Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1456%/8h= +159.5% APRpaid last 24h +0.284%

Price spread now: BingX against Hyperliquid+0.401%7-day average +0.194% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$1071.072% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.931%+$93 on $10k

Price spread, last 7 days−0.392%−$39 · spread now +0.401%, 7d avg +0.194%

Together, before fees+0.539%+ Points / potential airdropHyperliquid: Season 2 · farm board+$54 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$44 a day on $10k at the current rate, and BingX is 0.207% dearer against Hyperliquid than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of +0.194%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.931% in total (about 48.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SAGA	0.03989	−0.1356	get 0.0170% / 1h	40m 31s	$2.2M	$344K	3x
Short	BingX SAGA-USDT	0.04005	0.0100	get 0.0050% / 4h	2h 40m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hyperliquid. 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 HyperliquidbpFee BingXbpOrdersPrice spread, now +0.401%Rate

Funding earned: $305.81
Price spread: +0.401% → +0.194%: $20.73
Slippage, 4 orders: −$88.18
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: $219.36
Costs to cover: 1.072%
Break-even: 2.0 days

Slippage from Hyperliquid: live order book, just now; BingX: live order book, 8 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 Hyperliquid live order book, just now	1.25 bp	53.5 bp −$54	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	3.68 bp	20.9 bp −$21	73.5 bp −$735	538.4 bp −$53.8K	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
Hyperliquid SAGAlong	−0.1356%	1h	0.03989	long leg	$2.2M	$344K	3x
Coinbase International SAGA-PERP-INTX	−0.0288%	1h	0.03991	+0.050%	$52K	$449K	25x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.04003	+0.339%	$68K	$982K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.04003	+0.351%	$20.0M	$148.3M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.04005	+0.401%	$3.9M	$20.9M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.04010	+0.526%	$6.2M	$9.4M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.04006	+0.426%	$2.9M	$6.7M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.04006	+0.426%	$914K	$3.2M	20x	as long as short
BingX SAGA-USDTshort	+0.0100%	4h	0.04005	+0.401%	—	$2.3M	—
Extended SAGA-USD	+0.0104%	1h	0.04004	+0.368%	$3K	$159K	5x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin SAGA-USDT	+0.0158%	4h	0.04001	+0.301%	$1.0M	$528K	20x	as long as short
Variational Omni SAGA	+0.0187%	4h	0.03989	−0.006%	$6K	$113K	—	as long as short
Kraken Futures PF_SAGAUSD	+0.0929%	1h	0.03998	+0.231%	$81K	$724K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1251%	1h	0.04003	+0.351%	$3K	$28	10x	as long as short