Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0045%/8h= +5.0% APRpaid last 24h +0.174%

Price spread now: BloFin against Hyperliquid+0.713%107s7-day average +0.152% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1000.999% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.883%+$88 on $10k

Price spread, last 3 days (all we have)−1.245%−$124 · spread now +0.713%, 7d avg +0.152%

Together, before fees−0.362%+ Points / potential airdropHyperliquid: Season 2 · farm board−$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and BloFin is 0.560% dearer against Hyperliquid than usual: you sell high and buy low: +$56 more if the spread goes back to its 7-day average of +0.152%. The two prices were read 107 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SAGA	0.03929	0.0100	pay 0.0013% / 1h	41m 28s	$2.2M	$317K	3x
Short	BloFin SAGA-USDT	0.03957	0.0145	get 0.0073% / 4h	3h 41m	$1.0M	$376K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.713%Rate

Funding earned: $9.54
Price spread: +0.713% → +0.152%: $56.03
Slippage, 4 orders: −$78.88
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$34.32
Costs to cover: 0.999%
Break-even: 32.2 days

Slippage from Hyperliquid: live order book, 9 min ago; BloFin: live order book, 16 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, 9 min ago	1.26 bp	31.4 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 16 min ago	3.79 bp	23.2 bp −$23	72.2 bp −$722	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	−0.0690%	1h	0.03932	+0.073%	$70K	$683K	20x	as long as short
KuCoin SAGAUSDTM	+0.0056%	4h	0.03939	+0.255%	$780K	$3.0M	20x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0088%	1h	0.03950	+0.534%	$47K	$433K	25x	as long as short
Hyperliquid SAGAlong	+0.0100%	1h	0.03929	long leg	$2.2M	$317K	3x
Aster SAGAUSDT	+0.0100%	4h	0.03940	+0.284%	$71K	$884K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03938	+0.222%	$19.5M	$127.4M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03955	+0.662%	$6.1M	$8.6M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03936	+0.178%	$2.6M	$5.9M	50x	as long as short
Variational Omni SAGA	+0.0100%	4h	0.03924	−0.119%	$4K	$101K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03937	+0.216%	$4K	$162K	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-USDTshort	+0.0145%	4h	0.03957	+0.713%	$1.0M	$376K	20x
Deribit SAGA_USDC-PERPETUAL	+0.0258%	1h	0.03940	+0.280%	$3K	$28	10x	as long as short
Bybit SAGAUSDT	+0.0379%	4h	0.03934	+0.132%	$3.8M	$17.2M	20x	as long as short
BingX SAGA-USDT	+0.0514%	4h	0.03942	+0.331%	—	$2.1M	—	as long as short