Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.044%

Price spread now: Bybit against Extended+0.072%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$167as in the Funding arb table

Net, price: spread back to 7d avg − costs−$167as in the Price arb table

costs, in and out, $10k−$1701.700% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.029%+$3 on $10k

Price spread, last 4 days (all we have)−0.087%−$9 · spread now +0.072%, 7d avg +0.037%

Together, before fees−0.058%+ Points / potential airdropExtended: Active · farm board−$6 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: Bybit is 0.035% dearer against Extended than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended SAGA-USD	0.03928	0.0104	pay 0.0013% / 1h	54m 53s	$2K	$181K	5x
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 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 BybitbpOrdersPrice spread, now +0.072%Rate

Funding earned: −$0.84
Price spread: +0.072% → +0.037%: $3.47
Slippage, 4 orders: −$154.01
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$167.38
Costs to cover: 1.700%
Break-even: never at this rate

Slippage from Extended: live order book, 53 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 Extended live order book, 53 min ago	6.28 bp	48.8 bp −$49	317.5 bp −$3,175	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	−0.197%	$72K	$470K	20x	as long as short
BloFin SAGA-USDT	+0.0078%	4h	0.03931	+0.084%	$986K	$257K	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03917	−0.272%	$2.1M	$203K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03927	−0.027%	$70K	$569K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03926	−0.038%	$19.1M	$87.1M	20x	as long as short
Bybit SAGAUSDTshort	+0.0100%	4h	0.03930	+0.072%	$3.7M	$14.6M	20x
Gate SAGA_USDT	+0.0100%	4h	0.03944	+0.415%	$6.0M	$6.8M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03926	−0.043%	$2.7M	$4.0M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03930	+0.059%	$775K	$2.4M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03934	+0.161%	—	$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	−0.177%	$4K	$32K	—	as long as short
Extended SAGA-USDlong	+0.0104%	1h	0.03928	long leg	$2K	$181K	5x
Coinbase International SAGA-PERP-INTX	+0.0296%	1h	0.03911	−0.425%	$39K	$335K	25x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0770%	1h	0.03926	−0.043%	$3K	$124	10x	as long as short