Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0702%/8h= −76.9% APRpaid last 24h −0.064%

Price spread now: Variational Omni against Deribit−0.234%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Variational Omni is 0.234% cheaper against Deribit than usual: you would sell low and buy high (−$23 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	0.03806	0.0802	pay 0.0100% / 1h	6m 10s	$3K	$28	10x
Short	Variational Omni SAGA	0.03797	0.0100	get 0.0050% / 4h	2h 06m	$6K	$113K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.234%Rate

Funding earned: −$147.44
Price spread: −0.234% → 0.000%: −$23.37
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$177.81
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Variational Omni: RFQ quote, 18 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 Variational Omni RFQ quote, 18 min ago	5.01 bp	doesn't fit	122.8 bp −$1,228	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
Coinbase International SAGA-PERP-INTX	−0.0288%	1h	0.03819	+0.342%	$49K	$438K	25x	as long as short
Hyperliquid SAGA	−0.0213%	1h	0.03799	−0.184%	$2.1M	$345K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03809	+0.088%	$68K	$973K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03805	−0.026%	$18.9M	$145.9M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03808	+0.042%	$3.7M	$20.5M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03820	+0.368%	$5.9M	$9.5M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03804	−0.053%	$2.6M	$6.8M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03813	+0.184%	$854K	$3.1M	20x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.03810	+0.105%	—	$2.3M	—	as long as short
Variational Omni SAGAshort	+0.0100%	4h	0.03797	−0.234%	$6K	$113K	—

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended SAGA-USD	+0.0104%	1h	0.03805	−0.024%	$3K	$159K	5x	as long as short
BloFin SAGA-USDT	+0.0132%	4h	0.03807	+0.026%	$987K	$492K	20x	as long as short
Deribit SAGA_USDC-PERPETUALlong	+0.0802%	1h	0.03806	long leg	$3K	$28	10x
Kraken Futures PF_SAGAUSD	+0.0977%	1h	0.03802	−0.106%	$76K	$727K	20x	as long as short