Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.312%

Price spread now: Coinbase International against MEXC+0.128%7-day average −1.400% · you sell dearer than you buy

Net, funding: paid 7d − costs−$897as in the Funding arb table

Net, price: spread back to 7d avg − costs−$289as in the Price arb table

costs, in and out, $10k−$4424.422% of the position

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−4.550%−$455 on $10k

Price spread, last 4 days (all we have)+0.545%+$55 · spread now +0.128%, 7d avg −1.400%

Together, before fees−4.005%−$400 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 1.528% dearer against MEXC than usual: you sell high and buy low (spread +0.128% now, against its 7-day average of −1.400%): +$153 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 8 months. At the pace of the last 7 days (−4.550% in total) that is about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC SAGA_USDT	0.03915	0.0100	pay 0.0050% / 4h	13m 40s	$2.5M	$4.5M	50x
Short	Coinbase International SAGA-PERP-INTX	0.03920	0.0080	get 0.0010% / 1h	13m 40s	$44K	$382K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against MEXC. 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 MEXCbpFee Coinbase InternationalbpOrdersPrice spread, now +0.128%Rate

Funding earned: −$4.2
Price spread: +0.128% → −1.400%: $152.78
Slippage, 4 orders: −$428.16
Fee MEXC: 2 bp × 2 orders: −$4
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$293.58
Costs to cover: 4.422%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 min ago; Coinbase International: live order book, 44 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 MEXC live order book, 4 min ago	2.56 bp	19.4 bp −$19	99.3 bp −$993	683.7 bp −$68.4K	doesn't fit
Sell Coinbase International live order book, 44 min ago	48.22 bp	143.4 bp −$143	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	−0.0301%	1h	0.03895	−0.511%	$2.2M	$261K	3x	as long as short
Kraken Futures PF_SAGAUSD	−0.0263%	1h	0.03908	−0.171%	$69K	$643K	20x	as long as short
BloFin SAGA-USDT	+0.0048%	4h	0.03914	−0.026%	$987K	$214K	20x	as long as short
Coinbase International SAGA-PERP-INTXshort	+0.0080%	1h	0.03920	+0.128%	$44K	$382K	25x
Aster SAGAUSDT	+0.0100%	4h	0.03910	−0.134%	$69K	$768K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03917	+0.049%	$19.3M	$100.8M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03919	+0.107%	$3.8M	$14.3M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03911	−0.102%	$5.9M	$7.8M	20x	as long as short
MEXC SAGA_USDTlong	+0.0100%	4h	0.03915	long leg	$2.5M	$4.5M	50x
KuCoin SAGAUSDTM	+0.0100%	4h	0.03912	−0.077%	$743K	$2.6M	20x	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	0.03916	+0.021%	$7K	$131K	5x	as long as short
BingX SAGA-USDT	+0.0120%	4h	0.03898	−0.434%	—	$2.0M	—	as long as short
Variational Omni SAGA	+0.0134%	4h	0.03909	−0.164%	$4K	$45K	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1285%	1h	0.03914	−0.026%	$3K	$28	10x	as long as short