SAGA

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.2938%/8h= −321.7% APRnext payment −$3.67 per $10,000 · paid last 24h −0.294%

Price spread now: Hyperliquid against Deribit−0.557%50s7-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 Hyperliquid

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 airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$88 a day on $10k at the current rate, and Hyperliquid is 0.557% cheaper against Deribit than usual: you would sell low and buy high (−$56 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 50 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	0.03950	0.0764	pay 0.0095% / 1h	55m 23s	$3K	$28	10x
Short	Hyperliquid SAGA	0.03928	−0.2174	pay 0.0272% / 1h	55m 23s	$2.2M	$293K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.557%Rate

Funding earned: −$616.95
Price spread: −0.557% → 0.000%: −$55.7
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$688.64
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Hyperliquid: 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 Hyperliquid live order book, 6 min ago	1.28 bp	5.8 bp −$6	doesn't fit	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
Hyperliquid SAGAshort	−0.2174%	1h	0.03928	−0.557%	$2.2M	$293K	3x
Kraken Futures PF_SAGAUSD	−0.0038%	1h	0.03939	−0.268%	$70K	$670K	20x	as long as short
BloFin SAGA-USDT	+0.0070%	4h	0.03965	+0.380%	$1.0M	$323K	20x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03944	−0.146%	$70K	$850K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03945	−0.130%	$19.5M	$119.3M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03961	+0.278%	$6.1M	$8.3M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03940	−0.253%	$2.6M	$5.4M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03944	−0.152%	$779K	$2.9M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03941	−0.233%	$3K	$134K	5x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0104%	1h	0.03933	−0.430%	$46K	$427K	25x	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	+0.0274%	4h	0.03954	+0.110%	$4K	$89K	—	as long as short
Bybit SAGAUSDT	+0.0419%	4h	0.03948	−0.058%	$3.8M	$16.2M	20x	as long as short
BingX SAGA-USDT	+0.0516%	4h	0.03948	−0.051%	—	$2.1M	—	as long as short
Deribit SAGA_USDC-PERPETUALlong	+0.0764%	1h	0.03950	long leg	$3K	$28	10x