Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.231%

Price spread now: Hyperliquid against Variational Omni+2.484%7-day average −0.171% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.456%−$46 on $10k

Price spread, last 3 days (all we have)−3.068%−$307 · spread now +2.484%, 7d avg −0.171%

Together, before fees−3.523%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$352 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 2.656% dearer against Variational Omni than usual: you sell high and buy low, +$266 on $10k if it goes back to its 7-day average of −0.171%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SAGA	0.03827	0.0100	pay 0.0050% / 4h	1h 49m	$6K	$112K	—
Short	Hyperliquid SAGA	0.03922	0.0100	get 0.0013% / 1h	49m 59s	$2.2M	$344K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. 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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +2.484%Rate

Funding earned: $0
Price spread: +2.484% → −0.171%: $265.58
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $256.58
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 34 min ago; Hyperliquid: live order book, 1 min ago. 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, 34 min ago	5.01 bp	doesn't fit	132.8 bp −$1,328	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 1 min ago	1.28 bp	10.9 bp −$11	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
Coinbase International SAGA-PERP-INTX	−0.0168%	1h	0.03954	+3.321%	$50K	$448K	25x	as long as short
BloFin SAGA-USDT	+0.0042%	4h	0.03826	−0.024%	$981K	$463K	20x	as long as short
Hyperliquid SAGAshort	+0.0100%	1h	0.03922	+2.484%	$2.2M	$344K	3x
Aster SAGAUSDT	+0.0100%	4h	0.03932	+2.747%	$71K	$974K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03931	+2.728%	$19.5M	$143.0M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03943	+3.038%	$3.8M	$19.9M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03942	+3.007%	$6.1M	$9.3M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03934	+2.798%	$2.7M	$6.5M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03935	+2.824%	$879K	$3.1M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03925	+2.563%	—	$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	0.03827	long leg	$6K	$112K	—
Extended SAGA-USD	+0.0104%	1h	0.03930	+2.702%	$3K	$159K	5x	as long as short
Kraken Futures PF_SAGAUSD	+0.0183%	1h	0.03916	+2.322%	$72K	$728K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0771%	1h	0.03922	+2.484%	$3K	$28	10x	as long as short