Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0138%/8h= +15.1% APRpaid last 24h +0.078%

Price spread now: MEXC against Kraken Futures−0.202%7-day average +0.121% · you buy dearer than you sell

Net, funding: paid 7d − costs+$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$165as in the Price arb table

costs, in and out, $10k−$1331.325% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+1.948%+$195 on $10k

Price spread, last 3 days (all we have)+0.609%+$61 · spread now −0.202%, 7d avg +0.121%

Together, before fees+2.557%+$256 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.323% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.202% now, against its 7-day average of +0.121%). If the spread goes back, that is −$32 on $10k: about 7.8 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+1.948% in total) that is about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SAGAUSD	0.03968	−0.0038	get 0.0005% / 1h	42m 55s	$71K	$658K	20x
Short	MEXC SAGA_USDT	0.03960	0.0100	get 0.0050% / 4h	2h 42m	$2.7M	$5.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.202%Rate

Funding earned: $28.99
Price spread: −0.202% → +0.121%: −$32.35
Slippage, 4 orders: −$118.5
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$135.86
Costs to cover: 1.325%
Break-even: 39.8 days

Slippage from Kraken Futures: live order book, 25 min ago; MEXC: live order book, 10 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, 25 min ago	44.91 bp	50.8 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 10 min ago	1.25 bp	16.6 bp −$17	101.4 bp −$1,014	686.8 bp −$68.7K	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
Hyperliquid SAGA	−0.1592%	1h	0.03943	−0.630%	$2.2M	$290K	3x	as long as short
Kraken Futures PF_SAGAUSDlong	−0.0038%	1h	0.03968	long leg	$71K	$658K	20x
BloFin SAGA-USDT	+0.0092%	4h	0.03964	−0.101%	$1.0M	$318K	20x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03969	+0.032%	$71K	$848K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03959	−0.224%	$19.6M	$116.9M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03977	+0.226%	$6.1M	$8.3M	20x	as long as short
MEXC SAGA_USDTshort	+0.0100%	4h	0.03960	−0.202%	$2.7M	$5.4M	50x
KuCoin SAGAUSDTM	+0.0100%	4h	0.03962	−0.152%	$783K	$2.9M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03964	−0.106%	$2K	$134K	5x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0104%	1h	0.03961	−0.177%	$47K	$417K	25x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit SAGAUSDT	+0.0252%	4h	0.03958	−0.250%	$3.9M	$15.8M	20x	as long as short
Variational Omni SAGA	+0.0267%	4h	0.03961	−0.176%	$4K	$81K	—	as long as short
BingX SAGA-USDT	+0.0388%	4h	0.03961	−0.177%	—	$2.1M	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1264%	1h	0.03970	+0.050%	$3K	$28	10x	as long as short