Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0128%/8h= +14.0% APRpaid last 24h −0.080%

Price spread now: Hyperliquid against KuCoin−0.179%7-day average −0.216% · you buy dearer than you sell

Net, funding: paid 7d − costs−$352as in the Funding arb table

Net, price: spread back to 7d avg − costs−$257as in the Price arb table

costs, in and out, $10k−$2612.606% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.915%−$91 on $10k

Price spread, last 4 days (all we have)+0.156%+$16 · spread now −0.179%, 7d avg −0.216%

Together, before fees−0.758%+ Points / potential airdropHyperliquid: Season 2 · farm board−$76 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Hyperliquid is 0.037% dearer against KuCoin than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.216%. Mind the row above: over the last 7 days funding on this pair cost −0.915%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SAGAUSDTM	0.03921	−0.0028	get 0.0014% / 4h	6m 08s	$780K	$3.1M	20x
Short	Hyperliquid SAGA	0.03914	0.0100	get 0.0013% / 1h	6m 08s	$2.2M	$323K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.179%Rate

Funding earned: $26.88
Price spread: −0.179% → −0.216%: $3.72
Slippage, 4 orders: −$239.65
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$230.05
Costs to cover: 2.606%
Break-even: 66.9 days

Slippage from KuCoin: live order book, 6 min ago; Hyperliquid: live order book, 5 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	17.93 bp	110.7 bp −$111	2813.8 bp −$28.1K	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.28 bp	21.6 bp −$22	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	−0.0766%	1h	0.03914	−0.176%	$70K	$713K	20x	as long as short
Coinbase International SAGA-PERP-INTX	−0.0104%	1h	0.03940	+0.485%	$48K	$436K	25x	as long as short
KuCoin SAGAUSDTMlong	−0.0028%	4h	0.03921	long leg	$780K	$3.1M	20x
Hyperliquid SAGAshort	+0.0100%	1h	0.03914	−0.179%	$2.2M	$323K	3x
Aster SAGAUSDT	+0.0100%	4h	0.03919	−0.042%	$70K	$895K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03924	+0.077%	$19.4M	$133.7M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03928	+0.186%	$3.8M	$18.3M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03937	+0.408%	$6.0M	$9.1M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03917	−0.102%	$2.6M	$6.1M	50x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03918	−0.077%	—	$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	0.03925	+0.110%	$4K	$110K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03919	−0.046%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0118%	4h	0.03921	0.000%	$999K	$405K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1027%	1h	0.03921	0.000%	$3K	$28	10x	as long as short