Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.507%

Price spread now: Bybit against Coinbase International−0.559%7-day average +1.502% · you buy dearer than you sell

Net, funding: paid 7d − costs+$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$629as in the Price arb table

costs, in and out, $10k−$4234.226% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+4.588%+$459 on $10k

Price spread, last 3 days (all we have)+0.294%+$29 · spread now −0.559%, 7d avg +1.502%

Together, before fees+4.883%+$488 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: Bybit is 2.062% cheaper against Coinbase International than usual: you would sell low and buy high, −$206 on $10k if it goes back to its 7-day average of +1.502%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International SAGA-PERP-INTX	0.04004	0.0104	pay 0.0013% / 1h	1m 06s	$47K	$403K	25x
Short	Bybit SAGAUSDT	0.03982	0.0100	get 0.0050% / 4h	2h 01m	$3.9M	$15.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.559%Rate

Funding earned: −$0.84
Price spread: −0.559% → +1.502%: −$206.19
Slippage, 4 orders: −$401.64
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$629.67
Costs to cover: 4.226%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Bybit: live order book, 2 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, 2 min ago	51.46 bp	230.2 bp −$230	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.88 bp	38.8 bp −$39	116.6 bp −$1,166	doesn't fit	doesn't fit

SAGA on 13 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	−0.1075%	1h	0.03947	−1.424%	$2.2M	$280K	3x	as long as short
Kraken Futures PF_SAGAUSD	−0.0038%	1h	0.03969	−0.871%	$71K	$650K	20x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03974	−0.748%	$71K	$834K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03979	−0.614%	$19.7M	$110.3M	20x	as long as short
Bybit SAGAUSDTshort	+0.0100%	4h	0.03982	−0.559%	$3.9M	$15.1M	20x
Gate SAGA_USDT	+0.0100%	4h	0.03985	−0.475%	$6.1M	$8.3M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03974	−0.749%	$2.7M	$5.5M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03969	−0.874%	$786K	$2.8M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03979	−0.624%	—	$2.0M	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03973	−0.773%	$5K	$133K	5x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International SAGA-PERP-INTXlong	+0.0104%	1h	0.04004	long leg	$47K	$403K	25x
Variational Omni SAGA	+0.0123%	4h	0.03973	−0.782%	$4K	$55K	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0758%	1h	0.03974	−0.749%	$3K	$28	10x	as long as short