Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1355%/8h= −148.4% APRpaid last 24h −0.188%

Price spread now: MEXC against Deribit−0.827%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 MEXC

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 −$41 a day on $10k at the current rate, and MEXC is 0.827% cheaper against Deribit than usual: you would sell low and buy high (−$83 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	0.04112	0.1455	pay 0.0182% / 1h	12m 48s	$3K	—	10x
Short	MEXC SAGA_USDT	0.04078	0.0100	get 0.0050% / 4h	1h 12m	$3.0M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.827%Rate

Funding earned: −$284.6
Price spread: −0.827% → 0.000%: −$82.68
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$378.29
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; MEXC: live order book, 5 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 MEXC live order book, 5 min ago	2.35 bp	18.5 bp −$18	113.7 bp −$1,137	707.3 bp −$70.7K	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
Hyperliquid SAGA	−0.1710%	1h	0.04091	−0.511%	$2.2M	$263K	3x	as long as short
Kraken Futures PF_SAGAUSD	−0.0626%	1h	0.04094	−0.440%	$74K	$562K	20x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.04101	−0.255%	$60K	$713K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.04096	−0.399%	$20.2M	$100.2M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.04104	−0.195%	$6.2M	$7.5M	20x	as long as short
MEXC SAGA_USDTshort	+0.0100%	4h	0.04078	−0.827%	$3.0M	$4.5M	50x
KuCoin SAGAUSDTM	+0.0100%	4h	0.04111	−0.024%	$919K	$2.6M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.04084	−0.679%	$3K	$177K	5x	as long as short
BloFin SAGA-USDT	+0.0132%	4h	0.04095	−0.413%	$1.1M	$277K	20x	as long as short
Bybit SAGAUSDT	+0.0206%	4h	0.04089	−0.567%	$4.0M	$15.1M	20x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SAGA-USDT	+0.0234%	4h	0.04097	−0.365%	—	$2.0M	—	as long as short
Variational Omni SAGA	+0.0266%	4h	0.04262	+3.649%	$6K	$42K	—	as long as short
Coinbase International SAGA-PERP-INTX	+0.0296%	1h	0.04064	−1.167%	$43K	$388K	25x	as long as short
Deribit SAGA_USDC-PERPETUALlong	+0.1455%	1h	0.04112	long leg	$3K	—	10x