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: Bybit against KuCoin−0.081%7-day average +0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$375as in the Funding arb table

Net, price: spread back to 7d avg − costs−$394as in the Price arb table

costs, in and out, $10k−$3813.815% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 4 days (all we have)+0.081%+$8 · spread now −0.081%, 7d avg +0.043%

Together, before fees+0.150%+$15 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 0.123% cheaper against KuCoin than usual: you would sell low and buy high, −$12 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	0.04966	0.0100	pay 0.0050% / 4h	2h 08m	$180K	$25K	25x
Short	Bybit MAGICUSDT	0.04962	0.0100	get 0.0050% / 4h	2h 08m	$510K	$145K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.081%Rate

Funding earned: $0
Price spread: −0.081% → +0.043%: −$12.34
Slippage, 4 orders: −$358.48
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$393.83
Costs to cover: 3.815%
Break-even: never at this rate

Slippage from KuCoin: live order book, 21 min ago; Bybit: live order book, 52 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, 21 min ago	15.07 bp	130.4 bp −$130	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 52 min ago	2.01 bp	45.3 bp −$45	248.4 bp −$2,484	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	0.04964	−0.040%	$1.6M	$1.7M	50x	as long as short
Bybit MAGICUSDTshort	+0.0100%	4h	0.04962	−0.081%	$510K	$145K	25x
OKX MAGIC-USDT-SWAP	+0.0100%	4h	0.04961	−0.101%	$475K	$753K	20x	as long as short
Gate MAGIC_USDT	+0.0100%	8h	0.04966	0.000%	$125K	$28K	50x	as long as short
MEXC MAGIC_USDT	+0.0100%	4h	0.04963	−0.060%	$208K	$119K	50x	as long as short
KuCoin MAGICUSDTMlong	+0.0100%	4h	0.04966	long leg	$180K	$25K	25x
Bitget MAGICUSDT	+0.0100%	4h	0.04970	+0.081%	$420K	$83K	25x	as long as short
BingX MAGIC-USDT	+0.0100%	4h	0.04961	−0.101%	—	$2.3M	—	as long as short
Variational Omni MAGIC	+0.0100%	4h	0.04967	+0.023%	$8K	$555	—	as long as short