Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0524%/8h= +57.4% APRpaid last 24h +0.117%

Price spread now: Bybit against Kraken Futures−0.288%7-day average +0.186% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$276as in the Price arb table

costs, in and out, $10k−$2292.291% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+2.079%+$208 on $10k

Price spread, last 4 days (all we have)+0.707%+$71 · spread now −0.288%, 7d avg +0.186%

Together, before fees+2.786%+$279 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.474% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.288% now, against its 7-day average of +0.186%). If the spread goes back, that is −$47 on $10k: about 3.0 days of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SAGAUSD	0.04075	−0.0424	get 0.0053% / 1h	12m 41s	$77K	$553K	20x
Short	Bybit SAGAUSDT	0.04063	0.0100	get 0.0050% / 4h	12m 41s	$3.9M	$15.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.288%Rate

Funding earned: $110.04
Price spread: −0.288% → +0.186%: −$47.41
Slippage, 4 orders: −$208.07
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$166.44
Costs to cover: 2.291%
Break-even: 17.6 days

Slippage from Kraken Futures: live order book, 25 min ago; Bybit: live order book, 1 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, 25 min ago	66.77 bp	74.9 bp −$75	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.74 bp	37.2 bp −$37	206.2 bp −$2,062	doesn't fit	doesn't fit

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_SAGAUSDlong	−0.0424%	1h	0.04075	long leg	$77K	$553K	20x
KuCoin SAGAUSDTM	−0.0056%	4h	0.04064	−0.263%	$827K	$2.7M	20x	as long as short
BloFin SAGA-USDT	+0.0067%	4h	0.04055	−0.484%	$1.0M	$287K	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.04047	−0.680%	$2.2M	$257K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.04068	−0.172%	$65K	$699K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.04063	−0.276%	$19.8M	$99.9M	20x	as long as short
Bybit SAGAUSDTshort	+0.0100%	4h	0.04063	−0.288%	$3.9M	$15.5M	20x
Gate SAGA_USDT	+0.0100%	4h	0.04080	+0.129%	$6.1M	$7.5M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.04063	−0.288%	$2.7M	$4.4M	50x	as long as short
BingX SAGA-USDT	+0.0100%	4h	0.04063	−0.288%	—	$2.0M	—	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	+0.0100%	4h	0.04043	−0.789%	$4K	$43K	—	as long as short
Extended SAGA-USD	+0.0104%	1h	0.04062	−0.304%	$3K	$182K	5x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0448%	1h	0.04075	+0.007%	$42K	$384K	25x	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1221%	1h	0.04086	+0.277%	$3K	$124	10x	as long as short