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 +0.233%

Price spread now: MEXC against Hyperliquid+0.263%7-day average +0.158% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$950.945% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.876%+$88 on $10k

Price spread, last 7 days−0.325%−$33 · spread now +0.263%, 7d avg +0.158%

Together, before fees+0.550%+ Points / potential airdropHyperliquid: Season 2 · farm board+$55 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: MEXC is 0.105% dearer against Hyperliquid than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.158%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SAGA	0.03803	0.0100	pay 0.0013% / 1h	53m 59s	$2.1M	$344K	3x
Short	MEXC SAGA_USDT	0.03813	0.0100	get 0.0050% / 4h	1h 53m	$2.6M	$6.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.263%Rate

Funding earned: $0
Price spread: +0.263% → +0.158%: $10.45
Slippage, 4 orders: −$81.54
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$84.09
Costs to cover: 0.945%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; MEXC: live order book, 4 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, 7 min ago	1.31 bp	48.6 bp −$49	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	3.91 bp	15.7 bp −$16	111.6 bp −$1,116	724.2 bp −$72.4K	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	0.03842	+1.026%	$49K	$435K	25x	as long as short
BloFin SAGA-USDT	+0.0065%	4h	0.03813	+0.263%	$975K	$469K	20x	as long as short
Hyperliquid SAGAlong	+0.0100%	1h	0.03803	long leg	$2.1M	$344K	3x
Aster SAGAUSDT	+0.0100%	4h	0.03814	+0.302%	$69K	$958K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03815	+0.305%	$18.9M	$143.3M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03818	+0.384%	$3.7M	$19.9M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03823	+0.526%	$5.9M	$9.2M	20x	as long as short
MEXC SAGA_USDTshort	+0.0100%	4h	0.03813	+0.263%	$2.6M	$6.5M	50x
KuCoin SAGAUSDTM	+0.0100%	4h	0.03815	+0.316%	$854K	$3.1M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03819	+0.421%	—	$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	0.03826	+0.612%	$6K	$112K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03814	+0.285%	$3K	$159K	5x	as long as short
Kraken Futures PF_SAGAUSD	+0.0189%	1h	0.03809	+0.149%	$76K	$722K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0800%	1h	0.03815	+0.316%	$3K	$28	10x	as long as short