Funding arb · Price arb /

DRIFT

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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 KuCoin+0.176%7-day average +0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1,552as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,543as in the Price arb table

costs, in and out, $10k−$1,55415.539% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.016%+$2 on $10k

Price spread, last 4 days (all we have)−0.427%−$43 · spread now +0.176%, 7d avg +0.067%

Together, before fees−0.411%−$41 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 0.109% dearer against KuCoin than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.067%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin DRIFTUSDTM	0.01708	0.0100	pay 0.0050% / 4h	1h 11m	$680K	$137K	20x
Short	Bybit DRIFTUSDT	0.01711	0.0100	get 0.0050% / 4h	1h 11m	$2.3M	$3.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.176%Rate

Funding earned: $0
Price spread: +0.176% → +0.067%: $10.87
Slippage, 4 orders: −$1,530.93
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$1,543.06
Costs to cover: 15.539%
Break-even: never at this rate

Slippage from KuCoin: live order book, 62 min ago; Bybit: live order book, 1 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, 62 min ago	11.83 bp	971.6 bp −$972	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	8.77 bp	51.6 bp −$52	368.9 bp −$3,689	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	−6.850%	—	$9K	5.5x	as long as short
Binance DRIFTUSDT	+0.0100%	4h	0.01716	+0.464%	$2.3M	$7.3M	20x	as long as short
Bybit DRIFTUSDTshort	+0.0100%	4h	0.01711	+0.176%	$2.3M	$3.1M	20x
Gate DRIFT_USDT	+0.0100%	4h	0.01712	+0.234%	$129K	$280K	10x	as long as short
MEXC DRIFT_USDT	+0.0100%	4h	0.01715	+0.410%	$409K	$181K	20x	as long as short
KuCoin DRIFTUSDTMlong	+0.0100%	4h	0.01708	long leg	$680K	$137K	20x
Bitget DRIFTUSDT	+0.0100%	4h	0.01714	+0.351%	$531K	$553K	10x	as long as short
BingX DRIFT-USDT	+0.0100%	4h	0.01714	+0.351%	—	$6.6M	—	as long as short
Variational Omni DRIFT	+0.0100%	4h	0.01711	+0.163%	$23K	$6K	—	as long as short
BloFin DRIFT-USDT	+0.0100%	4h	0.01710	+0.117%	$152K	$10K	20x	as long as short