Funding arb · Price arb /

DRIFT

all DRIFT markets

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: BingX against KuCoin+0.287%7-day average +0.188% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1,044as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,036as in the Price arb table

costs, in and out, $10k−$1,04610.462% of the position

Long on KuCoin Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 4 days (all we have)−0.182%−$18 · spread now +0.287%, 7d avg +0.188%

Together, before fees−0.164%−$16 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: BingX is 0.099% dearer against KuCoin than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.188%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin DRIFTUSDTM	0.01741	0.0100	pay 0.0050% / 4h	3h 40m	$688K	$128K	20x
Short	BingX DRIFT-USDT	0.01746	0.0100	get 0.0050% / 4h	3h 40m	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against KuCoin. 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 KuCoinbpFee BingXbpOrdersPrice spread, now +0.287%Rate

Funding earned: $0
Price spread: +0.287% → +0.188%: $9.94
Slippage, 4 orders: −$1,024.16
Fee KuCoin: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$1,036.23
Costs to cover: 10.462%
Break-even: never at this rate

Slippage from KuCoin: live order book, 13 min ago; BingX: live order book, 7 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 KuCoin live order book, 13 min ago	17.19 bp	618.6 bp −$619	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	11.41 bp	39.1 bp −$39	173.2 bp −$1,732	746.7 bp −$74.7K	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	−8.616%	—	$9K	5.5x	as long as short
Binance DRIFTUSDT	+0.0100%	4h	0.01747	+0.345%	$2.3M	$6.8M	20x	as long as short
Bybit DRIFTUSDT	+0.0100%	4h	0.01744	+0.167%	$2.4M	$2.9M	20x	as long as short
Gate DRIFT_USDT	+0.0100%	4h	0.01744	+0.172%	$128K	$238K	10x	as long as short
MEXC DRIFT_USDT	+0.0100%	4h	0.01746	+0.287%	$418K	$172K	20x	as long as short
KuCoin DRIFTUSDTMlong	+0.0100%	4h	0.01741	long leg	$688K	$128K	20x
Bitget DRIFTUSDT	+0.0100%	4h	0.01747	+0.345%	$539K	$360K	10x	as long as short
BingX DRIFT-USDTshort	+0.0100%	4h	0.01746	+0.287%	—	$6.6M	—
Variational Omni DRIFT	+0.0100%	4h	0.01745	+0.214%	$23K	$6K	—	as long as short
BloFin DRIFT-USDT	+0.0146%	4h	0.01751	+0.574%	$153K	$10K	20x	as long as short