Funding arb · Price arb /

MAGIC

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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: KuCoin against Bitget+0.101%7-day average −0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$367as in the Funding arb table

Net, price: spread back to 7d avg − costs−$346as in the Price arb table

costs, in and out, $10k−$3603.603% of the position

Long on Bitget Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.068%−$7 on $10k

Price spread, last 4 days (all we have)−0.145%−$14 · spread now +0.101%, 7d avg −0.042%

Together, before fees−0.213%−$21 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: KuCoin is 0.143% dearer against Bitget than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of −0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MAGICUSDT	0.04960	0.0100	pay 0.0050% / 4h	2h 09m	$419K	$83K	25x
Short	KuCoin MAGICUSDTM	0.04965	0.0100	get 0.0050% / 4h	2h 09m	$180K	$25K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Bitget. 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 BitgetbpFee KuCoinbpOrdersPrice spread, now +0.101%Rate

Funding earned: $0
Price spread: +0.101% → −0.042%: $14.3
Slippage, 4 orders: −$336.27
Fee Bitget: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$345.97
Costs to cover: 3.603%
Break-even: never at this rate

Slippage from Bitget: live order book, 51 min ago; KuCoin: live order book, 20 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 Bitget live order book, 51 min ago	2.01 bp	22.6 bp −$23	391.7 bp −$3,917	doesn't fit	doesn't fit
Sell KuCoin live order book, 20 min ago	15.07 bp	172.5 bp −$173	doesn't fit	doesn't fit	doesn't fit

MAGIC on 9 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 MAGICUSDT	+0.0100%	4h	0.04958	−0.037%	$1.6M	$1.7M	50x	as long as short
Bybit MAGICUSDT	+0.0100%	4h	0.04960	0.000%	$510K	$147K	25x	as long as short
OKX MAGIC-USDT-SWAP	+0.0100%	4h	0.04954	−0.121%	$475K	$757K	20x	as long as short
Gate MAGIC_USDT	+0.0100%	8h	0.04966	+0.121%	$125K	$28K	50x	as long as short
MEXC MAGIC_USDT	+0.0100%	4h	0.04958	−0.040%	$208K	$119K	50x	as long as short
KuCoin MAGICUSDTMshort	+0.0100%	4h	0.04965	+0.101%	$180K	$25K	25x
Bitget MAGICUSDTlong	+0.0100%	4h	0.04960	long leg	$419K	$83K	25x
BingX MAGIC-USDT	+0.0100%	4h	0.04959	−0.020%	—	$2.3M	—	as long as short
Variational Omni MAGIC	+0.0100%	4h	0.04967	+0.144%	$8K	$555	—	as long as short