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: BingX against Coinbase International+0.203%7-day average +1.489% · you sell dearer than you buy

Net, funding: paid 7d − costs+$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$550as in the Price arb table

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

Long on Coinbase International Short on BingX

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)−0.849%−$85 · spread now +0.203%, 7d avg +1.489%

Together, before fees+3.774%+$377 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 1.285% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.203% now, against its 7-day average of +1.489%). If the spread goes back, that is −$129 on $10k: about 21 days of funding at the current rate (+$6 a day). At the pace of the last 7 days (+4.623% in total) that is about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International SAGA-PERP-INTX	0.03935	−0.0104	get 0.0013% / 1h	23m 48s	$48K	$436K	25x
Short	BingX SAGA-USDT	0.03943	0.0100	get 0.0050% / 4h	23m 48s	—	$2.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now +0.203%Rate

Funding earned: $42.84
Price spread: +0.203% → +1.489%: −$128.54
Slippage, 4 orders: −$400.98
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$506.68
Costs to cover: 4.210%
Break-even: 89.8 days

Slippage from Coinbase International: live order book, 54 min ago; BingX: live order book, 9 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 Coinbase International live order book, 54 min ago	53.42 bp	252.3 bp −$252	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	1.27 bp	19.5 bp −$19	53.5 bp −$535	547.6 bp −$54.8K	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	−0.0762%	1h	0.03936	+0.026%	$71K	$723K	20x	as long as short
Coinbase International SAGA-PERP-INTXlong	−0.0104%	1h	0.03935	long leg	$48K	$436K	25x
KuCoin SAGAUSDTM	+0.0010%	4h	0.03934	−0.025%	$817K	$3.1M	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03936	+0.025%	$2.2M	$323K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03938	+0.076%	$71K	$900K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03937	+0.051%	$19.4M	$135.4M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03946	+0.280%	$3.8M	$18.5M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03950	+0.381%	$6.1M	$9.1M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03935	0.000%	$2.7M	$6.1M	50x	as long as short
BingX SAGA-USDTshort	+0.0100%	4h	0.03943	+0.203%	—	$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	−0.352%	$4K	$113K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03939	+0.113%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0133%	4h	0.03932	−0.076%	$996K	$430K	20x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0765%	1h	0.03944	+0.229%	$3K	$28	10x	as long as short