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 +0.231%

Price spread now: Variational Omni against Hyperliquid+0.408%7-day average +0.171% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.456%+$46 on $10k

Price spread, last 3 days (all we have)+0.175%+$18 · spread now +0.408%, 7d avg +0.171%

Together, before fees+0.631%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$63 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: Variational Omni is 0.236% dearer against Hyperliquid than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of +0.171%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SAGA	0.03890	0.0100	pay 0.0013% / 1h	15m 11s	$2.2M	$341K	3x
Short	Variational Omni SAGA	0.03906	0.0100	get 0.0050% / 4h	1h 15m	$6K	$112K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.408%Rate

Funding earned: $0
Price spread: +0.408% → +0.171%: $23.64
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $14.64
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 6 min ago; Variational Omni: RFQ quote, 4 min ago. Net counts fees only.

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, 6 min ago	1.27 bp	34.8 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	5.09 bp	doesn't fit	132.3 bp −$1,323	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	0.03881	−0.231%	$49K	$437K	25x	as long as short
Hyperliquid SAGAlong	+0.0100%	1h	0.03890	long leg	$2.2M	$341K	3x
Aster SAGAUSDT	+0.0100%	4h	0.03895	+0.129%	$74K	$935K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03898	+0.202%	$19.3M	$139.7M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03901	+0.272%	$3.7M	$19.2M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03911	+0.540%	$6.0M	$9.3M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03895	+0.129%	$2.6M	$6.5M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03897	+0.180%	$819K	$3.1M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03898	+0.206%	—	$2.2M	—	as long as short
Variational Omni SAGAshort	+0.0100%	4h	0.03906	+0.408%	$6K	$112K	—

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended SAGA-USD	+0.0104%	1h	0.03897	+0.185%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0136%	4h	0.03893	+0.077%	$979K	$450K	20x	as long as short
Kraken Futures PF_SAGAUSD	+0.0185%	1h	0.03891	+0.038%	$71K	$727K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1292%	1h	0.03898	+0.206%	$3K	$28	10x	as long as short