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% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: BingX against OKX+0.101%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$810.808% of the position

Long on OKX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.029%+$3 on $10k

Price spread, last 4 days (all we have)−0.115%−$12 · spread now +0.101%, 7d avg +0.001%

Together, before fees−0.086%−$9 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 0.099% dearer against OKX than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MAGIC-USDT-SWAP	0.04973	0.0100	pay 0.0050% / 4h	3h 33m	$468K	$725K	20x
Short	BingX MAGIC-USDT	0.04978	0.0100	get 0.0050% / 4h	3h 33m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against OKX. 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 OKXbpFee BingXbpOrdersPrice spread, now +0.101%Rate

Funding earned: $0
Price spread: +0.101% → +0.001%: $9.92
Slippage, 4 orders: −$60.82
Fee OKX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$70.9
Costs to cover: 0.808%
Break-even: never at this rate

Slippage from OKX: live order book, 17 min ago; BingX: live order book, 15 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 OKX live order book, 17 min ago	2.01 bp	21.3 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 15 min ago	3.01 bp	19.0 bp −$19	55.3 bp −$553	466.0 bp −$46.6K	539.7 bp −$269.8K

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
BloFin MAGIC-USDT	+0.0095%	4h	0.04975	+0.040%	$83K	$7K	50x	as long as short
Binance MAGICUSDT	+0.0100%	4h	0.04977	+0.076%	$1.6M	$1.6M	50x	as long as short
Bybit MAGICUSDT	+0.0100%	4h	0.04979	+0.121%	$513K	$146K	25x	as long as short
OKX MAGIC-USDT-SWAPlong	+0.0100%	4h	0.04973	long leg	$468K	$725K	20x
MEXC MAGIC_USDT	+0.0100%	4h	0.04977	+0.080%	$201K	$116K	50x	as long as short
KuCoin MAGICUSDTM	+0.0100%	4h	0.04982	+0.181%	$186K	$26K	25x	as long as short
Bitget MAGICUSDT	+0.0100%	4h	0.04983	+0.201%	$426K	$77K	25x	as long as short
BingX MAGIC-USDTshort	+0.0100%	4h	0.04978	+0.101%	—	$2.3M	—
Variational Omni MAGIC	+0.0100%	4h	0.04981	+0.163%	$8K	$555	—	as long as short
Gate MAGIC_USDT	+0.0143%	8h	0.04980	+0.141%	$126K	$26K	50x	as long as short