Funding arb · Price arb /

MAGIC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Binance against BingX−0.004%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$840.841% of the position

Long on BingX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 7 days−0.008%−$1 · spread now −0.004%, 7d avg −0.040%

Together, before fees−0.009%−$1 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: Binance is 0.036% dearer against BingX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX MAGIC-USDT	0.05022	0.0100	pay 0.0050% / 4h	43m 42s	—	$2.3M	—
Short	Binance MAGICUSDT	0.05022	0.0100	get 0.0050% / 4h	43m 42s	$1.6M	$1.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against BingX. 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 BingXbpFee BinancebpOrdersPrice spread, now −0.004%Rate

Funding earned: $0
Price spread: −0.004% → −0.040%: $3.61
Slippage, 4 orders: −$64.1
Fee BingX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$80.49
Costs to cover: 0.841%
Break-even: never at this rate

Slippage from BingX: live order book, 4 min ago; Binance: live order book, 5 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 BingX live order book, 4 min ago	1.99 bp	24.5 bp −$24	60.4 bp −$604	427.3 bp −$42.7K	482.5 bp −$241.3K
Sell Binance live order book, 5 min ago	2.98 bp	22.4 bp −$22	87.5 bp −$875	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 MAGICUSDTshort	+0.0100%	4h	0.05022	−0.004%	$1.6M	$1.6M	50x
Bybit MAGICUSDT	+0.0100%	4h	0.05022	0.000%	$517K	$154K	25x	as long as short
OKX MAGIC-USDT-SWAP	+0.0100%	4h	0.05023	+0.020%	$484K	$745K	20x	as long as short
MEXC MAGIC_USDT	+0.0100%	4h	0.05021	−0.020%	$204K	$113K	50x	as long as short
KuCoin MAGICUSDTM	+0.0100%	4h	0.05018	−0.080%	$187K	$26K	25x	as long as short
Bitget MAGICUSDT	+0.0100%	4h	0.05026	+0.080%	$429K	$79K	25x	as long as short
BingX MAGIC-USDTlong	+0.0100%	4h	0.05022	long leg	—	$2.3M	—
Variational Omni MAGIC	+0.0100%	4h	0.05021	−0.019%	$8K	$553	—	as long as short
BloFin MAGIC-USDT	+0.0103%	4h	0.05026	+0.080%	$84K	$6K	50x	as long as short
Gate MAGIC_USDT	+0.0492%	8h	0.05027	+0.100%	$129K	$24K	50x	as long as short