Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0183%/8h= −20.1% APRpaid last 24h −0.117%

Price spread now: Hyperliquid against BloFin−1.201%7-day average −0.174% · you buy dearer than you sell

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

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.897%−$90 on $10k

Price spread, last 4 days (all we have)+1.866%+$187 · spread now −1.201%, 7d avg −0.174%

Together, before fees+0.969%+ Points / potential airdropHyperliquid: Season 2 · farm board+$97 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Hyperliquid is 1.027% cheaper against BloFin than usual: you would sell low and buy high (−$103 if the spread goes back to its 7-day average of −0.174%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin SAGA-USDT	0.04080	0.0063	pay 0.0032% / 4h	2h 33m	$1.0M	$211K	20x
Short	Hyperliquid SAGA	0.04031	−0.0120	pay 0.0015% / 1h	33m 01s	$2.2M	$254K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now −1.201%Rate

Funding earned: −$38.51
Price spread: −1.201% → −0.174%: −$102.7
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$162.22
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 4 min ago; Hyperliquid: live order book, 8 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 BloFin live order book, 4 min ago	4.94 bp	30.4 bp −$30	103.0 bp −$1,030	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	1.27 bp	5.8 bp −$6	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 SAGAshort	−0.0120%	1h	0.04031	−1.201%	$2.2M	$254K	3x
BloFin SAGA-USDTlong	+0.0063%	4h	0.04080	long leg	$1.0M	$211K	20x
Kraken Futures PF_SAGAUSD	+0.0095%	1h	0.04054	−0.632%	$75K	$617K	20x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.04068	−0.284%	$71K	$733K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.04068	−0.284%	$20.1M	$96.6M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.04081	+0.025%	$6.1M	$7.6M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.04064	−0.392%	$2.7M	$4.1M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.04066	−0.343%	$789K	$2.5M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.04066	−0.335%	$5K	$195K	5x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0176%	1h	0.04051	−0.711%	$45K	$385K	25x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SAGA	+0.0627%	4h	0.04065	−0.357%	$4K	$44K	—	as long as short
BingX SAGA-USDT	+0.0646%	4h	0.04076	−0.098%	—	$1.9M	—	as long as short
Bybit SAGAUSDT	+0.0702%	4h	0.04078	−0.044%	$4.0M	$14.2M	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1229%	1h	0.04064	−0.392%	$3K	—	10x	as long as short