DRIFT

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0200%/8h= −21.8% APRnext payment −$1.00 per $10,000 · paid last 24h −0.006%

Price spread now: KuCoin against BloFin−0.561%50s7-day average −0.320% · you buy dearer than you sell

Net, funding: paid 7d − costs−$956as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$9569.556% of the position

Long on BloFin Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 4 days (all we have)+1.061%+$106 · spread now −0.561%, 7d avg −0.320%

Together, before fees+1.056%+$106 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and KuCoin is 0.241% cheaper against BloFin than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.320%). Swap the legs. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.004% in total (about -0.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.00 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin DRIFT-USDT	0.01784	0.0078	pay 0.0039% / 4h	1h 30m	$159K	$17K	20x
Short	KuCoin DRIFTUSDTM	0.01774	−0.0122	pay 0.0061% / 4h	1h 30m	$722K	$76K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against BloFin. 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 BloFinbpFee KuCoinbpOrdersPrice spread, now −0.561%Rate

Funding earned: −$41.9
Price spread: −0.561% → −0.320%: −$24.07
Slippage, 4 orders: −$931.55
Fee BloFin: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$1,021.53
Costs to cover: 9.556%
Break-even: never at this rate

Slippage from BloFin: live order book, 7 min ago; KuCoin: live order book, 6 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 BloFin live order book, 7 min ago	2.78 bp	40.0 bp −$40	218.8 bp −$2,188	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	14.01 bp	367.3 bp −$367	doesn't fit	doesn't fit	doesn't fit

DRIFT on 10 exchanges

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
KuCoin DRIFTUSDTMshort	−0.0122%	4h	0.01774	−0.561%	$722K	$76K	20x
Injective DRIFT/USDC PERP	+0.0033%	1h	0.01591	−10.818%	—	$9K	5.5x	as long as short
BloFin DRIFT-USDTlong	+0.0078%	4h	0.01784	long leg	$159K	$17K	20x
Binance DRIFTUSDT	+0.0100%	4h	0.01784	−0.025%	$2.5M	$4.6M	20x	as long as short
Bybit DRIFTUSDT	+0.0100%	4h	0.01780	−0.202%	$2.4M	$1.9M	20x	as long as short
Gate DRIFT_USDT	+0.0100%	4h	0.01781	−0.168%	$121K	$176K	10x	as long as short
MEXC DRIFT_USDT	+0.0100%	4h	0.01780	−0.224%	$419K	$115K	20x	as long as short
Bitget DRIFTUSDT	+0.0100%	4h	0.01781	−0.168%	$548K	$333K	10x	as long as short
BingX DRIFT-USDT	+0.0100%	4h	0.01782	−0.112%	—	$6.6M	—	as long as short
Variational Omni DRIFT	+0.0100%	4h	0.01781	−0.164%	$24K	$1K	—	as long as short