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: BingX against Bybit−0.040%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1171.167% of the position

Long on Bybit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.084%+$8 · spread now −0.040%, 7d avg −0.006%

Together, before fees+0.084%+$8 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: BingX is 0.034% cheaper against Bybit than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MAGICUSDT	0.04994	0.0100	pay 0.0050% / 4h	1h 22m	$515K	$146K	25x
Short	BingX MAGIC-USDT	0.04992	0.0100	get 0.0050% / 4h	1h 22m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bybit. 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 BybitbpFee BingXbpOrdersPrice spread, now −0.040%Rate

Funding earned: $0
Price spread: −0.040% → −0.006%: −$3.37
Slippage, 4 orders: −$95.72
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee BingX: 5 bp × 2 orders: −$10
Net: −$120.08
Costs to cover: 1.167%
Break-even: never at this rate

Slippage from Bybit: live order book, 33 min ago; BingX: live order book, 1 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 Bybit live order book, 33 min ago	3.02 bp	35.2 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 1 min ago	3.01 bp	20.8 bp −$21	58.4 bp −$584	451.2 bp −$45.1K	519.0 bp −$259.5K

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 MAGICUSDT	+0.0100%	4h	0.04994	0.000%	$1.6M	$1.7M	50x	as long as short
Bybit MAGICUSDTlong	+0.0100%	4h	0.04994	long leg	$515K	$146K	25x
OKX MAGIC-USDT-SWAP	+0.0100%	4h	0.04988	−0.120%	$475K	$727K	20x	as long as short
Gate MAGIC_USDT	+0.0100%	8h	0.04985	−0.180%	$126K	$27K	50x	as long as short
MEXC MAGIC_USDT	+0.0100%	4h	0.04995	+0.020%	$209K	$117K	50x	as long as short
KuCoin MAGICUSDTM	+0.0100%	4h	0.04993	−0.020%	$183K	$25K	25x	as long as short
Bitget MAGICUSDT	+0.0100%	4h	0.04990	−0.080%	$422K	$73K	25x	as long as short
BingX MAGIC-USDTshort	+0.0100%	4h	0.04992	−0.040%	—	$2.3M	—
Variational Omni MAGIC	+0.0100%	4h	0.04980	−0.281%	$8K	$555	—	as long as short
BloFin MAGIC-USDT	+0.0125%	4h	0.04987	−0.140%	$84K	$7K	50x	as long as short