Funding arb · Price arb /

DRIFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against MEXC+0.006%7-day average −0.146% · you sell dearer than you buy

Net, funding: paid 7d − costs−$387as in the Funding arb table

Net, price: spread back to 7d avg − costs−$372as in the Price arb table

costs, in and out, $10k−$3873.870% of the position

Long on MEXC Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.457%−$46 · spread now +0.006%, 7d avg −0.146%

Together, before fees−0.457%−$46 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 0.152% dearer against MEXC than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of −0.146%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC DRIFT_USDT	0.01778	0.0100	pay 0.0050% / 4h	52m 45s	$419K	$111K	20x
Short	Bybit DRIFTUSDT	0.01778	0.0100	get 0.0050% / 4h	52m 45s	$2.4M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against MEXC. 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 MEXCbpFee BybitbpOrdersPrice spread, now +0.006%Rate

Funding earned: $0
Price spread: +0.006% → −0.146%: $15.18
Slippage, 4 orders: −$371.99
Fee MEXC: 2 bp × 2 orders: −$4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$371.82
Costs to cover: 3.870%
Break-even: never at this rate

Slippage from MEXC: live order book, 44 min ago; Bybit: live order book, 2 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 MEXC live order book, 44 min ago	19.50 bp	137.5 bp −$137	285.9 bp −$2,859	523.6 bp −$52.4K	doesn't fit
Sell Bybit live order book, 2 min ago	5.61 bp	64.9 bp −$65	538.3 bp −$5,383	doesn't fit	doesn't fit

DRIFT on 10 exchanges

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
KuCoin DRIFTUSDTM	−0.0048%	4h	0.01777	−0.056%	$723K	$75K	20x	as long as short
Injective DRIFT/USDC PERP	+0.0033%	1h	0.01591	−10.517%	—	$9K	5.5x	as long as short
Binance DRIFTUSDT	+0.0100%	4h	0.01782	+0.222%	$2.4M	$4.4M	20x	as long as short
Bybit DRIFTUSDTshort	+0.0100%	4h	0.01778	+0.006%	$2.4M	$1.9M	20x
Gate DRIFT_USDT	+0.0100%	4h	0.01779	+0.056%	$121K	$168K	10x	as long as short
MEXC DRIFT_USDTlong	+0.0100%	4h	0.01778	long leg	$419K	$111K	20x
Bitget DRIFTUSDT	+0.0100%	4h	0.01780	+0.112%	$548K	$328K	10x	as long as short
BingX DRIFT-USDT	+0.0100%	4h	0.01780	+0.112%	—	$6.6M	—	as long as short
Variational Omni DRIFT	+0.0100%	4h	0.01785	+0.395%	$24K	$225	—	as long as short
BloFin DRIFT-USDT	+0.0145%	4h	0.01782	+0.225%	$158K	$17K	20x	as long as short