Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h +0.148%

Price spread now: Variational Omni against Kraken Futures+0.686%7-day average −0.024% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.632%+$63 on $10k

Price spread, last 3 days (all we have)+0.258%+$26 · spread now +0.686%, 7d avg −0.024%

Together, before fees+0.890%+ Points / potential airdropVariational Omni: Active · farm board+$89 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.710% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.686% now, against its 7-day average of −0.024%): +$71 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 28 days. Mind the row above: over the last 3 days funding on this pair paid +0.632%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SAGAUSD	0.03906	0.0184	pay 0.0023% / 1h	44m 58s	$71K	$728K	20x
Short	Variational Omni SAGA	0.03933	0.0100	get 0.0050% / 4h	1h 44m	$6K	$112K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.686%Rate

Funding earned: −$17.62
Price spread: +0.686% → −0.024%: $70.97
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $43.36
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 38 min ago; Variational Omni: RFQ quote, 39 min ago. Net counts fees only.

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, 38 min ago	49.61 bp	59.7 bp −$60	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 39 min ago	5.01 bp	doesn't fit	122.8 bp −$1,228	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	−0.0168%	1h	0.03943	+0.946%	$50K	$447K	25x	as long as short
BloFin SAGA-USDT	+0.0083%	4h	0.03928	+0.562%	$973K	$461K	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03903	−0.078%	$2.2M	$345K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03914	+0.207%	$70K	$963K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03914	+0.207%	$19.4M	$142.5M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03911	+0.130%	$3.8M	$19.7M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03930	+0.614%	$6.0M	$9.3M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03911	+0.127%	$2.6M	$6.5M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03915	+0.230%	$874K	$3.1M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03916	+0.255%	—	$2.2M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SAGAshort	+0.0100%	4h	0.03933	+0.686%	$6K	$112K	—
Extended SAGA-USD	+0.0104%	1h	0.03916	+0.266%	$3K	$159K	5x	as long as short
Kraken Futures PF_SAGAUSDlong	+0.0184%	1h	0.03906	long leg	$71K	$728K	20x
Deribit SAGA_USDC-PERPETUAL	+0.0774%	1h	0.03910	+0.102%	$3K	$28	10x	as long as short