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: OKX against Bitget−0.060%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$960.962% of the position

Long on Bitget 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)−0.006%−$1 · spread now −0.060%, 7d avg −0.008%

Together, before fees−0.034%−$3 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 0.052% cheaper against Bitget than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MAGICUSDT	0.04990	0.0100	pay 0.0050% / 4h	1h 20m	$422K	$73K	25x
Short	OKX MAGIC-USDT-SWAP	0.04987	0.0100	get 0.0050% / 4h	1h 20m	$475K	$727K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.060%Rate

Funding earned: $0
Price spread: −0.060% → −0.008%: −$5.23
Slippage, 4 orders: −$74.21
Fee Bitget: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$101.45
Costs to cover: 0.962%
Break-even: never at this rate

Slippage from Bitget: live order book, 35 min ago; OKX: live order book, 40 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, 35 min ago	2.02 bp	34.6 bp −$35	323.0 bp −$3,230	doesn't fit	doesn't fit
Sell OKX live order book, 40 min ago	2.01 bp	21.0 bp −$21	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
BloFin MAGIC-USDT	+0.0098%	4h	0.04987	−0.060%	$84K	$7K	50x	as long as short
Binance MAGICUSDT	+0.0100%	4h	0.04989	−0.020%	$1.6M	$1.7M	50x	as long as short
Bybit MAGICUSDT	+0.0100%	4h	0.04992	+0.040%	$514K	$146K	25x	as long as short
OKX MAGIC-USDT-SWAPshort	+0.0100%	4h	0.04987	−0.060%	$475K	$727K	20x
Gate MAGIC_USDT	+0.0100%	8h	0.04985	−0.100%	$126K	$27K	50x	as long as short
MEXC MAGIC_USDT	+0.0100%	4h	0.04991	+0.020%	$209K	$117K	50x	as long as short
KuCoin MAGICUSDTM	+0.0100%	4h	0.04994	+0.080%	$183K	$25K	25x	as long as short
Bitget MAGICUSDTlong	+0.0100%	4h	0.04990	long leg	$422K	$73K	25x
BingX MAGIC-USDT	+0.0100%	4h	0.04992	+0.040%	—	$2.3M	—	as long as short
Variational Omni MAGIC	+0.0100%	4h	0.04994	+0.082%	$8K	$555	—	as long as short