Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0472%/8h= −51.7% APRpaid last 24h −0.277%

Price spread now: Coinbase International against BingX−0.854%7-day average −1.389% · you buy dearer than you sell

Net, funding: paid 7d − costs−$853as in the Funding arb table

Net, price: spread back to 7d avg − costs−$340as in the Price arb table

costs, in and out, $10k−$3943.937% of the position

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−4.596%−$460 on $10k

Price spread, last 4 days (all we have)+1.500%+$150 · spread now −0.854%, 7d avg −1.389%

Together, before fees−3.096%−$310 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.535% dearer against BingX than usual: you sell high and buy low (spread −0.854% now, against its 7-day average of −1.389%): +$53 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 3.8 days. At the pace of the last 7 days (−4.596% in total) that is about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SAGA-USDT	0.04096	0.0648	pay 0.0324% / 4h	2h 27m	—	$1.9M	—
Short	Coinbase International SAGA-PERP-INTX	0.04061	0.0176	get 0.0022% / 1h	27m 52s	$45K	$386K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. 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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.854%Rate

Funding earned: −$99.2
Price spread: −0.854% → −1.389%: $53.47
Slippage, 4 orders: −$373.73
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$439.46
Costs to cover: 3.937%
Break-even: never at this rate

Slippage from BingX: live order book, 5 min ago; Coinbase International: live order book, 20 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 BingX live order book, 5 min ago	3.68 bp	29.5 bp −$30	101.1 bp −$1,011	646.4 bp −$64.6K	doesn't fit
Sell Coinbase International live order book, 20 min ago	59.10 bp	120.9 bp −$121	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	−0.0196%	1h	0.04058	−0.928%	$2.2M	$253K	3x	as long as short
Kraken Futures PF_SAGAUSD	+0.0094%	1h	0.04076	−0.479%	$76K	$617K	20x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.04098	+0.052%	$70K	$730K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.04100	+0.099%	$20.3M	$96.5M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.04101	+0.122%	$6.2M	$7.6M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.04095	−0.024%	$2.7M	$4.1M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.04094	−0.049%	$801K	$2.5M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.04094	−0.049%	$5K	$195K	5x	as long as short
BloFin SAGA-USDT	+0.0130%	4h	0.04089	−0.171%	$1.0M	$211K	20x	as long as short
Coinbase International SAGA-PERP-INTXshort	+0.0176%	1h	0.04061	−0.854%	$45K	$386K	25x

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit SAGAUSDT	+0.0598%	4h	0.04099	+0.081%	$4.0M	$14.2M	20x	as long as short
Variational Omni SAGA	+0.0636%	4h	0.04080	−0.379%	$4K	$44K	—	as long as short
BingX SAGA-USDTlong	+0.0648%	4h	0.04096	long leg	—	$1.9M	—
Deribit SAGA_USDC-PERPETUAL	+0.1218%	1h	0.04093	−0.073%	$3K	—	10x	as long as short