Funding arb · Price arb /

MAGIC

all MAGIC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Bybit against Gate−0.060%7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$166as in the Funding arb table

Net, price: spread back to 7d avg − costs−$180as in the Price arb table

costs, in and out, $10k−$1711.714% of the position

Long on Gate Short on Bybit

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)+0.244%+$24 · spread now −0.060%, 7d avg +0.025%

Together, before fees+0.303%+$30 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: Bybit is 0.085% cheaper against Gate than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.025%.

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	Bybit MAGICUSDT	0.04962	0.0100	get 0.0050% / 4h	2h 54m	$510K	$149K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.060%Rate

Funding earned: $0
Price spread: −0.060% → +0.025%: −$8.54
Slippage, 4 orders: −$145.42
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$179.96
Costs to cover: 1.714%
Break-even: never at this rate

Slippage from Gate: live order book, 51 min ago; Bybit: live order book, 51 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 Bybit live order book, 51 min ago	4.01 bp	39.3 bp −$39	304.5 bp −$3,045	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
Binance MAGICUSDT	+0.0100%	4h	0.04961	−0.071%	$1.6M	$1.6M	50x	as long as short
Bybit MAGICUSDTshort	+0.0100%	4h	0.04962	−0.060%	$510K	$149K	25x
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-USDT	+0.0108%	4h	0.04961	−0.081%	—	$2.3M	—	as long as short
BloFin MAGIC-USDT	+0.0113%	4h	0.04967	+0.040%	$84K	$7K	50x	as long as short