Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0039%/8h= +4.3% APRpaid last 24h +0.125%

Price spread now: BloFin against Hyperliquid+0.267%87s7-day average +0.168% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1051.049% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.915%+$91 on $10k

Price spread, last 4 days (all we have)−0.664%−$66 · spread now +0.267%, 7d avg +0.168%

Together, before fees+0.251%+ Points / potential airdropHyperliquid: Season 2 · farm board+$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and BloFin is 0.099% dearer against Hyperliquid than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.168%. The two prices were read 87 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SAGA	0.04116	0.0100	pay 0.0013% / 1h	21m 45s	$2.3M	$259K	3x
Short	BloFin SAGA-USDT	0.04127	0.0139	get 0.0070% / 4h	21m 45s	$1.0M	$291K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Hyperliquid. 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 HyperliquidbpFee BloFinbpOrdersPrice spread, now +0.267%Rate

Funding earned: $8.22
Price spread: +0.267% → +0.168%: $9.92
Slippage, 4 orders: −$83.89
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$86.75
Costs to cover: 1.049%
Break-even: 80.9 days

Slippage from Hyperliquid: live order book, 9 min ago; BloFin: live order book, just now.

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 Hyperliquid live order book, 9 min ago	4.80 bp	25.7 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, just now	2.43 bp	17.4 bp −$17	50.4 bp −$504	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
Kraken Futures PF_SAGAUSD	−0.0418%	1h	0.04131	+0.354%	$76K	$551K	20x	as long as short
KuCoin SAGAUSDTM	−0.0020%	4h	0.04139	+0.559%	$843K	$2.7M	20x	as long as short
Hyperliquid SAGAlong	+0.0100%	1h	0.04116	long leg	$2.3M	$259K	3x
Aster SAGAUSDT	+0.0100%	4h	0.04122	+0.136%	$65K	$701K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.04119	+0.073%	$20.1M	$100.0M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.04118	+0.049%	$4.0M	$15.5M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.04140	+0.583%	$6.2M	$7.5M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.04119	+0.073%	$2.8M	$4.4M	50x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.04129	+0.316%	—	$2.0M	—	as long as short
Variational Omni SAGA	+0.0100%	4h	0.04167	+1.249%	$4K	$42K	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended SAGA-USD	+0.0104%	1h	0.04128	+0.282%	$3K	$182K	5x	as long as short
BloFin SAGA-USDTshort	+0.0139%	4h	0.04127	+0.267%	$1.0M	$291K	20x
Coinbase International SAGA-PERP-INTX	+0.0448%	1h	0.04130	+0.340%	$42K	$389K	25x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1203%	1h	0.04135	+0.462%	$3K	$124	10x	as long as short