Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0956%/8h= +104.7% APRpaid last 24h +0.131%

Price spread now: BingX against Kraken Futures+0.059%7-day average +0.146% · you sell dearer than you buy

Net, funding: paid 7d − costs+$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$205as in the Price arb table

costs, in and out, $10k−$1961.958% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+2.108%+$211 on $10k

Price spread, last 4 days (all we have)+0.770%+$77 · spread now +0.059%, 7d avg +0.146%

Together, before fees+2.878%+$288 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.087% cheaper against Kraken Futures than usual: you would sell low and buy high (spread +0.059% now, against its 7-day average of +0.146%). If the spread goes back, that is −$9 on $10k: about 7 hours of funding at the current rate (+$29 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SAGAUSD	0.03916	−0.0856	get 0.0107% / 1h	48m 17s	$72K	$468K	20x
Short	BingX SAGA-USDT	0.03918	0.0100	get 0.0050% / 4h	1h 48m	—	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. 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 Kraken FuturesbpFee BingXbpOrdersPrice spread, now +0.059%Rate

Funding earned: $200.8
Price spread: +0.059% → +0.146%: −$8.74
Slippage, 4 orders: −$175.79
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$3.73
Costs to cover: 1.958%
Break-even: 7.1 days

Slippage from Kraken Futures: live order book, 62 min ago; BingX: live order book, 3 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 Kraken Futures live order book, 62 min ago	46.14 bp	51.1 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 3 min ago	1.27 bp	20.1 bp −$20	49.7 bp −$497	403.2 bp −$40.3K	977.1 bp −$488.5K

SAGA on 14 exchanges

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_SAGAUSDlong	−0.0856%	1h	0.03916	long leg	$72K	$468K	20x
BloFin SAGA-USDT	+0.0047%	4h	0.03919	+0.084%	$988K	$255K	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03912	−0.094%	$2.1M	$203K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03922	+0.157%	$70K	$564K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03922	+0.167%	$19.0M	$86.9M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03924	+0.210%	$3.7M	$14.5M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03940	+0.621%	$5.9M	$6.8M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03919	+0.084%	$2.7M	$4.0M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03923	+0.187%	$756K	$2.3M	20x	as long as short
BingX SAGA-USDTshort	+0.0100%	4h	0.03918	+0.059%	—	$1.9M	—

Show all 14 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SAGA	+0.0100%	4h	0.03929	+0.333%	$4K	$32K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03921	+0.132%	$2K	$185K	5x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0296%	1h	0.03922	+0.161%	$39K	$331K	25x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.0770%	1h	0.03925	+0.238%	$3K	$124	10x	as long as short