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% APRpaid last 24h +0.003%

Price spread now: Gate against Bybit+0.020%7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$175as in the Funding arb table

Net, price: spread back to 7d avg − costs−$165as in the Price arb table

costs, in and out, $10k−$1691.689% of the position

Long on Bybit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 4 days (all we have)−0.115%−$12 · spread now +0.020%, 7d avg −0.024%

Together, before fees−0.174%−$17 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: Gate is 0.044% dearer against Bybit than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MAGICUSDT	0.04969	0.0100	pay 0.0050% / 4h	2h 12m	$511K	$148K	25x
Short	Gate MAGIC_USDT	0.04970	0.0100	get 0.0100% / 8h	6h 12m	$125K	$28K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.020%Rate

Funding earned: $0
Price spread: +0.020% → −0.024%: $4.39
Slippage, 4 orders: −$142.89
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$164.51
Costs to cover: 1.689%
Break-even: never at this rate

Slippage from Bybit: live order book, 48 min ago; Gate: live order book, 48 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, 48 min ago	2.01 bp	33.3 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 48 min ago	3.01 bp	51.1 bp −$51	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	0.04969	0.000%	$1.6M	$1.8M	50x	as long as short
Bybit MAGICUSDTlong	+0.0100%	4h	0.04969	long leg	$511K	$148K	25x
OKX MAGIC-USDT-SWAP	+0.0100%	4h	0.04966	−0.060%	$476K	$759K	20x	as long as short
Gate MAGIC_USDTshort	+0.0100%	8h	0.04970	+0.020%	$125K	$28K	50x
MEXC MAGIC_USDT	+0.0100%	4h	0.04967	−0.040%	$208K	$119K	50x	as long as short
KuCoin MAGICUSDTM	+0.0100%	4h	0.04975	+0.121%	$180K	$25K	25x	as long as short
Bitget MAGICUSDT	+0.0100%	4h	0.04973	+0.080%	$420K	$83K	25x	as long as short
BingX MAGIC-USDT	+0.0100%	4h	0.04969	0.000%	—	$2.3M	—	as long as short
Variational Omni MAGIC	+0.0100%	4h	0.04972	+0.062%	$8K	$555	—	as long as short