MAGIC Funding Rate — live across 9 venues

Compared across 9 supported venues · net of estimated fees · updated every few minutes

Live annualized MAGIC perpetual funding across all 9 venues Perpia tracks. Right now MAGIC funding is positive on 6 and negative on 3, ranging from +10.9% on BingX to -36.4% on Bitget — a spread of 47.3%. The widest delta-neutral trade is long Bitget / short BingX at 44.2% net APR.

venues

paying positive

47.3%

funding spread

Best MAGIC spread now

44.2%

net APR after fees

Long Bitget→Short BingX

size depends on live venue depth — see the real cap in the scanner

MAGIC funding trend & liquidity

168h of history

47.3%

current gross APR

12.4%

24h average

26.1%

7-day average

$405K

pair OI · lower leg

$69K

24h volume · lower leg

Averages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.

MAGIC funding rate history

30d · 6h buckets · 8 venues

32.7%0-179.8%

4 Aug3 Sep

MAGIC — average across 8 venuesBinanceBitgetKuCoinMEXC

Annualized funding, averaged into 6-hour buckets. The bold line is the mean across venues quoting in that bucket; the faint lines are individual venues. Mean over the window: +2.9%. A break in a line means no data was recorded for that stretch, not a zero rate.

MAGIC funding rate by venue

14 pairs scanned

Venue	Funding APR	Interval
BingX ↗	+10.9%	4h
OKX ↗	+10.9%	4h
Bybit ↗	+10.9%	4h
Variational ↗	+10.9%	4h
Gate.io ↗	+10.9%	8h
KuCoin ↗	+10.9%	4h
MEXC ↗	-1.1%	4h
Binance ↗	-1.6%	4h
Bitget ↗	-36.4%	4h

Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Bitget vs BingX page.

MAGIC arbitrage — 30-day backtest

long Bitget · short BingX

12.4%

backtested APR

+$102

historical net P&L on $10,000

0.01%

max drawdown

$10,000$10,102

30 days agostarting capital $10,000today

Over the last 30 days, holding long Bitget / short BingX would have produced 12.4% APR — versus the 44.2% the live spread implies right now (equity $10,000 → $10,102). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.

Open full interactive backtest →

Loading MAGIC backtest…

MAGIC funding — FAQ

Is MAGIC funding positive right now?

MAGIC perpetual funding is positive on 6 of 9 venues Perpia tracks and negative on 3. The highest is +10.9% on BingX; the lowest is -36.4% on Bitget.

What is the best MAGIC funding arbitrage right now?

Go long Bitget and short BingX for about 44.2% net APR after fees — the widest delta-neutral MAGIC spread Perpia currently sees.

Which exchange has the highest MAGIC funding rate?

BingX, at +10.9% annualized. Funding shifts continuously, so check the live table above before trading.

How MAGIC funding arbitrage works

Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.

Markets related to MAGIC

Markets also quoted on both BingX and Bitget — the same two exchanges you would already have funded for the MAGIC trade.

See every spread between them on the BingX vs Bitget page.

Open the live scanner →All funding rates Funding by exchange How we calculate this