Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0086%/8h= +9.4% APRpaid last 24h −0.148%

Price spread now: Kraken Futures against Variational Omni−0.017%7-day average +0.024% · you buy dearer than you sell

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

Long on Variational Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.632%−$63 on $10k

Price spread, last 3 days (all we have)−0.927%−$93 · spread now −0.017%, 7d avg +0.024%

Together, before fees−1.559%+ Points / potential airdropVariational Omni: Active · farm board−$156 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.041% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.017% now, against its 7-day average of +0.024%). If the spread goes back, that is −$4 on $10k: about 38 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 3 days funding on this pair cost −0.632%, 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	Variational Omni SAGA	0.03864	0.0100	pay 0.0050% / 4h	1h 33m	$6K	$112K	—
Short	Kraken Futures PF_SAGAUSD	0.03863	0.0186	get 0.0023% / 1h	33m 32s	$70K	$728K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.017%Rate

Funding earned: $18.05
Price spread: −0.017% → +0.024%: −$4.1
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $3.94
Costs to cover: 0.100%
Break-even: 5.5 days

Slippage unknown: Variational Omni: RFQ quote, 50 min ago; Kraken Futures: live order book, 50 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, 50 min ago	5.01 bp	doesn't fit	132.8 bp −$1,328	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 50 min ago	49.61 bp	82.5 bp −$83	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	0.03841	−0.588%	$49K	$435K	25x	as long as short
BloFin SAGA-USDT	+0.0051%	4h	0.03848	−0.406%	$985K	$449K	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03861	−0.070%	$2.1M	$342K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03860	−0.107%	$73K	$941K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03862	−0.044%	$19.1M	$141.4M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03864	+0.010%	$3.7M	$19.5M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03870	+0.163%	$5.9M	$9.3M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03860	−0.096%	$2.6M	$6.5M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03865	+0.033%	$872K	$3.1M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03864	+0.008%	—	$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	0.03864	long leg	$6K	$112K	—
Extended SAGA-USD	+0.0104%	1h	0.03861	−0.074%	$3K	$159K	5x	as long as short
Kraken Futures PF_SAGAUSDshort	+0.0186%	1h	0.03863	−0.017%	$70K	$728K	20x
Deribit SAGA_USDC-PERPETUAL	+0.1044%	1h	0.03869	+0.137%	$3K	$28	10x	as long as short