Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.047%

Price spread now: BingX against Extended+0.128%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$138as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1421.421% of the position

Long on Extended Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 4 days (all we have)−0.498%−$50 · spread now +0.128%, 7d avg −0.008%

Together, before fees−0.454%+ Points / potential airdropExtended: Active · farm board−$45 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.136% dearer against Extended than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended SAGA-USD	0.03904	0.0104	pay 0.0013% / 1h	5m 52s	$5K	$129K	5x
Short	BingX SAGA-USDT	0.03909	0.0100	get 0.0050% / 4h	1h 05m	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Extended. 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 ExtendedbpFee BingXbpOrdersPrice spread, now +0.128%Rate

Funding earned: −$0.84
Price spread: +0.128% → −0.008%: $13.56
Slippage, 4 orders: −$127.12
Fee Extended: 2.5 bp × 2 orders: −$5
Fee BingX: 5 bp × 2 orders: −$10
Net: −$129.4
Costs to cover: 1.421%
Break-even: never at this rate

Slippage from Extended: live order book, 55 min ago; BingX: live order book, 7 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 Extended live order book, 55 min ago	7.03 bp	43.3 bp −$43	312.1 bp −$3,121	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	2.56 bp	24.9 bp −$25	74.8 bp −$748	545.6 bp −$54.6K	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
Coinbase International SAGA-PERP-INTX	+0.0064%	1h	0.03898	−0.154%	$45K	$380K	25x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03890	−0.359%	$2.1M	$269K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03909	+0.135%	$70K	$789K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03910	+0.154%	$19.3M	$103.5M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03918	+0.359%	$6.0M	$7.9M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03908	+0.102%	$2.5M	$4.9M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03902	−0.051%	$775K	$2.6M	20x	as long as short
BingX SAGA-USDTshort	+0.0100%	4h	0.03909	+0.128%	—	$2.0M	—
Extended SAGA-USDlong	+0.0104%	1h	0.03904	long leg	$5K	$129K	5x
BloFin SAGA-USDT	+0.0128%	4h	0.03890	−0.359%	$994K	$216K	20x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_SAGAUSD	+0.0133%	1h	0.03900	−0.104%	$70K	$639K	20x	as long as short
Bybit SAGAUSDT	+0.0140%	4h	0.03913	+0.223%	$3.9M	$14.4M	20x	as long as short
Variational Omni SAGA	+0.0205%	4h	0.03913	+0.226%	$4K	$51K	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1286%	1h	0.03912	+0.205%	$3K	$28	10x	as long as short