Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0927%/8h= +101.5% APRpaid last 24h +0.086%

Price spread now: Deribit against Variational Omni+0.351%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$28 a day on $10k at the current rate, and Deribit is 0.351% dearer against Variational Omni than usual: you sell high and buy low: +$35 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SAGA	0.03906	0.0100	pay 0.0050% / 4h	7m 04s	$4K	$110K	—
Short	Deribit SAGA_USDC-PERPETUAL	0.03920	0.1027	get 0.0128% / 1h	7m 04s	$3K	$28	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Variational Omni. 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 Variational OmnibpFee DeribitbpOrdersPrice spread, now +0.351%Rate

Funding earned: $194.7
Price spread: +0.351% → 0.000%: $35.11
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $222.81
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 7 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 Variational Omni RFQ quote, 7 min ago	3.82 bp	doesn't fit	138.8 bp −$1,388	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
Kraken Futures PF_SAGAUSD	−0.0766%	1h	0.03914	+0.198%	$70K	$713K	20x	as long as short
Coinbase International SAGA-PERP-INTX	−0.0104%	1h	0.03940	+0.863%	$48K	$436K	25x	as long as short
KuCoin SAGAUSDTM	−0.0022%	4h	0.03916	+0.249%	$779K	$3.1M	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03912	+0.146%	$2.2M	$323K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03919	+0.331%	$70K	$895K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03918	+0.300%	$19.3M	$133.9M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03923	+0.430%	$3.8M	$18.3M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03926	+0.505%	$6.0M	$9.1M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03916	+0.249%	$2.6M	$6.1M	50x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03917	+0.274%	—	$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 SAGAlong	+0.0100%	4h	0.03906	long leg	$4K	$110K	—
Extended SAGA-USD	+0.0104%	1h	0.03917	+0.282%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0118%	4h	0.03921	+0.377%	$999K	$405K	20x	as long as short
Deribit SAGA_USDC-PERPETUALshort	+0.1027%	1h	0.03920	+0.351%	$3K	$28	10x