Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0862%/8h= +94.4% APRpaid last 24h +0.145%

Price spread now: Bybit against Kraken Futures+0.255%7-day average +0.182% · you sell dearer than you buy

Net, funding: paid 7d − costs+$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$167as in the Price arb table

costs, in and out, $10k−$1741.740% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+1.946%+$195 on $10k

Price spread, last 3 days (all we have)+0.381%+$38 · spread now +0.255%, 7d avg +0.182%

Together, before fees+2.327%+$233 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$26 a day on $10k at the current rate, and Bybit is 0.073% dearer against Kraken Futures than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.182%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SAGAUSD	0.03934	−0.0762	get 0.0095% / 1h	1m 20s	$71K	$711K	20x
Short	Bybit SAGAUSDT	0.03944	0.0100	get 0.0050% / 4h	1m 20s	$3.8M	$18.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.255%Rate

Funding earned: $181.02
Price spread: +0.255% → +0.182%: $7.31
Slippage, 4 orders: −$153
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $14.33
Costs to cover: 1.740%
Break-even: 6.4 days

Slippage from Kraken Futures: live order book, 12 min ago; Bybit: live order book, 7 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, 12 min ago	26.78 bp	38.5 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 7 min ago	1.65 bp	39.9 bp −$40	118.0 bp −$1,180	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	−0.0762%	1h	0.03934	long leg	$71K	$711K	20x
Coinbase International SAGA-PERP-INTX	−0.0104%	1h	0.03932	−0.050%	$48K	$435K	25x	as long as short
KuCoin SAGAUSDTM	−0.0010%	4h	0.03938	+0.103%	$778K	$3.1M	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03933	−0.024%	$2.2M	$323K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03941	+0.189%	$71K	$895K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03942	+0.204%	$19.5M	$133.2M	20x	as long as short
Bybit SAGAUSDTshort	+0.0100%	4h	0.03944	+0.255%	$3.8M	$18.2M	20x
Gate SAGA_USDT	+0.0100%	4h	0.03949	+0.382%	$6.1M	$9.1M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03941	+0.179%	$2.7M	$6.1M	50x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03947	+0.332%	—	$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	0.03947	+0.324%	$4K	$107K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03941	+0.184%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0118%	4h	0.03942	+0.204%	$993K	$403K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0512%	1h	0.03940	+0.154%	$3K	$28	10x	as long as short