Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0414%/8h= +45.3% APRpaid last 24h +0.068%

Price spread now: Deribit against BingX−0.330%7-day average — · you buy dearer than you sell

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

Long on BingX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Deribit is 0.330% cheaper against BingX than usual: you would sell low and buy high (spread −0.330% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$33 on $10k: about 2.7 days of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SAGA-USDT	0.03945	0.0100	pay 0.0050% / 4h	25m 03s	—	$2.2M	—
Short	Deribit SAGA_USDC-PERPETUAL	0.03932	0.0514	get 0.0064% / 1h	25m 03s	$3K	$28	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BingX. 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 BingXbpFee DeribitbpOrdersPrice spread, now −0.330%Rate

Funding earned: $86.85
Price spread: −0.330% → 0.000%: −$32.95
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $36.89
Costs to cover: 0.170%
Break-even: 4.0 days

Slippage unknown: BingX: live order book, 8 min ago; 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 BingX live order book, 8 min ago	1.27 bp	22.8 bp −$23	76.2 bp −$762	604.2 bp −$60.4K	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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	−0.0765%	1h	0.03918	−0.688%	$71K	$723K	20x	as long as short
Coinbase International SAGA-PERP-INTX	−0.0104%	1h	0.03933	−0.304%	$48K	$435K	25x	as long as short
KuCoin SAGAUSDTM	+0.0012%	4h	0.03929	−0.406%	$816K	$3.1M	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03936	−0.228%	$2.2M	$323K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03931	−0.365%	$71K	$900K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03940	−0.127%	$19.4M	$135.4M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03946	+0.028%	$3.8M	$18.5M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03942	−0.076%	$6.0M	$9.1M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03936	−0.228%	$2.7M	$6.1M	50x	as long as short
BingX SAGA-USDTlong	+0.0100%	4h	0.03945	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	−0.605%	$4K	$113K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03931	−0.347%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0133%	4h	0.03932	−0.330%	$996K	$430K	20x	as long as short
Deribit SAGA_USDC-PERPETUALshort	+0.0514%	1h	0.03932	−0.330%	$3K	$28	10x