Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0959%/8h= +105.0% APRpaid last 24h +0.068%

Price spread now: Binance against Kraken Futures+0.350%7-day average +0.130% · you sell dearer than you buy

Net, funding: paid 7d − costs+$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$177as in the Price arb table

costs, in and out, $10k−$1991.987% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+2.027%+$203 on $10k

Price spread, last 4 days (all we have)+0.091%+$9 · spread now +0.350%, 7d avg +0.130%

Together, before fees+2.118%+$212 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$29 a day on $10k at the current rate, and Binance is 0.220% dearer against Kraken Futures than usual: you sell high and buy low: +$22 more if the spread goes back to its 7-day average of +0.130%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SAGAUSD	0.04077	−0.0859	get 0.0107% / 1h	53m 53s	$77K	$545K	20x
Short	Binance SAGAUSDT	0.04092	0.0100	get 0.0050% / 4h	3h 53m	$20.0M	$98.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now +0.350%Rate

Funding earned: $201.42
Price spread: +0.350% → +0.130%: $22.01
Slippage, 4 orders: −$178.73
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $24.7
Costs to cover: 1.987%
Break-even: 6.1 days

Slippage from Kraken Futures: live order book, 44 min ago; Binance: 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 Kraken Futures live order book, 44 min ago	66.77 bp	74.9 bp −$75	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 4 min ago	2.43 bp	22.3 bp −$22	95.2 bp −$952	741.4 bp −$74.1K	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_SAGAUSDlong	−0.0859%	1h	0.04077	long leg	$77K	$545K	20x
KuCoin SAGAUSDTM	−0.0028%	4h	0.04090	+0.308%	$809K	$2.6M	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.04086	+0.209%	$2.2M	$255K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.04089	+0.283%	$65K	$687K	5x	as long as short
Binance SAGAUSDTshort	+0.0100%	4h	0.04092	+0.350%	$20.0M	$98.8M	20x
Bybit SAGAUSDT	+0.0100%	4h	0.04097	+0.489%	$3.9M	$15.4M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.04092	+0.357%	$2.7M	$4.3M	50x	as long as short
Variational Omni SAGA	+0.0100%	4h	0.04108	+0.756%	$4K	$43K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.04089	+0.280%	$638	$178K	5x	as long as short
BloFin SAGA-USDT	+0.0105%	4h	0.04111	+0.823%	$948K	$290K	20x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate SAGA_USDT	+0.0204%	4h	0.04105	+0.675%	$6.2M	$7.1M	20x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0440%	1h	0.04082	+0.111%	$42K	$381K	25x	as long as short
BingX SAGA-USDT	+0.0482%	4h	0.04095	+0.430%	—	$2.0M	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0974%	1h	0.04090	+0.308%	$3K	$124	10x	as long as short