Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0861%/8h= +94.2% APRpaid last 24h +0.388%

Price spread now: Gate against Kraken Futures+0.485%7-day average +0.312% · you sell dearer than you buy

Net, funding: paid 7d − costs+$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$259as in the Price arb table

costs, in and out, $10k−$2772.767% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+2.774%+$277 on $10k

Price spread, last 3 days (all we have)+0.389%+$39 · spread now +0.485%, 7d avg +0.312%

Together, before fees+3.164%+$316 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 Gate is 0.173% dearer against Kraken Futures than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.312%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SAGAUSD	0.03941	−0.0761	get 0.0095% / 1h	0m 11s	$70K	$711K	20x
Short	Gate SAGA_USDT	0.03960	0.0100	get 0.0050% / 4h	0m 11s	$6.1M	$9.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.485%Rate

Funding earned: $180.74
Price spread: +0.485% → +0.312%: $17.28
Slippage, 4 orders: −$251.69
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$78.67
Costs to cover: 2.767%
Break-even: 10.0 days

Slippage from Kraken Futures: live order book, 13 min ago; Gate: live order book, 3 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, 13 min ago	26.78 bp	38.5 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	8.89 bp	85.4 bp −$85	doesn't fit	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	−0.0761%	1h	0.03941	long leg	$70K	$711K	20x
Coinbase International SAGA-PERP-INTX	−0.0104%	1h	0.03942	+0.029%	$47K	$437K	25x	as long as short
KuCoin SAGAUSDTM	−0.0004%	4h	0.03945	+0.105%	$784K	$3.1M	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03936	−0.124%	$2.2M	$323K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03945	+0.099%	$71K	$895K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03945	+0.105%	$19.5M	$133.2M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03948	+0.191%	$3.8M	$18.2M	20x	as long as short
Gate SAGA_USDTshort	+0.0100%	4h	0.03960	+0.485%	$6.1M	$9.1M	20x
MEXC SAGA_USDT	+0.0100%	4h	0.03942	+0.029%	$2.7M	$6.1M	50x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03955	+0.358%	—	$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	+0.148%	$4K	$107K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03944	+0.084%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0118%	4h	0.03942	+0.029%	$993K	$403K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1019%	1h	0.03946	+0.130%	$3K	$28	10x	as long as short