Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1384%/8h= −151.5% APRpaid last 24h −0.173%

Price spread now: MEXC against Deribit+0.074%7-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 MEXC

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. MEXC is 0.074% dearer against Deribit than usual: you sell high and buy low (spread +0.074% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$42 a day in funding at the current rate, which eats that in about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SAGA_USDC-PERPETUAL	0.04045	0.1484	pay 0.0185% / 1h	36m 33s	$3K	—	10x
Short	MEXC SAGA_USDT	0.04048	0.0100	get 0.0050% / 4h	2h 36m	$2.7M	$4.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.074%Rate

Funding earned: −$290.54
Price spread: +0.074% → 0.000%: $7.42
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$294.12
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; MEXC: 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 MEXC live order book, 6 min ago	1.26 bp	18.5 bp −$18	107.2 bp −$1,072	732.5 bp −$73.2K	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 SAGA	+0.0083%	1h	0.04020	−0.618%	$2.2M	$254K	3x	as long as short
BloFin SAGA-USDT	+0.0095%	4h	0.04001	−1.088%	$1.0M	$208K	20x	as long as short
Kraken Futures PF_SAGAUSD	+0.0095%	1h	0.04035	−0.245%	$75K	$617K	20x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.04056	+0.272%	$71K	$732K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.04057	+0.298%	$20.0M	$96.5M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.04060	+0.371%	$6.1M	$7.6M	20x	as long as short
MEXC SAGA_USDTshort	+0.0100%	4h	0.04048	+0.074%	$2.7M	$4.1M	50x
KuCoin SAGAUSDTM	+0.0100%	4h	0.04054	+0.222%	$780K	$2.5M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.04050	+0.127%	$5K	$195K	5x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0176%	1h	0.04011	−0.841%	$44K	$381K	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	+0.0639%	4h	0.03982	−1.551%	$4K	$44K	—	as long as short
BingX SAGA-USDT	+0.0646%	4h	0.04054	+0.222%	—	$1.9M	—	as long as short
Bybit SAGAUSDT	+0.0652%	4h	0.04062	+0.423%	$4.0M	$14.2M	20x	as long as short
Deribit SAGA_USDC-PERPETUALlong	+0.1484%	1h	0.04045	long leg	$3K	—	10x