Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0683%/8h= +74.8% APRpaid last 24h +0.193%

Price spread now: Deribit against KuCoin+0.155%53s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Deribit is 0.155% dearer against KuCoin than usual: you sell high and buy low: +$16 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 53 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	0.03870	0.0100	pay 0.0050% / 4h	2h 14m	$864K	$3.2M	20x
Short	Deribit SAGA_USDC-PERPETUAL	0.03876	0.0783	get 0.0098% / 1h	14m 19s	$3K	$28	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.155%Rate

Funding earned: $143.44
Price spread: +0.155% → 0.000%: $15.5
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $139.95
Costs to cover: 0.190%
Break-even: 0.2 days

Slippage unknown: KuCoin: live order book, 3 min ago; Deribit: no order-book sample. Net counts fees only.

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, 3 min ago	23.22 bp	130.3 bp −$130	2859.0 bp −$28.6K	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0329%	1h	0.03864	−0.155%	$2.1M	$345K	3x	as long as short
Coinbase International SAGA-PERP-INTX	−0.0288%	1h	0.03889	+0.491%	$50K	$444K	25x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03871	+0.015%	$70K	$975K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03870	0.000%	$19.2M	$146.1M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03870	+0.003%	$3.7M	$20.5M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03874	+0.103%	$5.9M	$9.5M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03869	−0.026%	$2.6M	$6.8M	50x	as long as short
KuCoin SAGAUSDTMlong	+0.0100%	4h	0.03870	long leg	$864K	$3.2M	20x
BingX SAGA-USDT	+0.0100%	4h	0.03871	+0.026%	—	$2.3M	—	as long as short
Variational Omni SAGA	+0.0100%	4h	0.03874	+0.099%	$6K	$113K	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended SAGA-USD	+0.0104%	1h	0.03875	+0.127%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0126%	4h	0.03875	+0.129%	$1.0M	$504K	20x	as long as short
Deribit SAGA_USDC-PERPETUALshort	+0.0783%	1h	0.03876	+0.155%	$3K	$28	10x
Kraken Futures PF_SAGAUSD	+0.0960%	1h	0.03866	−0.090%	$76K	$727K	20x	as long as short