Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0688%/8h= −75.4% APRpaid last 24h −0.161%

Price spread now: Kraken Futures against Gate−0.131%7-day average −0.326% · you buy dearer than you sell

Net, funding: paid 7d − costs−$641as in the Funding arb table

Net, price: spread back to 7d avg − costs−$334as in the Price arb table

costs, in and out, $10k−$3533.530% of the position

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−2.884%−$288 on $10k

Price spread, last 4 days (all we have)−0.590%−$59 · spread now −0.131%, 7d avg −0.326%

Together, before fees−3.473%−$347 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.195% dearer against Gate than usual: you sell high and buy low (spread −0.131% now, against its 7-day average of −0.326%): +$19 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate SAGA_USDT	0.04364	0.0100	pay 0.0050% / 4h	1h 28m	$6.6M	$7.5M	20x
Short	Kraken Futures PF_SAGAUSD	0.04358	−0.0588	pay 0.0074% / 1h	28m 08s	$81K	$564K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Gate. 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 GatebpFee Kraken FuturesbpOrdersPrice spread, now −0.131%Rate

Funding earned: −$144.52
Price spread: −0.131% → −0.326%: $19.5
Slippage, 4 orders: −$328
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$478.03
Costs to cover: 3.530%
Break-even: never at this rate

Slippage from Gate: live order book, 5 min ago; Kraken Futures: live order book, 15 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 Gate live order book, 5 min ago	13.80 bp	125.3 bp −$125	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 15 min ago	45.84 bp	77.9 bp −$78	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 SAGA	−0.2631%	1h	0.04326	−0.871%	$2.4M	$260K	3x	as long as short
Kraken Futures PF_SAGAUSDshort	−0.0588%	1h	0.04358	−0.131%	$81K	$564K	20x
BloFin SAGA-USDT	+0.0085%	4h	0.04348	−0.367%	$1.1M	$293K	20x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.04348	−0.364%	$65K	$713K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.04331	−0.756%	$21.5M	$99.0M	20x	as long as short
Gate SAGA_USDTlong	+0.0100%	4h	0.04364	long leg	$6.6M	$7.5M	20x
MEXC SAGA_USDT	+0.0100%	4h	0.04349	−0.344%	$3.3M	$4.4M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.04348	−0.367%	$971K	$2.6M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.04365	+0.031%	$4K	$178K	5x	as long as short
Bybit SAGAUSDT	+0.0105%	4h	0.04336	−0.635%	$4.3M	$14.8M	20x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SAGA-USDT	+0.0111%	4h	0.04350	−0.321%	—	$2.0M	—	as long as short
Variational Omni SAGA	+0.0211%	4h	0.04330	−0.779%	$7K	$42K	—	as long as short
Coinbase International SAGA-PERP-INTX	+0.0296%	1h	0.04357	−0.160%	$46K	$416K	25x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0667%	1h	0.04364	0.000%	$4K	—	10x	as long as short