Funding arb · Price arb /

MAGIC

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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: Bybit against OKX+0.080%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$1131.128% of the position

Long on OKX Short on Bybit

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)−0.086%−$9 · spread now +0.080%, 7d avg +0.010%

Together, before fees−0.057%−$6 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 0.070% dearer against OKX than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX MAGIC-USDT-SWAP	0.04990	0.0100	pay 0.0050% / 4h	2h 00m	$478K	$729K	20x
Short	Bybit MAGICUSDT	0.04994	0.0100	get 0.0050% / 4h	2h 00m	$515K	$152K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.080%Rate

Funding earned: $0
Price spread: +0.080% → +0.010%: $6.99
Slippage, 4 orders: −$91.77
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$105.78
Costs to cover: 1.128%
Break-even: never at this rate

Slippage from OKX: live order book, 46 min ago; Bybit: live order book, 39 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, 46 min ago	2.02 bp	20.8 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 39 min ago	1.01 bp	43.0 bp −$43	325.9 bp −$3,259	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
BloFin MAGIC-USDT	+0.0064%	4h	0.04995	+0.100%	$83K	$7K	50x	as long as short
Binance MAGICUSDT	+0.0100%	4h	0.04992	+0.040%	$1.6M	$1.6M	50x	as long as short
Bybit MAGICUSDTshort	+0.0100%	4h	0.04994	+0.080%	$515K	$152K	25x
OKX MAGIC-USDT-SWAPlong	+0.0100%	4h	0.04990	long leg	$478K	$729K	20x
MEXC MAGIC_USDT	+0.0100%	4h	0.04992	+0.040%	$197K	$116K	50x	as long as short
KuCoin MAGICUSDTM	+0.0100%	4h	0.04992	+0.040%	$186K	$26K	25x	as long as short
Variational Omni MAGIC	+0.0100%	4h	0.04996	+0.112%	$8K	$555	—	as long as short
Gate MAGIC_USDT	+0.0127%	8h	0.05000	+0.200%	$127K	$25K	50x	as long as short
BingX MAGIC-USDT	+0.0230%	4h	0.04992	+0.040%	—	$2.3M	—	as long as short
Bitget MAGICUSDT	+0.0234%	4h	0.04997	+0.140%	$428K	$77K	25x	as long as short