Funding arb · Price arb /

MAGIC

all MAGIC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: OKX against Binance−0.081%7-day average +0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$850.852% of the position

Long on Binance Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 4 days (all we have)+0.150%+$15 · spread now −0.081%, 7d avg +0.049%

Together, before fees+0.122%+$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.130% cheaper against Binance than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of +0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MAGICUSDT	0.04942	0.0100	pay 0.0050% / 4h	2h 55m	$1.6M	$1.7M	50x
Short	OKX MAGIC-USDT-SWAP	0.04938	0.0100	get 0.0050% / 4h	2h 55m	$475K	$734K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Binance. 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 BinancebpFee OKXbpOrdersPrice spread, now −0.081%Rate

Funding earned: $0
Price spread: −0.081% → +0.049%: −$13
Slippage, 4 orders: −$65.16
Fee Binance: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$98.16
Costs to cover: 0.852%
Break-even: never at this rate

Slippage from Binance: live order book, 8 min ago; OKX: live order book, 11 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 Binance live order book, 8 min ago	2.01 bp	17.8 bp −$18	89.8 bp −$898	doesn't fit	doesn't fit
Sell OKX live order book, 11 min ago	1.00 bp	25.2 bp −$25	doesn't fit	doesn't fit	doesn't fit

MAGIC on 10 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
Binance MAGICUSDTlong	+0.0100%	4h	0.04942	long leg	$1.6M	$1.7M	50x
Bybit MAGICUSDT	+0.0100%	4h	0.04942	0.000%	$508K	$149K	25x	as long as short
OKX MAGIC-USDT-SWAPshort	+0.0100%	4h	0.04938	−0.081%	$475K	$734K	20x
Gate MAGIC_USDT	+0.0100%	8h	0.04957	+0.304%	$125K	$26K	50x	as long as short
MEXC MAGIC_USDT	+0.0100%	4h	0.04939	−0.061%	$208K	$117K	50x	as long as short
KuCoin MAGICUSDTM	+0.0100%	4h	0.04955	+0.263%	$179K	$25K	25x	as long as short
Bitget MAGICUSDT	+0.0100%	4h	0.04939	−0.061%	$418K	$85K	25x	as long as short
BingX MAGIC-USDT	+0.0100%	4h	0.04942	0.000%	—	$2.3M	—	as long as short
Variational Omni MAGIC	+0.0100%	4h	0.04947	+0.096%	$8K	$555	—	as long as short
BloFin MAGIC-USDT	+0.0122%	4h	0.04975	+0.668%	$85K	$6K	50x	as long as short