Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0951%/8h= −104.1% APRpaid last 24h −0.131%

Price spread now: Kraken Futures against BingX−0.120%7-day average −0.146% · you buy dearer than you sell

Net, funding: paid 7d − costs−$346as in the Funding arb table

Net, price: spread back to 7d avg − costs−$133as in the Price arb table

costs, in and out, $10k−$1351.353% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−2.108%−$211 on $10k

Price spread, last 4 days (all we have)−0.709%−$71 · spread now −0.120%, 7d avg −0.146%

Together, before fees−2.817%−$282 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.027% dearer against BingX than usual: you sell high and buy low (spread −0.120% now, against its 7-day average of −0.146%): +$3 on $10k if it goes back. Holding the pair costs −$29 a day in funding at the current rate, which eats that in about 2 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SAGA-USDT	0.03944	0.0100	pay 0.0050% / 4h	1h 05m	—	$1.9M	—
Short	Kraken Futures PF_SAGAUSD	0.03939	−0.0851	pay 0.0106% / 1h	5m 33s	$73K	$467K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.120%Rate

Funding earned: −$199.72
Price spread: −0.120% → −0.146%: $2.68
Slippage, 4 orders: −$115.32
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$332.36
Costs to cover: 1.353%
Break-even: never at this rate

Slippage from BingX: live order book, 5 min ago; Kraken Futures: live order book, 40 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, 5 min ago	2.53 bp	18.1 bp −$18	50.5 bp −$505	561.5 bp −$56.1K	doesn't fit
Sell Kraken Futures live order book, 40 min ago	28.20 bp	59.3 bp −$59	doesn't fit	doesn't fit	doesn't fit

SAGA on 14 exchanges

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_SAGAUSDshort	−0.0851%	1h	0.03939	−0.120%	$73K	$467K	20x
Hyperliquid SAGA	+0.0100%	1h	0.03936	−0.203%	$2.2M	$199K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03945	+0.022%	$61K	$551K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03944	−0.007%	$19.0M	$85.2M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03944	0.000%	$3.7M	$14.4M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03942	−0.051%	$2.7M	$4.1M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03943	−0.025%	$789K	$2.3M	20x	as long as short
BingX SAGA-USDTlong	+0.0100%	4h	0.03944	long leg	—	$1.9M	—
Variational Omni SAGA	+0.0100%	4h	0.03944	+0.005%	$4K	$24K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03942	−0.048%	$306	$183K	5x	as long as short

Show all 14 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin SAGA-USDT	+0.0147%	4h	0.03934	−0.254%	$983K	$255K	20x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0296%	1h	0.03861	−2.104%	$38K	$318K	25x	as long as short
Gate SAGA_USDT	+0.0502%	4h	0.03955	+0.279%	$6.0M	$6.8M	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1020%	1h	0.03943	−0.025%	$3K	$124	10x	as long as short