Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.244%

Price spread now: BingX against Gate−0.278%7-day average −0.151% · you buy dearer than you sell

Net, funding: paid 7d − costs−$311as in the Funding arb table

Net, price: spread back to 7d avg − costs−$242as in the Price arb table

costs, in and out, $10k−$2302.296% of the position

Long on Gate Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.809%−$81 on $10k

Price spread, last 7 days+0.260%+$26 · spread now −0.278%, 7d avg −0.151%

Together, before fees−0.550%−$55 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 0.127% cheaper against Gate than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.151%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate SAGA_USDT	0.03956	0.0100	pay 0.0050% / 4h	32m 10s	$6.1M	$9.1M	20x
Short	BingX SAGA-USDT	0.03945	0.0100	get 0.0050% / 4h	32m 10s	—	$2.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Gate. 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 GatebpFee BingXbpOrdersPrice spread, now −0.278%Rate

Funding earned: $0
Price spread: −0.278% → −0.151%: −$12.74
Slippage, 4 orders: −$204.65
Fee Gate: 7.5 bp × 2 orders: −$15
Fee BingX: 5 bp × 2 orders: −$10
Net: −$242.38
Costs to cover: 2.296%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; BingX: live order book, 1 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 Gate live order book, 1 min ago	8.85 bp	107.4 bp −$107	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 1 min ago	1.27 bp	19.5 bp −$19	53.5 bp −$535	547.6 bp −$54.8K	doesn't fit

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	−0.0763%	1h	0.03930	−0.664%	$71K	$723K	20x	as long as short
Coinbase International SAGA-PERP-INTX	−0.0104%	1h	0.03933	−0.581%	$49K	$435K	25x	as long as short
KuCoin SAGAUSDTM	+0.0080%	4h	0.03942	−0.354%	$820K	$3.1M	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03939	−0.430%	$2.2M	$323K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03944	−0.300%	$71K	$900K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03946	−0.261%	$19.5M	$136.0M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03947	−0.225%	$3.8M	$18.6M	20x	as long as short
Gate SAGA_USDTlong	+0.0100%	4h	0.03956	long leg	$6.1M	$9.1M	20x
MEXC SAGA_USDT	+0.0100%	4h	0.03943	−0.329%	$2.7M	$6.1M	50x	as long as short
BingX SAGA-USDTshort	+0.0100%	4h	0.03945	−0.278%	—	$2.2M	—

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SAGA	+0.0100%	4h	0.03938	−0.463%	$4K	$113K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03946	−0.263%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0106%	4h	0.03943	−0.329%	$992K	$434K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0765%	1h	0.03946	−0.253%	$3K	$28	10x	as long as short