Funding arb · Price arb /

DRIFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Gate against BingX+0.058%7-day average −0.079% · you sell dearer than you buy

Net, funding: paid 7d − costs−$2,077as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2,071as in the Price arb table

costs, in and out, $10k−$2,08520.845% of the position

Long on BingX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 7 days−0.205%−$20 · spread now +0.058%, 7d avg −0.079%

Together, before fees−0.127%−$13 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: Gate is 0.137% dearer against BingX than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of −0.079%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX DRIFT-USDT	0.01724	0.0100	pay 0.0050% / 4h	37m 02s	—	$6.6M	—
Short	Gate DRIFT_USDT	0.01725	0.0100	get 0.0050% / 4h	37m 02s	$130K	$237K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against BingX. 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 BingXbpFee GatebpOrdersPrice spread, now +0.058%Rate

Funding earned: $0
Price spread: +0.058% → −0.079%: $13.65
Slippage, 4 orders: −$2,059.52
Fee BingX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$2,070.87
Costs to cover: 20.845%
Break-even: never at this rate

Slippage from BingX: live order book, 15 min ago; Gate: live order book, 35 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 BingX live order book, 15 min ago	8.66 bp	38.4 bp −$38	277.2 bp −$2,772	794.8 bp −$79.5K	doesn't fit
Sell Gate live order book, 35 min ago	14.61 bp	1242.2 bp −$1,242	doesn't fit	doesn't fit	doesn't fit

DRIFT 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
Injective DRIFT/USDC PERP	+0.0033%	1h	0.01591	−7.715%	—	$9K	5.5x	as long as short
BloFin DRIFT-USDT	+0.0087%	4h	0.01731	+0.406%	$154K	$10K	20x	as long as short
Binance DRIFTUSDT	+0.0100%	4h	0.01728	+0.210%	$2.3M	$6.9M	20x	as long as short
Bybit DRIFTUSDT	+0.0100%	4h	0.01722	−0.116%	$2.3M	$2.9M	20x	as long as short
Gate DRIFT_USDTshort	+0.0100%	4h	0.01725	+0.058%	$130K	$237K	10x
MEXC DRIFT_USDT	+0.0100%	4h	0.01731	+0.406%	$413K	$179K	20x	as long as short
KuCoin DRIFTUSDTM	+0.0100%	4h	0.01720	−0.232%	$681K	$130K	20x	as long as short
Bitget DRIFTUSDT	+0.0100%	4h	0.01726	+0.116%	$534K	$358K	10x	as long as short
BingX DRIFT-USDTlong	+0.0100%	4h	0.01724	long leg	—	$6.6M	—
Variational Omni DRIFT	+0.0100%	4h	0.01728	+0.219%	$23K	$6K	—	as long as short