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: Gate against KuCoin0.000%7-day average +0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$3,079as in the Funding arb table

Net, price: spread back to 7d avg − costs−$3,098as in the Price arb table

costs, in and out, $10k−$3,08830.882% of the position

Long on KuCoin Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.096%+$10 on $10k

Price spread, last 4 days (all we have)+0.066%+$7 · spread now 0.000%, 7d avg +0.100%

Together, before fees+0.162%+$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: Gate is 0.100% cheaper against KuCoin than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.100%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin DRIFTUSDTM	0.01714	0.0100	pay 0.0050% / 4h	29m 09s	$679K	$130K	20x
Short	Gate DRIFT_USDT	0.01714	0.0100	get 0.0050% / 4h	29m 09s	$129K	$237K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → +0.100%: −$10.01
Slippage, 4 orders: −$3,061.2
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$3,098.22
Costs to cover: 30.882%
Break-even: never at this rate

Slippage from KuCoin: live order book, 34 min ago; Gate: live order book, 43 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, 34 min ago	8.74 bp	773.7 bp −$774	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 43 min ago	14.61 bp	1242.2 bp −$1,242	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	−7.176%	—	$9K	5.5x	as long as short
Binance DRIFTUSDT	+0.0100%	4h	0.01720	+0.350%	$2.3M	$6.8M	20x	as long as short
Bybit DRIFTUSDT	+0.0100%	4h	0.01716	+0.093%	$2.3M	$2.9M	20x	as long as short
Gate DRIFT_USDTshort	+0.0100%	4h	0.01714	0.000%	$129K	$237K	10x
MEXC DRIFT_USDT	+0.0100%	4h	0.01718	+0.233%	$410K	$179K	20x	as long as short
KuCoin DRIFTUSDTMlong	+0.0100%	4h	0.01714	long leg	$679K	$130K	20x
Bitget DRIFTUSDT	+0.0100%	4h	0.01717	+0.175%	$531K	$357K	10x	as long as short
BingX DRIFT-USDT	+0.0100%	4h	0.01717	+0.175%	—	$6.7M	—	as long as short
Variational Omni DRIFT	+0.0100%	4h	0.01716	+0.134%	$23K	$6K	—	as long as short
BloFin DRIFT-USDT	+0.0139%	4h	0.01724	+0.583%	$153K	$9K	20x	as long as short