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: Bitget against KuCoin−0.020%7-day average +0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$447as in the Funding arb table

Net, price: spread back to 7d avg − costs−$460as in the Price arb table

costs, in and out, $10k−$4534.535% of the position

Long on KuCoin Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

Price spread, last 4 days (all we have)+0.055%+$6 · spread now −0.020%, 7d avg +0.043%

Together, before fees+0.124%+$12 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: Bitget is 0.063% cheaper against KuCoin than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MAGICUSDTM	0.05023	0.0100	pay 0.0050% / 4h	3h 43m	$182K	$24K	25x
Short	Bitget MAGICUSDT	0.05022	0.0100	get 0.0050% / 4h	3h 43m	$422K	$81K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against KuCoin. 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 KuCoinbpFee BitgetbpOrdersPrice spread, now −0.020%Rate

Funding earned: $0
Price spread: −0.020% → +0.043%: −$6.33
Slippage, 4 orders: −$429.5
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$459.83
Costs to cover: 4.535%
Break-even: never at this rate

Slippage from KuCoin: live order book, 1 min ago; Bitget: live order book, 23 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 KuCoin live order book, 1 min ago	15.94 bp	236.7 bp −$237	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 23 min ago	1.99 bp	36.2 bp −$36	342.3 bp −$3,423	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	0.05024	+0.020%	$1.6M	$1.7M	50x	as long as short
Bybit MAGICUSDT	+0.0100%	4h	0.05026	+0.060%	$520K	$146K	25x	as long as short
OKX MAGIC-USDT-SWAP	+0.0100%	4h	0.05022	−0.020%	$488K	$750K	20x	as long as short
Gate MAGIC_USDT	+0.0100%	8h	0.05021	−0.040%	$127K	$28K	50x	as long as short
MEXC MAGIC_USDT	+0.0100%	4h	0.05023	0.000%	$211K	$118K	50x	as long as short
KuCoin MAGICUSDTMlong	+0.0100%	4h	0.05023	long leg	$182K	$24K	25x
Bitget MAGICUSDTshort	+0.0100%	4h	0.05022	−0.020%	$422K	$81K	25x
BingX MAGIC-USDT	+0.0100%	4h	0.05018	−0.100%	—	$2.3M	—	as long as short
Variational Omni MAGIC	+0.0100%	4h	0.05018	−0.105%	$8K	$555	—	as long as short
BloFin MAGIC-USDT	+0.0112%	4h	0.05013	−0.199%	$86K	$6K	50x	as long as short