Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0920%/8h= +100.8% APRpaid last 24h +0.104%

Price spread now: Deribit against Bybit+0.072%7-day average — · you sell dearer than you buy

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

Long on Bybit 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

Both sides work for this trade now. Funding pays +$28 a day on $10k at the current rate, and Deribit is 0.072% dearer against Bybit than usual: you sell high and buy low: +$7 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SAGAUSDT	0.03908	0.0110	pay 0.0055% / 4h	18m 15s	$3.8M	$14.3M	20x
Short	Deribit SAGA_USDC-PERPETUAL	0.03911	0.1030	get 0.0129% / 1h	18m 15s	$3K	$28	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.072%Rate

Funding earned: $193.23
Price spread: +0.072% → 0.000%: $7.16
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $182.39
Costs to cover: 0.180%
Break-even: 0.4 days

Slippage unknown: Bybit: live order book, 5 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 Bybit live order book, 5 min ago	1.40 bp	30.1 bp −$30	122.3 bp −$1,223	doesn't fit	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
Hyperliquid SAGA	−0.0391%	1h	0.03895	−0.338%	$2.2M	$263K	3x	as long as short
Kraken Futures PF_SAGAUSD	−0.0263%	1h	0.03905	−0.084%	$69K	$643K	20x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0080%	1h	0.03904	−0.107%	$44K	$381K	25x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03909	+0.030%	$69K	$768K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03909	+0.020%	$19.3M	$101.0M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03920	+0.302%	$5.9M	$7.8M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03907	−0.031%	$2.5M	$4.5M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03909	+0.020%	$776K	$2.6M	20x	as long as short
BloFin SAGA-USDT	+0.0101%	4h	0.03905	−0.082%	$985K	$214K	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03911	+0.065%	$7K	$131K	5x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit SAGAUSDTlong	+0.0110%	4h	0.03908	long leg	$3.8M	$14.3M	20x
BingX SAGA-USDT	+0.0124%	4h	0.03914	+0.148%	—	$2.0M	—	as long as short
Variational Omni SAGA	+0.0168%	4h	0.03920	+0.308%	$4K	$45K	—	as long as short
Deribit SAGA_USDC-PERPETUALshort	+0.1030%	1h	0.03911	+0.072%	$3K	$28	10x