Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.1448%/8h= −158.5% APRpaid last 24h +0.221%

Price spread now: Bybit against Kraken Futures+0.325%55s7-day average +0.189% · you sell dearer than you buy

Net, funding: paid 7d − costs+$36as 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−$1561.561% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+1.925%+$193 on $10k

Price spread, last 3 days (all we have)+1.200%+$120 · spread now +0.325%, 7d avg +0.189%

Together, before fees+3.125%+$312 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.136% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.325% now, against its 7-day average of +0.189%): +$14 on $10k if it goes back. Holding the pair costs −$43 a day in funding at the current rate, which eats that in about 8 hours. Mind the row above: over the last 7 days funding on this pair paid +1.925%, so the current rate has only just turned against you. The two prices were read 55 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	Kraken Futures PF_SAGAUSD	0.04132	0.1548	pay 0.0193% / 1h	32m 25s	$85K	$729K	20x
Short	Bybit SAGAUSDT	0.04145	0.0100	get 0.0050% / 4h	3h 32m	$4.1M	$22.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now +0.325%Rate

Funding earned: −$304.04
Price spread: +0.325% → +0.189%: $13.59
Slippage, 4 orders: −$135.1
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$446.56
Costs to cover: 1.561%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 16 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 Kraken Futures live order book, 16 min ago	29.53 bp	38.2 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.05 bp	36.7 bp −$37	112.9 bp −$1,129	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
Coinbase International SAGA-PERP-INTX	−0.0408%	1h	0.04121	−0.265%	$54K	$455K	25x	as long as short
Hyperliquid SAGA	−0.0307%	1h	0.04119	−0.314%	$2.3M	$345K	3x	as long as short
BloFin SAGA-USDT	+0.0094%	4h	0.04130	−0.047%	$1.1M	$588K	20x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.04137	+0.126%	$70K	$1.0M	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.04140	+0.196%	$20.7M	$155.6M	20x	as long as short
Bybit SAGAUSDTshort	+0.0100%	4h	0.04145	+0.325%	$4.1M	$22.6M	20x
Gate SAGA_USDT	+0.0100%	4h	0.04154	+0.534%	$6.4M	$9.5M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.04139	+0.170%	$3.1M	$7.4M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.04135	+0.074%	$935K	$3.2M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.04146	+0.342%	$3K	$159K	5x	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	+0.0382%	4h	0.04140	+0.195%	—	$2.3M	—	as long as short
Variational Omni SAGA	+0.0569%	4h	0.04139	+0.161%	$6K	$122K	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1204%	1h	0.04133	+0.025%	$3K	$28	10x	as long as short
Kraken Futures PF_SAGAUSDlong	+0.1548%	1h	0.04132	long leg	$85K	$729K	20x