Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h +0.455%

Price spread now: Binance against Coinbase International−0.248%7-day average +1.439% · you buy dearer than you sell

Net, funding: paid 7d − costs+$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$562as in the Price arb table

costs, in and out, $10k−$3933.930% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+4.552%+$455 on $10k

Price spread, last 3 days (all we have)+0.005%+$1 · spread now −0.248%, 7d avg +1.439%

Together, before fees+4.557%+$456 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 1.687% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.248% now, against its 7-day average of +1.439%). If the spread goes back, that is −$169 on $10k: about 5 months of funding at the current rate (+$1 a day). At the pace of the last 7 days (+4.552% in total) that is about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International SAGA-PERP-INTX	0.04029	0.0064	pay 0.0008% / 1h	55m 01s	$47K	$399K	25x
Short	Binance SAGAUSDT	0.04019	0.0100	get 0.0050% / 4h	1h 55m	$19.9M	$109.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now −0.248%Rate

Funding earned: $7.56
Price spread: −0.248% → +1.439%: −$168.75
Slippage, 4 orders: −$372.95
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$554.14
Costs to cover: 3.930%
Break-even: 520.1 days

Slippage from Coinbase International: live order book, 8 min ago; Binance: live order book, 3 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 Coinbase International live order book, 8 min ago	51.46 bp	230.2 bp −$230	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	1.24 bp	22.1 bp −$22	91.2 bp −$912	790.4 bp −$79.0K	doesn't fit

SAGA on 13 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	−0.1536%	1h	0.04000	−0.720%	$2.2M	$280K	3x	as long as short
Coinbase International SAGA-PERP-INTXlong	+0.0064%	1h	0.04029	long leg	$47K	$399K	25x
Aster SAGAUSDT	+0.0100%	4h	0.04016	−0.314%	$72K	$802K	5x	as long as short
Binance SAGAUSDTshort	+0.0100%	4h	0.04019	−0.248%	$19.9M	$109.5M	20x
Bybit SAGAUSDT	+0.0100%	4h	0.04022	−0.164%	$4.0M	$15.0M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.04043	+0.347%	$6.2M	$7.9M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.04030	+0.025%	$2.7M	$4.8M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.04010	−0.472%	$797K	$2.8M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.04032	+0.074%	—	$2.0M	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.04015	−0.349%	$5K	$133K	5x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_SAGAUSD	+0.0129%	1h	0.04026	−0.075%	$71K	$649K	20x	as long as short
Variational Omni SAGA	+0.0149%	4h	0.04024	−0.128%	$4K	$53K	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0997%	1h	0.04015	−0.347%	$3K	$28	10x	as long as short