Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h +0.124%

Price spread now: BingX against Kraken Futures+0.116%7-day average +0.135% · you sell dearer than you buy

Net, funding: paid 7d − costs+$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$127as in the Price arb table

costs, in and out, $10k−$1251.247% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.020%+$202 on $10k

Price spread, last 4 days (all we have)+1.440%+$144 · spread now +0.116%, 7d avg +0.135%

Together, before fees+3.460%+$346 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.135%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +2.020%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SAGAUSD	0.03917	0.0133	pay 0.0017% / 1h	36m 38s	$69K	$641K	20x
Short	BingX SAGA-USDT	0.03922	0.0100	get 0.0050% / 4h	1h 36m	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.116%Rate

Funding earned: −$6.85
Price spread: +0.116% → +0.135%: −$1.98
Slippage, 4 orders: −$104.67
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$133.51
Costs to cover: 1.247%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 26 min ago; BingX: live order book, 11 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, 26 min ago	22.66 bp	35.1 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 11 min ago	2.52 bp	24.9 bp −$25	68.4 bp −$684	576.0 bp −$57.6K	1097.6 bp −$548.8K

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
Hyperliquid SAGA	−0.0084%	1h	0.03910	−0.191%	$2.2M	$282K	3x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0064%	1h	0.03907	−0.267%	$45K	$385K	25x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03920	+0.063%	$70K	$801K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03920	+0.052%	$19.4M	$106.6M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03921	+0.095%	$3.9M	$14.6M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03930	+0.320%	$6.0M	$7.9M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03919	+0.039%	$2.5M	$4.9M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03918	+0.014%	$780K	$2.6M	20x	as long as short
BingX SAGA-USDTshort	+0.0100%	4h	0.03922	+0.116%	—	$2.0M	—
Extended SAGA-USD	+0.0104%	1h	0.03918	+0.010%	$5K	$130K	5x	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	+0.0130%	4h	0.03949	+0.804%	$4K	$53K	—	as long as short
Kraken Futures PF_SAGAUSDlong	+0.0133%	1h	0.03917	long leg	$69K	$641K	20x
BloFin SAGA-USDT	+0.0148%	4h	0.03915	−0.063%	$1.0M	$238K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0771%	1h	0.03922	+0.116%	$3K	$28	10x	as long as short