Funding arb · Price arb /

DRIFT

all DRIFT markets

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: Bybit against Gate−0.174%7-day average −0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2,116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2,118as in the Price arb table

costs, in and out, $10k−$2,10821.080% of the position

Long on Gate Short on Bybit

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+0.159%+$16 · spread now −0.174%, 7d avg −0.069%

Together, before fees+0.079%+$8 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 0.105% cheaper against Gate than usual: you would sell low and buy high, −$10 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	Gate DRIFT_USDT	0.01725	0.0100	pay 0.0050% / 4h	37m 36s	$130K	$237K	10x
Short	Bybit DRIFTUSDT	0.01722	0.0100	get 0.0050% / 4h	37m 36s	$2.3M	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Gate. 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 GatebpFee BybitbpOrdersPrice spread, now −0.174%Rate

Funding earned: $0
Price spread: −0.174% → −0.069%: −$10.47
Slippage, 4 orders: −$2,081.99
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$2,118.46
Costs to cover: 21.080%
Break-even: never at this rate

Slippage from Gate: live order book, 34 min ago; Bybit: live order book, 5 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 Gate live order book, 34 min ago	14.61 bp	764.0 bp −$764	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	2.89 bp	50.4 bp −$50	469.0 bp −$4,690	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	−7.768%	—	$9K	5.5x	as long as short
Binance DRIFTUSDT	+0.0100%	4h	0.01728	+0.174%	$2.3M	$6.9M	20x	as long as short
Bybit DRIFTUSDTshort	+0.0100%	4h	0.01722	−0.174%	$2.3M	$2.9M	20x
Gate DRIFT_USDTlong	+0.0100%	4h	0.01725	long leg	$130K	$237K	10x
MEXC DRIFT_USDT	+0.0100%	4h	0.01729	+0.232%	$412K	$179K	20x	as long as short
KuCoin DRIFTUSDTM	+0.0100%	4h	0.01721	−0.232%	$681K	$131K	20x	as long as short
Bitget DRIFTUSDT	+0.0100%	4h	0.01726	+0.058%	$534K	$358K	10x	as long as short
BingX DRIFT-USDT	+0.0100%	4h	0.01724	−0.058%	—	$6.6M	—	as long as short
Variational Omni DRIFT	+0.0100%	4h	0.01728	+0.161%	$23K	$6K	—	as long as short
BloFin DRIFT-USDT	+0.0154%	4h	0.01728	+0.174%	$153K	$10K	20x	as long as short