Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1464%/8h= −160.3% APRpaid last 24h −0.120%

Price spread now: BloFin against Deribit−0.101%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on BloFin

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 against this trade now: funding costs −$44 a day on $10k at the current rate, and BloFin is 0.101% cheaper against Deribit than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit SAGA_USDC-PERPETUAL	0.03953	0.1524	pay 0.0191% / 1h	3m 18s	$3K	$28	10x
Short	BloFin SAGA-USDT	0.03949	0.0060	get 0.0030% / 4h	3h 03m	$1.0M	$326K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. 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 DeribitbpFee BloFinbpOrdersPrice spread, now −0.101%Rate

Funding earned: −$307.48
Price spread: −0.101% → 0.000%: −$10.12
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$336.6
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; BloFin: live order book, 54 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell BloFin live order book, 54 min ago	3.79 bp	23.2 bp −$23	72.2 bp −$722	doesn't fit	doesn't fit

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
Kraken Futures PF_SAGAUSD	−0.0687%	1h	0.03946	−0.183%	$70K	$675K	20x	as long as short
BloFin SAGA-USDTshort	+0.0060%	4h	0.03949	−0.101%	$1.0M	$326K	20x
Coinbase International SAGA-PERP-INTX	+0.0088%	1h	0.03931	−0.557%	$46K	$427K	25x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03910	−1.088%	$2.2M	$302K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03939	−0.354%	$70K	$860K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03951	−0.051%	$19.5M	$120.8M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03967	+0.354%	$6.1M	$8.6M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03951	−0.051%	$2.7M	$6.0M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03947	−0.152%	$778K	$2.9M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03949	−0.105%	$2K	$131K	5x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SAGA	+0.0274%	4h	0.03920	−0.832%	$4K	$91K	—	as long as short
Bybit SAGAUSDT	+0.0515%	4h	0.03951	−0.051%	$3.8M	$16.3M	20x	as long as short
BingX SAGA-USDT	+0.0668%	4h	0.03954	+0.025%	—	$2.1M	—	as long as short
Deribit SAGA_USDC-PERPETUALlong	+0.1524%	1h	0.03953	long leg	$3K	$28	10x