Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.285%

Price spread now: Bybit against Hyperliquid+0.147%7-day average +0.241% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1301.295% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.912%+$91 on $10k

Price spread, last 7 days−0.039%−$4 · spread now +0.147%, 7d avg +0.241%

Together, before fees+0.873%+ Points / potential airdropHyperliquid: Season 2 · farm board+$87 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: Bybit is 0.094% cheaper against Hyperliquid than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.241%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SAGA	0.03804	0.0100	pay 0.0013% / 1h	56m 00s	$2.1M	$344K	3x
Short	Bybit SAGAUSDT	0.03810	0.0100	get 0.0050% / 4h	1h 56m	$3.7M	$20.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.147%Rate

Funding earned: $0
Price spread: +0.147% → +0.241%: −$9.39
Slippage, 4 orders: −$109.53
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$138.92
Costs to cover: 1.295%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Bybit: live order book, 3 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, 5 min ago	1.31 bp	48.6 bp −$49	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.44 bp	39.6 bp −$40	115.3 bp −$1,153	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
Coinbase International SAGA-PERP-INTX	−0.0168%	1h	0.03850	+1.209%	$49K	$440K	25x	as long as short
BloFin SAGA-USDT	+0.0095%	4h	0.03830	+0.683%	$973K	$474K	20x	as long as short
Hyperliquid SAGAlong	+0.0100%	1h	0.03804	long leg	$2.1M	$344K	3x
Aster SAGAUSDT	+0.0100%	4h	0.03825	+0.550%	$69K	$973K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03811	+0.191%	$18.9M	$143.8M	20x	as long as short
Bybit SAGAUSDTshort	+0.0100%	4h	0.03810	+0.147%	$3.7M	$20.0M	20x
Gate SAGA_USDT	+0.0100%	4h	0.03830	+0.683%	$5.9M	$9.2M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03812	+0.210%	$2.6M	$6.5M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03828	+0.631%	$857K	$3.1M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03822	+0.473%	—	$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	0.03840	+0.939%	$6K	$112K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03809	+0.137%	$3K	$159K	5x	as long as short
Kraken Futures PF_SAGAUSD	+0.0188%	1h	0.03820	+0.413%	$76K	$723K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0535%	1h	0.03823	+0.499%	$3K	$28	10x	as long as short