Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0204%/8h= −22.3% APRpaid last 24h −0.806%

Price spread now: Coinbase International against BingX−0.407%7-day average −1.489% · you buy dearer than you sell

Net, funding: paid 7d − costs−$883as in the Funding arb table

Net, price: spread back to 7d avg − costs−$313as in the Price arb table

costs, in and out, $10k−$4214.210% of the position

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−4.623%−$462 on $10k

Price spread, last 3 days (all we have)+1.053%+$105 · spread now −0.407%, 7d avg −1.489%

Together, before fees−3.570%−$357 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 1.081% dearer against BingX than usual: you sell high and buy low (spread −0.407% now, against its 7-day average of −1.489%): +$108 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 18 days. At the pace of the last 7 days (−4.623% in total) that is about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SAGA-USDT	0.03927	0.0100	pay 0.0050% / 4h	25m 43s	—	$2.2M	—
Short	Coinbase International SAGA-PERP-INTX	0.03911	−0.0104	pay 0.0013% / 1h	25m 43s	$48K	$433K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. 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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.407%Rate

Funding earned: −$42.84
Price spread: −0.407% → −1.489%: $108.13
Slippage, 4 orders: −$400.98
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$355.69
Costs to cover: 4.210%
Break-even: never at this rate

Slippage from BingX: live order book, 7 min ago; Coinbase International: live order book, 52 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 BingX live order book, 7 min ago	1.27 bp	22.8 bp −$23	76.2 bp −$762	604.2 bp −$60.4K	doesn't fit
Sell Coinbase International live order book, 52 min ago	53.42 bp	126.4 bp −$126	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
Kraken Futures PF_SAGAUSD	−0.0767%	1h	0.03909	−0.462%	$70K	$724K	20x	as long as short
Coinbase International SAGA-PERP-INTXshort	−0.0104%	1h	0.03911	−0.407%	$48K	$433K	25x
KuCoin SAGAUSDTM	+0.0028%	4h	0.03929	+0.051%	$816K	$3.1M	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03918	−0.229%	$2.2M	$323K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03927	+0.003%	$71K	$900K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03926	−0.025%	$19.4M	$135.5M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03929	+0.053%	$3.8M	$18.5M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03931	+0.102%	$6.0M	$9.1M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03918	−0.229%	$2.7M	$6.1M	50x	as long as short
BingX SAGA-USDTlong	+0.0100%	4h	0.03927	long leg	—	$2.2M	—

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SAGA	+0.0100%	4h	0.03921	−0.149%	$4K	$113K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03917	−0.247%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0129%	4h	0.03943	+0.407%	$999K	$431K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1028%	1h	0.03918	−0.229%	$3K	$28	10x	as long as short