Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0942%/8h= −103.1% APRpaid last 24h −0.203%

Price spread now: KuCoin against Deribit+0.026%53s7-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 KuCoin

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. KuCoin is 0.026% dearer against Deribit than usual: you sell high and buy low (spread +0.026% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$28 a day in funding at the current rate, which eats that in about 2 hours. The two prices were read 53 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	0.03876	0.1042	pay 0.0130% / 1h	26m 23s	$3K	$28	10x
Short	KuCoin SAGAUSDTM	0.03877	0.0100	get 0.0050% / 4h	1h 26m	$875K	$3.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$197.75
Price spread: +0.026% → 0.000%: $2.58
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$214.17
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; KuCoin: 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 KuCoin live order book, 6 min ago	12.93 bp	101.2 bp −$101	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
Coinbase International SAGA-PERP-INTX	−0.0168%	1h	0.03845	−0.800%	$49K	$436K	25x	as long as short
BloFin SAGA-USDT	+0.0068%	4h	0.03858	−0.464%	$980K	$447K	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03872	−0.103%	$2.1M	$341K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03876	−0.010%	$73K	$939K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03878	+0.059%	$19.2M	$140.8M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03880	+0.101%	$3.7M	$19.4M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03886	+0.258%	$6.0M	$9.3M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03876	0.000%	$2.6M	$6.5M	50x	as long as short
KuCoin SAGAUSDTMshort	+0.0100%	4h	0.03877	+0.026%	$875K	$3.1M	20x
BingX SAGA-USDT	+0.0100%	4h	0.03877	+0.026%	—	$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	0.03869	−0.169%	$6K	$112K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03880	+0.115%	$3K	$159K	5x	as long as short
Kraken Futures PF_SAGAUSD	+0.0186%	1h	0.03870	−0.143%	$71K	$728K	20x	as long as short
Deribit SAGA_USDC-PERPETUALlong	+0.1042%	1h	0.03876	long leg	$3K	$28	10x