Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1196%/8h= −130.9% APRpaid last 24h −0.147%

Price spread now: Hyperliquid against MEXC−0.987%7-day average −0.168% · you buy dearer than you sell

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

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.879%−$88 on $10k

Price spread, last 7 days+0.915%+$92 · spread now −0.987%, 7d avg −0.168%

Together, before fees+0.037%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$36 a day on $10k at the current rate, and Hyperliquid is 0.818% cheaper against MEXC than usual: you would sell low and buy high (−$82 if the spread goes back to its 7-day average of −0.168%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC SAGA_USDT	0.04054	0.0100	pay 0.0050% / 4h	1h 56m	$2.7M	$4.8M	50x
Short	Hyperliquid SAGA	0.04014	−0.1096	pay 0.0137% / 1h	56m 56s	$2.2M	$280K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. 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 MEXCbpFee HyperliquidbpOrdersPrice spread, now −0.987%Rate

Funding earned: −$251.11
Price spread: −0.987% → −0.168%: −$81.84
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$345.95
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 5 min ago; Hyperliquid: live order book, 4 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 MEXC live order book, 5 min ago	1.26 bp	14.5 bp −$15	54.8 bp −$548	545.9 bp −$54.6K	doesn't fit
Sell Hyperliquid live order book, 4 min ago	1.27 bp	5.8 bp −$6	doesn't fit	doesn't fit	doesn't fit

SAGA on 13 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 SAGAshort	−0.1096%	1h	0.04014	−0.987%	$2.2M	$280K	3x
Coinbase International SAGA-PERP-INTX	+0.0064%	1h	0.04048	−0.148%	$47K	$406K	25x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.04058	+0.108%	$72K	$807K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.04038	−0.395%	$20.0M	$109.8M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.04039	−0.363%	$4.0M	$15.0M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.04060	+0.148%	$6.2M	$7.9M	20x	as long as short
MEXC SAGA_USDTlong	+0.0100%	4h	0.04054	long leg	$2.7M	$4.8M	50x
KuCoin SAGAUSDTM	+0.0100%	4h	0.04043	−0.271%	$801K	$2.8M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.04040	−0.345%	—	$2.0M	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.04032	−0.535%	$5K	$133K	5x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SAGA	+0.0123%	4h	0.03973	−2.005%	$4K	$55K	—	as long as short
Kraken Futures PF_SAGAUSD	+0.0128%	1h	0.04055	+0.033%	$72K	$650K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1228%	1h	0.04067	+0.321%	$3K	$28	10x	as long as short