Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0196%/8h= −21.5% APRpaid last 24h +0.185%

Price spread now: Bybit against Coinbase International+0.499%7-day average +1.362% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$532as in the Price arb table

costs, in and out, $10k−$4464.458% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+4.542%+$454 on $10k

Price spread, last 4 days (all we have)−1.195%−$120 · spread now +0.499%, 7d avg +1.362%

Together, before fees+3.346%+$335 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 Bybit is 0.864% cheaper against Coinbase International than usual: you would sell low and buy high (−$86 if the spread goes back to its 7-day average of +1.362%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +4.542%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International SAGA-PERP-INTX	0.03911	0.0296	pay 0.0037% / 1h	54m 54s	$39K	$335K	25x
Short	Bybit SAGAUSDT	0.03930	0.0100	get 0.0050% / 4h	1h 54m	$3.7M	$14.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.499%Rate

Funding earned: −$41.16
Price spread: +0.499% → +1.362%: −$86.36
Slippage, 4 orders: −$424.83
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$573.35
Costs to cover: 4.458%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 56 min ago; Bybit: live order book, 2 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, 56 min ago	67.20 bp	219.3 bp −$219	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.91 bp	46.2 bp −$46	153.8 bp −$1,538	doesn't fit	doesn't fit

SAGA on 14 exchanges

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	−0.0855%	1h	0.03920	+0.229%	$72K	$470K	20x	as long as short
BloFin SAGA-USDT	+0.0078%	4h	0.03931	+0.511%	$986K	$257K	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03917	+0.153%	$2.1M	$203K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03927	+0.400%	$70K	$569K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03926	+0.389%	$19.1M	$87.1M	20x	as long as short
Bybit SAGAUSDTshort	+0.0100%	4h	0.03930	+0.499%	$3.7M	$14.6M	20x
Gate SAGA_USDT	+0.0100%	4h	0.03944	+0.844%	$6.0M	$6.8M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03926	+0.384%	$2.7M	$4.0M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03930	+0.486%	$775K	$2.4M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03934	+0.588%	—	$1.9M	—	as long as short

Show all 14 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SAGA	+0.0100%	4h	0.03921	+0.249%	$4K	$32K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03928	+0.427%	$2K	$181K	5x	as long as short
Coinbase International SAGA-PERP-INTXlong	+0.0296%	1h	0.03911	long leg	$39K	$335K	25x
Deribit SAGA_USDC-PERPETUAL	+0.0770%	1h	0.03926	+0.384%	$3K	$124	10x	as long as short