Funding arb · Price arb /

SAGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0416%/8h= +45.6% APRpaid last 24h +0.302%

Price spread now: Deribit against KuCoin−0.051%7-day average — · you buy dearer than you sell

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

Long on KuCoin Short on Deribit

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

Funding pays, the price is against you. Deribit is 0.051% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.051% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 10 hours of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SAGAUSDTM	0.03920	0.0100	pay 0.0050% / 4h	1h 46m	$755K	$2.3M	20x
Short	Deribit SAGA_USDC-PERPETUAL	0.03918	0.0516	get 0.0065% / 1h	46m 47s	$3K	$124	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 KuCoinbpFee DeribitbpOrdersPrice spread, now −0.051%Rate

Funding earned: $87.42
Price spread: −0.051% → 0.000%: −$5.1
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $63.32
Costs to cover: 0.190%
Break-even: 1.9 days

Slippage unknown: KuCoin: live order book, 3 min ago; Deribit: no order-book sample. 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 KuCoin live order book, 3 min ago	10.20 bp	55.2 bp −$55	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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 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_SAGAUSD	−0.0856%	1h	0.03917	−0.088%	$72K	$468K	20x	as long as short
Hyperliquid SAGA	+0.0100%	1h	0.03912	−0.204%	$2.1M	$203K	3x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03920	−0.001%	$70K	$563K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03919	−0.026%	$19.0M	$86.9M	20x	as long as short
Bybit SAGAUSDT	+0.0100%	4h	0.03920	+0.005%	$3.7M	$14.5M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03931	+0.281%	$5.9M	$6.8M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03918	−0.051%	$2.7M	$4.0M	50x	as long as short
KuCoin SAGAUSDTMlong	+0.0100%	4h	0.03920	long leg	$755K	$2.3M	20x
BingX SAGA-USDT	+0.0100%	4h	0.03916	−0.102%	—	$1.9M	—	as long as short
Variational Omni SAGA	+0.0100%	4h	0.03929	+0.223%	$4K	$32K	—	as long as short

Show all 14 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended SAGA-USD	+0.0104%	1h	0.03918	−0.054%	$2K	$185K	5x	as long as short
BloFin SAGA-USDT	+0.0143%	4h	0.03923	+0.077%	$989K	$255K	20x	as long as short
Coinbase International SAGA-PERP-INTX	+0.0296%	1h	0.03922	+0.051%	$39K	$331K	25x	as long as short
Deribit SAGA_USDC-PERPETUALshort	+0.0516%	1h	0.03918	−0.051%	$3K	$124	10x