Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0688%/8h= −75.4% APRpaid last 24h −0.056%

Price spread now: Kraken Futures against Binance+1.710%7-day average −0.121% · you sell dearer than you buy

Net, funding: paid 7d − costs−$372as in the Funding arb table

Net, price: spread back to 7d avg − costs+$13as in the Price arb table

costs, in and out, $10k−$1701.701% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−2.020%−$202 on $10k

Price spread, last 4 days (all we have)−2.228%−$223 · spread now +1.710%, 7d avg −0.121%

Together, before fees−4.248%−$425 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 1.831% dearer against Binance than usual: you sell high and buy low (spread +1.710% now, against its 7-day average of −0.121%): +$183 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 8.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SAGAUSDT	0.04285	0.0100	pay 0.0050% / 4h	1h 27m	$21.2M	$99.2M	20x
Short	Kraken Futures PF_SAGAUSD	0.04358	−0.0588	pay 0.0074% / 1h	27m 35s	$81K	$564K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +1.710%Rate

Funding earned: −$144.52
Price spread: +1.710% → −0.121%: $183.12
Slippage, 4 orders: −$150.08
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$131.48
Costs to cover: 1.701%
Break-even: from the start

Slippage from Binance: live order book, 15 min ago; Kraken Futures: live order book, 15 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 Binance live order book, 15 min ago	2.29 bp	23.4 bp −$23	122.3 bp −$1,223	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 15 min ago	45.84 bp	77.9 bp −$78	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	−0.2614%	1h	0.04277	−0.186%	$2.3M	$261K	3x	as long as short
Kraken Futures PF_SAGAUSDshort	−0.0588%	1h	0.04358	+1.710%	$81K	$564K	20x
BloFin SAGA-USDT	+0.0085%	4h	0.04348	+1.471%	$1.1M	$293K	20x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.04283	−0.055%	$64K	$713K	5x	as long as short
Binance SAGAUSDTlong	+0.0100%	4h	0.04285	long leg	$21.2M	$99.2M	20x
Bybit SAGAUSDT	+0.0100%	4h	0.04300	+0.341%	$4.3M	$14.9M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.04280	−0.116%	$6.5M	$7.5M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.04292	+0.164%	$3.2M	$4.4M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.04266	−0.443%	$952K	$2.6M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.04280	−0.116%	—	$2.0M	—	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	0.04275	−0.224%	$4K	$178K	5x	as long as short
Variational Omni SAGA	+0.0211%	4h	0.04330	+1.051%	$7K	$42K	—	as long as short
Coinbase International SAGA-PERP-INTX	+0.0296%	1h	0.04357	+1.681%	$46K	$416K	25x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0667%	1h	0.04364	+1.844%	$4K	—	10x	as long as short