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

Net, funding: paid 7d − costs−$327as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

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

Long on MEXC Short on Kraken Futures

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

The price spread pays, funding is against you. Kraken Futures is 0.324% dearer against MEXC than usual: you sell high and buy low (spread +0.202% now, against its 7-day average of −0.121%): +$32 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 7.8 days. 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	MEXC SAGA_USDT	0.03960	0.0100	pay 0.0050% / 4h	2h 42m	$2.7M	$5.4M	50x
Short	Kraken Futures PF_SAGAUSD	0.03968	−0.0038	pay 0.0005% / 1h	42m 54s	$71K	$658K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against MEXC. 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 MEXCbpFee Kraken FuturesbpOrdersPrice spread, now +0.202%Rate

Funding earned: −$28.99
Price spread: +0.202% → −0.121%: $32.39
Slippage, 4 orders: −$118.5
Fee MEXC: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$129.11
Costs to cover: 1.325%
Break-even: never at this rate

Slippage from MEXC: live order book, 10 min ago; Kraken Futures: live order book, 25 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 MEXC live order book, 10 min ago	1.25 bp	7.3 bp −$7	47.0 bp −$470	464.1 bp −$46.4K	doesn't fit
Sell Kraken Futures live order book, 25 min ago	44.91 bp	57.8 bp −$58	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
Hyperliquid SAGA	−0.1592%	1h	0.03943	−0.429%	$2.2M	$290K	3x	as long as short
Kraken Futures PF_SAGAUSDshort	−0.0038%	1h	0.03968	+0.202%	$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	+0.234%	$71K	$848K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03959	−0.022%	$19.6M	$116.9M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03977	+0.429%	$6.1M	$8.3M	20x	as long as short
MEXC SAGA_USDTlong	+0.0100%	4h	0.03960	long leg	$2.7M	$5.4M	50x
KuCoin SAGAUSDTM	+0.0100%	4h	0.03962	+0.051%	$783K	$2.9M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03964	+0.096%	$2K	$134K	5x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0104%	1h	0.03961	+0.025%	$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	−0.048%	$3.9M	$15.8M	20x	as long as short
Variational Omni SAGA	+0.0267%	4h	0.03961	+0.026%	$4K	$81K	—	as long as short
BingX SAGA-USDT	+0.0388%	4h	0.03961	+0.025%	—	$2.1M	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1264%	1h	0.03970	+0.253%	$3K	$28	10x	as long as short