27 on $10k if it goes back. Holding the pair costs −$28 a day in funding at the current rate, which eats that in about 23 hours. The two prices were read 45 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	0.03886	0.1038	pay 0.0130% / 1h	57m 32s	$3K	$28	10x
Short	Bybit SAGAUSDT	0.03896	0.0100	get 0.0050% / 4h	57m 32s	$3.7M	$18.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpOrdersPrice spread, now +0.270%Rate

Funding earned: −$197.05
Price spread: +0.270% → 0.000%: $27.02
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$188.03
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 1 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 Bybit live order book, 1 min ago	0.64 bp	38.0 bp −$38	112.0 bp −$1,120	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	−0.0772%	1h	0.03883	−0.068%	$70K	$724K	20x	as long as short
Coinbase International SAGA-PERP-INTX	−0.0104%	1h	0.03873	−0.335%	$48K	$435K	25x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03880	−0.154%	$2.2M	$323K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03891	+0.116%	$74K	$911K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03892	+0.154%	$19.2M	$138.0M	20x	as long as short
Bybit SAGAUSDTshort	+0.0100%	4h	0.03896	+0.270%	$3.7M	$18.9M	20x
Gate SAGA_USDT	+0.0100%	4h	0.03897	+0.283%	$6.0M	$9.1M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03888	+0.051%	$2.7M	$6.1M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03886	0.000%	$809K	$3.1M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03889	+0.077%	—	$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	0.03877	−0.240%	$6K	$112K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03881	−0.126%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0146%	4h	0.03860	−0.669%	$980K	$442K	20x	as long as short
Deribit SAGA_USDC-PERPETUALlong	+0.1038%	1h	0.03886	long leg	$3K	$28	10x