Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0304%/8h= +33.3% APRpaid last 24h +0.061%

Price spread now: BloFin against Kraken Futures−0.598%57s7-day average 0.000% · you buy dearer than you sell

Net, funding: paid 7d − costs+$31as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1661.662% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+1.975%+$197 on $10k

Price spread, last 4 days (all we have)+0.082%+$8 · spread now −0.598%, 7d avg 0.000%

Together, before fees+2.057%+$206 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.598% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.598% now, against its 7-day average of 0.000%). If the spread goes back, that is −$60 on $10k: about 6.6 days of funding at the current rate (+$9 a day). At the pace of the last 7 days (+1.975% in total) that is about 2.1 days. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SAGAUSD	0.03901	−0.0264	get 0.0033% / 1h	23m 53s	$69K	$643K	20x
Short	BloFin SAGA-USDT	0.03878	0.0041	get 0.0020% / 4h	23m 53s	$985K	$212K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Kraken Futures. 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 Kraken FuturesbpFee BloFinbpOrdersPrice spread, now −0.598%Rate

Funding earned: $63.93
Price spread: −0.598% → 0.000%: −$59.84
Slippage, 4 orders: −$144.22
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$162.14
Costs to cover: 1.662%
Break-even: 24.8 days

Slippage from Kraken Futures: live order book, 34 min ago; BloFin: live order book, 48 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, 34 min ago	40.78 bp	60.1 bp −$60	433.7 bp −$4,337	doesn't fit	doesn't fit
Sell BloFin live order book, 48 min ago	11.58 bp	23.3 bp −$23	73.0 bp −$730	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
Kraken Futures PF_SAGAUSDlong	−0.0264%	1h	0.03901	long leg	$69K	$643K	20x
Hyperliquid SAGA	−0.0209%	1h	0.03877	−0.624%	$2.1M	$263K	3x	as long as short
BloFin SAGA-USDTshort	+0.0041%	4h	0.03878	−0.598%	$985K	$212K	20x
Coinbase International SAGA-PERP-INTX	+0.0080%	1h	0.03918	+0.427%	$44K	$382K	25x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03901	−0.015%	$69K	$768K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03908	+0.181%	$19.3M	$101.3M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03905	+0.094%	$5.9M	$7.8M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03907	+0.145%	$2.5M	$4.5M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03903	+0.043%	$774K	$2.6M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03904	+0.061%	$7K	$135K	5x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit SAGAUSDT	+0.0125%	4h	0.03907	+0.155%	$3.8M	$14.3M	20x	as long as short
BingX SAGA-USDT	+0.0160%	4h	0.03905	+0.094%	—	$2.0M	—	as long as short
Variational Omni SAGA	+0.0179%	4h	0.03871	−0.774%	$4K	$45K	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1032%	1h	0.03905	+0.094%	$3K	$28	10x	as long as short