Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.251%

Price spread now: Hyperliquid against Bybit−0.173%7-day average −0.243% · you buy dearer than you sell

Net, funding: paid 7d − costs−$215as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$1231.231% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.915%−$92 on $10k

Price spread, last 7 days+0.020%+$2 · spread now −0.173%, 7d avg −0.243%

Together, before fees−0.896%+ Points / potential airdropHyperliquid: Season 2 · farm board−$90 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.070% dearer against Bybit than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.243%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SAGAUSDT	0.03870	0.0100	pay 0.0050% / 4h	1h 30m	$3.7M	$19.4M	20x
Short	Hyperliquid SAGA	0.03863	0.0100	get 0.0013% / 1h	30m 32s	$2.1M	$342K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now −0.173%Rate

Funding earned: $0
Price spread: −0.173% → −0.243%: $6.95
Slippage, 4 orders: −$103.12
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$116.17
Costs to cover: 1.231%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Hyperliquid: live order book, just now.

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, 3 min ago	1.16 bp	29.4 bp −$29	122.4 bp −$1,224	doesn't fit	doesn't fit
Sell Hyperliquid live order book, just now	1.29 bp	22.4 bp −$22	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
Coinbase International SAGA-PERP-INTX	−0.0168%	1h	0.03851	−0.483%	$49K	$436K	25x	as long as short
Hyperliquid SAGAshort	+0.0100%	1h	0.03863	−0.173%	$2.1M	$342K	3x
Aster SAGAUSDT	+0.0100%	4h	0.03869	−0.017%	$74K	$941K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03868	−0.045%	$19.1M	$141.1M	20x	as long as short
Bybit SAGAUSDTlong	+0.0100%	4h	0.03870	long leg	$3.7M	$19.4M	20x
Gate SAGA_USDT	+0.0100%	4h	0.03887	+0.447%	$6.0M	$9.3M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03866	−0.096%	$2.6M	$6.5M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03871	+0.034%	$874K	$3.1M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03872	+0.059%	—	$2.2M	—	as long as short
Variational Omni SAGA	+0.0100%	4h	0.03864	−0.155%	$6K	$112K	—	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	0.03867	−0.063%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0146%	4h	0.03860	−0.251%	$983K	$449K	20x	as long as short
Kraken Futures PF_SAGAUSD	+0.0186%	1h	0.03863	−0.184%	$70K	$728K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0786%	1h	0.03866	−0.096%	$3K	$28	10x	as long as short