Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0134%/8h= +14.7% APRpaid last 24h +0.163%

Price spread now: Deribit against Variational Omni−1.398%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Deribit is 1.398% cheaper against Variational Omni than usual: you would sell low and buy high (spread −1.398% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$140 on $10k: about 35 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SAGA	0.04193	0.0100	pay 0.0050% / 4h	3h 33m	$4K	$42K	—
Short	Deribit SAGA_USDC-PERPETUAL	0.04134	0.0234	get 0.0029% / 1h	33m 08s	$3K	$124	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Variational Omni. 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 Variational OmnibpFee DeribitbpOrdersPrice spread, now −1.398%Rate

Funding earned: $28.15
Price spread: −1.398% → 0.000%: −$139.79
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$118.64
Costs to cover: 0.070%
Break-even: 36.5 days

Slippage unknown: Variational Omni: no order-book sample; Deribit: no order-book sample. 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 Variational Omni no order-book sample	—	—	—	—	—
Sell Deribit no order-book sample	—	—	—	—	—

Variational Omni and Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0847%	1h	0.04138	−1.313%	$78K	$535K	20x	as long as short
KuCoin SAGAUSDTM	+0.0020%	4h	0.04145	−1.136%	$819K	$2.6M	20x	as long as short
BloFin SAGA-USDT	+0.0057%	4h	0.04141	−1.231%	$1.0M	$283K	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.04139	−1.279%	$2.3M	$250K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.04144	−1.155%	$75K	$664K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.04144	−1.159%	$20.3M	$95.8M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.04143	−1.186%	$4.0M	$15.1M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.04164	−0.682%	$6.3M	$7.2M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.04139	−1.279%	$2.8M	$4.3M	50x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.04151	−0.992%	—	$1.9M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SAGAlong	+0.0100%	4h	0.04193	long leg	$4K	$42K	—
Extended SAGA-USD	+0.0104%	1h	0.04139	−1.272%	$5K	$183K	5x	as long as short
Deribit SAGA_USDC-PERPETUALshort	+0.0234%	1h	0.04134	−1.398%	$3K	$124	10x
Coinbase International SAGA-PERP-INTX	+0.0440%	1h	0.04131	−1.469%	$42K	$382K	25x	as long as short