Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.225%

Price spread now: Coinbase International against KuCoin+0.260%51s7-day average −1.348% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1,074as 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−$6166.160% of the position

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−4.581%−$458 on $10k

Price spread, last 4 days (all we have)+0.411%+$41 · spread now +0.260%, 7d avg −1.348%

Together, before fees−4.169%−$417 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 1.608% dearer against KuCoin than usual: you sell high and buy low (spread +0.260% now, against its 7-day average of −1.348%): +$161 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 9 months. At the pace of the last 7 days (−4.581% in total) that is about 2.5 days. The two prices were read 51 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	KuCoin SAGAUSDTM	0.03850	0.0100	pay 0.0050% / 4h	41m 20s	$763K	$2.6M	20x
Short	Coinbase International SAGA-PERP-INTX	0.03860	0.0080	get 0.0010% / 1h	41m 20s	$44K	$376K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against KuCoin. 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 KuCoinbpFee Coinbase InternationalbpOrdersPrice spread, now +0.260%Rate

Funding earned: −$4.2
Price spread: +0.260% → −1.348%: $160.82
Slippage, 4 orders: −$593.95
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$459.34
Costs to cover: 6.160%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 min ago; Coinbase International: live order book, 17 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 KuCoin live order book, 6 min ago	12.75 bp	107.8 bp −$108	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 17 min ago	48.22 bp	143.4 bp −$143	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_SAGAUSD	−0.0268%	1h	0.03841	−0.233%	$68K	$646K	20x	as long as short
BloFin SAGA-USDT	+0.0079%	4h	0.03849	−0.026%	$977K	$211K	20x	as long as short
Coinbase International SAGA-PERP-INTXshort	+0.0080%	1h	0.03860	+0.260%	$44K	$376K	25x
Hyperliquid SAGA	+0.0100%	1h	0.03831	−0.494%	$2.1M	$266K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03852	+0.064%	$69K	$789K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03856	+0.169%	$19.1M	$102.5M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03860	+0.260%	$5.9M	$7.8M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03850	0.000%	$2.5M	$4.5M	50x	as long as short
KuCoin SAGAUSDTMlong	+0.0100%	4h	0.03850	long leg	$763K	$2.6M	20x
Extended SAGA-USD	+0.0104%	1h	0.03850	−0.009%	$2K	$129K	5x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SAGA-USDT	+0.0202%	4h	0.03860	+0.260%	—	$2.0M	—	as long as short
Bybit SAGAUSDT	+0.0208%	4h	0.03859	+0.239%	$3.8M	$14.4M	20x	as long as short
Variational Omni SAGA	+0.0262%	4h	0.03919	+1.798%	$4K	$51K	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1308%	1h	0.03857	+0.182%	$3K	$28	10x	as long as short