Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.139%

Price spread now: Bybit against KuCoin+0.049%7-day average +0.101% · you sell dearer than you buy

Net, funding: paid 7d − costs−$286as in the Funding arb table

Net, price: spread back to 7d avg − costs−$292as in the Price arb table

costs, in and out, $10k−$2872.870% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)−0.085%−$9 · spread now +0.049%, 7d avg +0.101%

Together, before fees−0.080%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.052% cheaper against KuCoin than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.101%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SAGAUSDTM	0.03909	0.0100	pay 0.0050% / 4h	2h 22m	$772K	$2.8M	20x
Short	Bybit SAGAUSDT	0.03911	0.0100	get 0.0050% / 4h	2h 22m	$3.8M	$15.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against KuCoin. 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 KuCoinbpFee BybitbpOrdersPrice spread, now +0.049%Rate

Funding earned: $0
Price spread: +0.049% → +0.101%: −$5.24
Slippage, 4 orders: −$264.02
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$292.27
Costs to cover: 2.870%
Break-even: never at this rate

Slippage from KuCoin: live order book, 9 min ago; Bybit: live order book, just now.

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 KuCoin live order book, 9 min ago	16.67 bp	113.8 bp −$114	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, just now	0.64 bp	41.3 bp −$41	101.3 bp −$1,013	doesn't fit	doesn't fit

SAGA on 13 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	−0.0799%	1h	0.03877	−0.819%	$2.1M	$289K	3x	as long as short
Kraken Futures PF_SAGAUSD	−0.0039%	1h	0.03906	−0.087%	$69K	$652K	20x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03913	+0.108%	$70K	$834K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03911	+0.046%	$19.4M	$113.4M	20x	as long as short
Bybit SAGAUSDTshort	+0.0100%	4h	0.03911	+0.049%	$3.8M	$15.6M	20x
Gate SAGA_USDT	+0.0100%	4h	0.03927	+0.460%	$6.0M	$8.3M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03911	+0.051%	$2.6M	$5.4M	50x	as long as short
KuCoin SAGAUSDTMlong	+0.0100%	4h	0.03909	long leg	$772K	$2.8M	20x
BingX SAGA-USDT	+0.0100%	4h	0.03909	0.000%	—	$2.0M	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03910	+0.017%	$5K	$138K	5x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SAGA-PERP-INTX	+0.0104%	1h	0.03911	+0.051%	$46K	$405K	25x	as long as short
Variational Omni SAGA	+0.0132%	4h	0.03884	−0.643%	$4K	$73K	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1284%	1h	0.03917	+0.205%	$3K	$28	10x	as long as short