Funding arb · Price arb /

DRIFT

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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 Bitget−0.063%7-day average −0.283% · you buy dearer than you sell

Net, funding: paid 7d − costs−$495as in the Funding arb table

Net, price: spread back to 7d avg − costs−$473as in the Price arb table

costs, in and out, $10k−$4954.953% of the position

Long on Bitget Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.002%$0 on $10k

Price spread, last 7 days−0.365%−$37 · spread now −0.063%, 7d avg −0.283%

Together, before fees−0.367%−$37 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 0.220% dearer against Bitget than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of −0.283%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget DRIFTUSDT	0.01750	0.0100	pay 0.0050% / 4h	3h 49m	$540K	$359K	10x
Short	Bybit DRIFTUSDT	0.01749	0.0100	get 0.0050% / 4h	3h 49m	$2.4M	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Bitget. 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 BitgetbpFee BybitbpOrdersPrice spread, now −0.063%Rate

Funding earned: $0
Price spread: −0.063% → −0.283%: $22.01
Slippage, 4 orders: −$472.26
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$473.25
Costs to cover: 4.953%
Break-even: never at this rate

Slippage from Bitget: live order book, 20 min ago; Bybit: live order book, 3 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 Bitget live order book, 20 min ago	8.70 bp	197.0 bp −$197	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	5.74 bp	54.8 bp −$55	389.7 bp −$3,897	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	−9.086%	—	$9K	5.5x	as long as short
Binance DRIFTUSDT	+0.0100%	4h	0.01751	+0.043%	$2.3M	$6.8M	20x	as long as short
Bybit DRIFTUSDTshort	+0.0100%	4h	0.01749	−0.063%	$2.4M	$2.9M	20x
Gate DRIFT_USDT	+0.0100%	4h	0.01750	0.000%	$129K	$237K	10x	as long as short
MEXC DRIFT_USDT	+0.0100%	4h	0.01750	0.000%	$418K	$172K	20x	as long as short
KuCoin DRIFTUSDTM	+0.0100%	4h	0.01750	0.000%	$693K	$128K	20x	as long as short
Bitget DRIFTUSDTlong	+0.0100%	4h	0.01750	long leg	$540K	$359K	10x
BingX DRIFT-USDT	+0.0100%	4h	0.01751	+0.057%	—	$6.7M	—	as long as short
Variational Omni DRIFT	+0.0100%	4h	0.01745	−0.273%	$23K	$6K	—	as long as short
BloFin DRIFT-USDT	+0.0119%	4h	0.01748	−0.114%	$151K	$10K	20x	as long as short