Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.471%

Price spread now: Hyperliquid against Gate−0.483%7-day average −0.348% · you buy dearer than you sell

Net, funding: paid 7d − costs−$399as in the Funding arb table

Net, price: spread back to 7d avg − costs−$238as in the Price arb table

costs, in and out, $10k−$2242.245% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−1.744%−$174 on $10k

Price spread, last 7 days+0.422%+$42 · spread now −0.483%, 7d avg −0.348%

Together, before fees−1.322%+ Points / potential airdropHyperliquid: Season 2 · farm board−$132 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: Hyperliquid is 0.135% cheaper against Gate than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of −0.348%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate SAGA_USDT	0.03930	0.0100	pay 0.0050% / 4h	16m 04s	$6.0M	$9.1M	20x
Short	Hyperliquid SAGA	0.03911	0.0100	get 0.0013% / 1h	16m 04s	$2.2M	$323K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.483%Rate

Funding earned: $0
Price spread: −0.483% → −0.348%: −$13.52
Slippage, 4 orders: −$200.45
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$237.97
Costs to cover: 2.245%
Break-even: never at this rate

Slippage from Gate: live order book, 2 min ago; Hyperliquid: live order book, 5 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, 2 min ago	8.86 bp	102.6 bp −$103	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	5.09 bp	14.6 bp −$15	doesn't fit	doesn't fit	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	−0.0766%	1h	0.03914	−0.405%	$70K	$723K	20x	as long as short
Coinbase International SAGA-PERP-INTX	−0.0104%	1h	0.03929	−0.025%	$48K	$435K	25x	as long as short
KuCoin SAGAUSDTM	+0.0008%	4h	0.03917	−0.331%	$780K	$3.1M	20x	as long as short
Hyperliquid SAGAshort	+0.0100%	1h	0.03911	−0.483%	$2.2M	$323K	3x
Aster SAGAUSDT	+0.0100%	4h	0.03911	−0.494%	$70K	$895K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03921	−0.220%	$19.4M	$134.9M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03922	−0.206%	$3.8M	$18.5M	20x	as long as short
Gate SAGA_USDTlong	+0.0100%	4h	0.03930	long leg	$6.0M	$9.1M	20x
MEXC SAGA_USDT	+0.0100%	4h	0.03918	−0.305%	$2.7M	$6.1M	50x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03925	−0.127%	—	$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	0.03916	−0.363%	$4K	$112K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03916	−0.358%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0109%	4h	0.03929	−0.025%	$997K	$431K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0772%	1h	0.03916	−0.356%	$3K	$28	10x	as long as short