Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.047%

Price spread now: BingX against Extended−0.146%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$130as in the Funding arb table

Net, price: spread back to 7d avg − costs−$148as in the Price arb table

costs, in and out, $10k−$1341.343% of the position

Long on Extended Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 4 days (all we have)−0.224%−$22 · spread now −0.146%, 7d avg −0.008%

Together, before fees−0.180%+ Points / potential airdropExtended: Active · farm board−$18 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.138% cheaper against Extended than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended SAGA-USD	0.03954	0.0104	pay 0.0013% / 1h	41m 46s	$5K	$130K	5x
Short	BingX SAGA-USDT	0.03948	0.0100	get 0.0050% / 4h	1h 41m	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Extended. 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 ExtendedbpFee BingXbpOrdersPrice spread, now −0.146%Rate

Funding earned: −$0.84
Price spread: −0.146% → −0.008%: −$13.84
Slippage, 4 orders: −$119.25
Fee Extended: 2.5 bp × 2 orders: −$5
Fee BingX: 5 bp × 2 orders: −$10
Net: −$148.94
Costs to cover: 1.343%
Break-even: never at this rate

Slippage from Extended: live order book, 19 min ago; BingX: live order book, 6 min ago.

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 Extended live order book, 19 min ago	7.03 bp	43.3 bp −$43	312.1 bp −$3,121	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	2.52 bp	24.9 bp −$25	68.4 bp −$684	576.0 bp −$57.6K	1097.6 bp −$548.8K

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	−0.0219%	1h	0.03944	−0.247%	$2.2M	$281K	3x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0064%	1h	0.04001	+1.194%	$46K	$397K	25x	as long as short
BloFin SAGA-USDT	+0.0065%	4h	0.03953	−0.020%	$1.0M	$248K	20x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03955	+0.036%	$70K	$801K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03949	−0.117%	$19.6M	$107.4M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03949	−0.128%	$3.9M	$14.7M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03959	+0.132%	$6.1M	$7.9M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03949	−0.121%	$2.6M	$4.9M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03956	+0.056%	$786K	$2.7M	20x	as long as short
BingX SAGA-USDTshort	+0.0100%	4h	0.03948	−0.146%	—	$2.0M	—

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended SAGA-USDlong	+0.0104%	1h	0.03954	long leg	$5K	$130K	5x
Variational Omni SAGA	+0.0131%	4h	0.03959	+0.127%	$4K	$53K	—	as long as short
Kraken Futures PF_SAGAUSD	+0.0132%	1h	0.03950	−0.085%	$70K	$645K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1270%	1h	0.03953	−0.020%	$3K	$28	10x	as long as short