Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h −0.221%

Price spread now: Kraken Futures against Gate−0.404%7-day average −0.313% · you buy dearer than you sell

Net, funding: paid 7d − costs−$562as in the Funding arb table

Net, price: spread back to 7d avg − costs−$288as in the Price arb table

costs, in and out, $10k−$2792.792% of the position

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−2.827%−$283 on $10k

Price spread, last 4 days (all we have)−1.383%−$138 · spread now −0.404%, 7d avg −0.313%

Together, before fees−4.210%−$421 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.090% cheaper against Gate than usual: you would sell low and buy high (spread −0.404% now, against its 7-day average of −0.313%). If the spread goes back, that is −$9 on $10k: about 9.2 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −2.827%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate SAGA_USDT	0.03925	0.0100	pay 0.0050% / 4h	1h 39m	$6.0M	$7.9M	20x
Short	Kraken Futures PF_SAGAUSD	0.03909	0.0133	get 0.0017% / 1h	39m 02s	$69K	$641K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 Kraken FuturesbpOrdersPrice spread, now −0.404%Rate

Funding earned: $6.91
Price spread: −0.404% → −0.313%: −$9.04
Slippage, 4 orders: −$254.19
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$281.32
Costs to cover: 2.792%
Break-even: 291.8 days

Slippage from Gate: live order book, 4 min ago; Kraken Futures: live order book, 24 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, 4 min ago	8.84 bp	115.9 bp −$116	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 24 min ago	22.66 bp	44.2 bp −$44	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
Hyperliquid SAGA	−0.0146%	1h	0.03909	−0.408%	$2.2M	$282K	3x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0064%	1h	0.03910	−0.382%	$45K	$385K	25x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03916	−0.217%	$70K	$801K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03919	−0.149%	$19.4M	$107.1M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03916	−0.229%	$3.9M	$14.6M	20x	as long as short
Gate SAGA_USDTlong	+0.0100%	4h	0.03925	long leg	$6.0M	$7.9M	20x
MEXC SAGA_USDT	+0.0100%	4h	0.03913	−0.306%	$2.5M	$4.9M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03922	−0.076%	$779K	$2.7M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03930	+0.127%	—	$2.0M	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03913	−0.307%	$5K	$130K	5x	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	+0.0130%	4h	0.03949	+0.611%	$4K	$53K	—	as long as short
Kraken Futures PF_SAGAUSDshort	+0.0133%	1h	0.03909	−0.404%	$69K	$641K	20x
BloFin SAGA-USDT	+0.0158%	4h	0.03921	−0.102%	$998K	$238K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1029%	1h	0.03915	−0.255%	$3K	$28	10x	as long as short