Funding arb · Price arb /

MAGIC

all MAGIC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0008%/8h= +0.9% APRpaid last 24h −0.003%

Price spread now: BingX against Gate−0.081%7-day average +0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$135as in the Price arb table

costs, in and out, $10k−$1251.253% of the position

Long on Gate Short on BingX

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)+0.278%+$28 · spread now −0.081%, 7d avg +0.017%

Together, before fees+0.338%+$34 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 0.097% cheaper against Gate than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MAGIC_USDT	0.04965	0.0100	pay 0.0100% / 8h	2h 54m	$126K	$24K	50x
Short	BingX MAGIC-USDT	0.04961	0.0108	get 0.0054% / 4h	2h 54m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Gate. 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 GatebpFee BingXbpOrdersPrice spread, now −0.081%Rate

Funding earned: $1.68
Price spread: −0.081% → +0.017%: −$9.72
Slippage, 4 orders: −$100.28
Fee Gate: 7.5 bp × 2 orders: −$15
Fee BingX: 5 bp × 2 orders: −$10
Net: −$133.32
Costs to cover: 1.253%
Break-even: 562.5 days

Slippage from Gate: live order book, 51 min ago; BingX: live order book, 9 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 Gate live order book, 51 min ago	7.02 bp	40.8 bp −$41	15116.4 bp −$151.2K	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	4.04 bp	23.1 bp −$23	55.5 bp −$555	422.0 bp −$42.2K	482.8 bp −$241.4K

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	0.04961	−0.071%	$1.6M	$1.6M	50x	as long as short
Bybit MAGICUSDT	+0.0100%	4h	0.04962	−0.060%	$510K	$149K	25x	as long as short
OKX MAGIC-USDT-SWAP	+0.0100%	4h	0.04958	−0.141%	$471K	$715K	20x	as long as short
Gate MAGIC_USDTlong	+0.0100%	8h	0.04965	long leg	$126K	$24K	50x
MEXC MAGIC_USDT	+0.0100%	4h	0.04962	−0.060%	$200K	$112K	50x	as long as short
KuCoin MAGICUSDTM	+0.0100%	4h	0.04963	−0.040%	$185K	$26K	25x	as long as short
Variational Omni MAGIC	+0.0100%	4h	0.04967	+0.033%	$8K	$555	—	as long as short
Bitget MAGICUSDT	+0.0106%	4h	0.04969	+0.081%	$425K	$78K	25x	as long as short
BingX MAGIC-USDTshort	+0.0108%	4h	0.04961	−0.081%	—	$2.3M	—
BloFin MAGIC-USDT	+0.0113%	4h	0.04967	+0.040%	$84K	$7K	50x	as long as short