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: Gate against Bybit0.000%7-day average +0.069% · you sell dearer than you buy

Net, funding: paid 7d − costs−$2,056as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2,070as in the Price arb table

costs, in and out, $10k−$2,06420.635% of the position

Long on Bybit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 7 days+0.045%+$4 · spread now 0.000%, 7d avg +0.069%

Together, before fees+0.125%+$12 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 0.069% cheaper against Bybit than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.069%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit DRIFTUSDT	0.01761	0.0100	pay 0.0050% / 4h	1h 19m	$2.4M	$2.8M	20x
Short	Gate DRIFT_USDT	0.01761	0.0100	get 0.0050% / 4h	1h 19m	$124K	$235K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Bybit. 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 BybitbpFee GatebpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → +0.069%: −$6.87
Slippage, 4 orders: −$2,037.52
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$2,070.39
Costs to cover: 20.635%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Gate: live order book, 37 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 Bybit live order book, 3 min ago	2.85 bp	48.3 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 37 min ago	8.61 bp	483.1 bp −$483	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	−9.654%	—	$9K	5.5x	as long as short
BloFin DRIFT-USDT	+0.0055%	4h	0.01760	−0.057%	$155K	$10K	20x	as long as short
Binance DRIFTUSDT	+0.0100%	4h	0.01765	+0.234%	$2.4M	$6.6M	20x	as long as short
Bybit DRIFTUSDTlong	+0.0100%	4h	0.01761	long leg	$2.4M	$2.8M	20x
Gate DRIFT_USDTshort	+0.0100%	4h	0.01761	0.000%	$124K	$235K	10x
MEXC DRIFT_USDT	+0.0100%	4h	0.01762	+0.057%	$418K	$168K	20x	as long as short
KuCoin DRIFTUSDTM	+0.0100%	4h	0.01760	−0.057%	$692K	$118K	20x	as long as short
Bitget DRIFTUSDT	+0.0100%	4h	0.01760	−0.057%	$541K	$359K	10x	as long as short
BingX DRIFT-USDT	+0.0100%	4h	0.01764	+0.170%	—	$6.6M	—	as long as short
Variational Omni DRIFT	+0.0100%	4h	0.01760	−0.075%	$24K	$6K	—	as long as short