SAGA

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0082%/8h= −9.0% APRnext payment −$0.10 per $10,000 · paid last 24h +0.242%

Price spread now: Hyperliquid against Coinbase International−0.129%7-day average +1.135% · you buy dearer than you sell

Net, funding: paid 7d − costs−$185as in the Funding arb table

Net, price: spread back to 7d avg − costs−$677as in the Price arb table

costs, in and out, $10k−$5515.506% of the position

Long on Coinbase International Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+3.658%+$366 on $10k

Price spread, last 4 days (all we have)+0.247%+$25 · spread now −0.129%, 7d avg +1.135%

Together, before fees+3.905%+ Points / potential airdropHyperliquid: Season 2 · farm board+$390 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Hyperliquid is 1.265% cheaper against Coinbase International than usual: you would sell low and buy high (−$126 if the spread goes back to its 7-day average of +1.135%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +3.658%, 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	0.03868	0.0064	pay 0.0008% / 1h	33m 03s	$45K	$381K	25x
Short	Hyperliquid SAGA	0.03863	−0.0018	pay 0.0002% / 1h	33m 03s	$2.1M	$282K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.129%Rate

Funding earned: −$17.22
Price spread: −0.129% → +1.135%: −$126.47
Slippage, 4 orders: −$531.63
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$694.31
Costs to cover: 5.506%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 30 min ago; Hyperliquid: live order book, 8 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, 30 min ago	51.46 bp	230.2 bp −$230	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	10.21 bp	169.4 bp −$169	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	−0.0018%	1h	0.03863	−0.129%	$2.1M	$282K	3x
Coinbase International SAGA-PERP-INTXlong	+0.0064%	1h	0.03868	long leg	$45K	$381K	25x
Aster SAGAUSDT	+0.0100%	4h	0.03870	+0.060%	$69K	$789K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03865	−0.084%	$19.2M	$106.4M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03865	−0.072%	$3.8M	$14.6M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03881	+0.336%	$5.9M	$7.9M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03869	+0.026%	$2.5M	$4.9M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03876	+0.207%	$771K	$2.6M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03869	+0.026%	—	$2.0M	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03864	−0.108%	$5K	$130K	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	+0.0117%	4h	0.03919	+1.327%	$4K	$53K	—	as long as short
BloFin SAGA-USDT	+0.0131%	4h	0.03905	+0.957%	$1.0M	$237K	20x	as long as short
Kraken Futures PF_SAGAUSD	+0.0134%	1h	0.03868	+0.008%	$68K	$641K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1044%	1h	0.03870	+0.052%	$3K	$28	10x	as long as short