Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0427%/8h= −46.8% APRpaid last 24h −0.636%

Price spread now: Coinbase International against Bybit−0.506%7-day average −1.517% · you buy dearer than you sell

Net, funding: paid 7d − costs−$860as in the Funding arb table

Net, price: spread back to 7d avg − costs−$300as in the Price arb table

costs, in and out, $10k−$4014.008% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−4.594%−$459 on $10k

Price spread, last 3 days (all we have)+0.952%+$95 · spread now −0.506%, 7d avg −1.517%

Together, before fees−3.643%−$364 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 1.010% dearer against Bybit than usual: you sell high and buy low (spread −0.506% now, against its 7-day average of −1.517%): +$101 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 7.9 days. At the pace of the last 7 days (−4.594% in total) that is about 37 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SAGAUSDT	0.03951	0.0515	pay 0.0258% / 4h	3h 03m	$3.8M	$16.3M	20x
Short	Coinbase International SAGA-PERP-INTX	0.03931	0.0088	get 0.0011% / 1h	3m 12s	$46K	$427K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now −0.506%Rate

Funding earned: −$89.71
Price spread: −0.506% → −1.517%: $101.04
Slippage, 4 orders: −$379.84
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$389.52
Costs to cover: 4.008%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Coinbase International: live order book, 5 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 Bybit live order book, 5 min ago	2.43 bp	35.4 bp −$35	125.1 bp −$1,251	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	11.55 bp	72.8 bp −$73	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
Kraken Futures PF_SAGAUSD	−0.0687%	1h	0.03946	−0.133%	$70K	$675K	20x	as long as short
BloFin SAGA-USDT	+0.0060%	4h	0.03949	−0.051%	$1.0M	$326K	20x	as long as short
Coinbase International SAGA-PERP-INTXshort	+0.0088%	1h	0.03931	−0.506%	$46K	$427K	25x
Hyperliquid SAGA	+0.0100%	1h	0.03910	−1.038%	$2.2M	$302K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03939	−0.303%	$70K	$860K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03951	0.000%	$19.5M	$120.8M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03967	+0.405%	$6.1M	$8.6M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03951	0.000%	$2.7M	$6.0M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03947	−0.101%	$778K	$2.9M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03949	−0.055%	$2K	$131K	5x	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	+0.0274%	4h	0.03920	−0.781%	$4K	$91K	—	as long as short
Bybit SAGAUSDTlong	+0.0515%	4h	0.03951	long leg	$3.8M	$16.3M	20x
BingX SAGA-USDT	+0.0668%	4h	0.03954	+0.076%	—	$2.1M	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1524%	1h	0.03953	+0.051%	$3K	$28	10x	as long as short