Funding arb · Price arb /

DRIFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Gate against MEXC0.000%7-day average −0.126% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1,646as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,642as in the Price arb table

costs, in and out, $10k−$1,65416.543% of the position

Long on MEXC Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 4 days (all we have)−0.148%−$15 · spread now 0.000%, 7d avg −0.126%

Together, before fees−0.068%−$7 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 0.126% dearer against MEXC than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.126%.

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	2h 43m	$421K	$167K	20x
Short	Gate DRIFT_USDT	0.01778	0.0100	get 0.0050% / 4h	2h 43m	$118K	$247K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.126%: $12.61
Slippage, 4 orders: −$1,635.31
Fee MEXC: 2 bp × 2 orders: −$4
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$1,641.7
Costs to cover: 16.543%
Break-even: never at this rate

Slippage from MEXC: live order book, 53 min ago; Gate: live order book, 64 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, 53 min ago	25.16 bp	146.7 bp −$147	293.3 bp −$2,933	532.8 bp −$53.3K	doesn't fit
Sell Gate live order book, 64 min ago	13.95 bp	970.9 bp −$971	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	−10.517%	—	$9K	5.5x	as long as short
Binance DRIFTUSDT	+0.0100%	4h	0.01781	+0.148%	$2.5M	$6.7M	20x	as long as short
Bybit DRIFTUSDT	+0.0100%	4h	0.01778	0.000%	$2.3M	$2.8M	20x	as long as short
Gate DRIFT_USDTshort	+0.0100%	4h	0.01778	0.000%	$118K	$247K	10x
MEXC DRIFT_USDTlong	+0.0100%	4h	0.01778	long leg	$421K	$167K	20x
KuCoin DRIFTUSDTM	+0.0100%	4h	0.01774	−0.225%	$697K	$131K	20x	as long as short
Bitget DRIFTUSDT	+0.0100%	4h	0.01778	0.000%	$547K	$372K	10x	as long as short
BingX DRIFT-USDT	+0.0100%	4h	0.01783	+0.281%	—	$6.6M	—	as long as short
Variational Omni DRIFT	+0.0100%	4h	0.01789	+0.629%	$24K	$6K	—	as long as short
BloFin DRIFT-USDT	+0.0108%	4h	0.01783	+0.281%	$163K	$10K	20x	as long as short