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% APRpaid last 24h −0.003%

Price spread now: MEXC against Gate+0.201%7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$1011.014% of the position

Long on Gate Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 4 days (all we have)−0.046%−$5 · spread now +0.201%, 7d avg −0.034%

Together, before fees+0.011%+$1 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: MEXC is 0.235% dearer against Gate than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MAGIC_USDT	0.04985	0.0100	pay 0.0100% / 8h	5h 22m	$126K	$27K	50x
Short	MEXC MAGIC_USDT	0.04995	0.0100	get 0.0050% / 4h	1h 22m	$209K	$117K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.201%Rate

Funding earned: $0
Price spread: +0.201% → −0.034%: $23.51
Slippage, 4 orders: −$82.38
Fee Gate: 7.5 bp × 2 orders: −$15
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$77.87
Costs to cover: 1.014%
Break-even: never at this rate

Slippage from Gate: live order book, 33 min ago; MEXC: live order book, 14 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, 33 min ago	6.04 bp	39.5 bp −$40	14900.9 bp −$149.0K	doesn't fit	doesn't fit
Sell MEXC live order book, 14 min ago	1.01 bp	8.5 bp −$8	34.8 bp −$348	105.3 bp −$10.5K	367.2 bp −$183.6K

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	0.04993	+0.160%	$1.6M	$1.7M	50x	as long as short
Bybit MAGICUSDT	+0.0100%	4h	0.04994	+0.181%	$515K	$146K	25x	as long as short
OKX MAGIC-USDT-SWAP	+0.0100%	4h	0.04988	+0.060%	$474K	$727K	20x	as long as short
Gate MAGIC_USDTlong	+0.0100%	8h	0.04985	long leg	$126K	$27K	50x
MEXC MAGIC_USDTshort	+0.0100%	4h	0.04995	+0.201%	$209K	$117K	50x
KuCoin MAGICUSDTM	+0.0100%	4h	0.04993	+0.160%	$183K	$25K	25x	as long as short
Bitget MAGICUSDT	+0.0100%	4h	0.04990	+0.100%	$422K	$73K	25x	as long as short
BingX MAGIC-USDT	+0.0100%	4h	0.04991	+0.120%	—	$2.3M	—	as long as short
Variational Omni MAGIC	+0.0100%	4h	0.04980	−0.101%	$8K	$555	—	as long as short
BloFin MAGIC-USDT	+0.0125%	4h	0.04987	+0.040%	$84K	$7K	50x	as long as short