Updated October 2026: Drift rebranded to Velocity DEX in July 2026 following an April 2026 exploit (~$280M, attributed to the Lazarus Group) and relaunched with a $127.5M Tether credit line as a USDT-settled perp exchange. The insurance-fund staking mechanics and the 13-day cooldown below are unchanged post-rebrand (confirmed against docs.drift.trade, which now serves Velocity's docs) — this page keeps the "Drift" name since that's still how most traders search for it, but worth knowing you're now looking at Velocity's product. The April exploit is also the clearest real-world example of exactly the "deficit event" risk this calculator prices — it wasn't a hypothetical.
Higher deficit odds, thinner edge
Each row holds your other inputs fixed and only changes the chance of a deficit event during your locked period. The revenue-share yield doesn't move — only the expected slashing haircut grows, which is why net APY can flip negative well before the fund actually loses money. Your selected value is highlighted.
| Deficit chance | Expected haircut | Vantagem líquida | Net eff. APY |
|---|
You're the exchange's shock absorber, not a depositor
A savings account pays you for lending an asset out. Drift's Insurance Fund pays you for something riskier: standing behind every trader on the exchange as the pool that eats the bill when a liquidation closes out underwater and the trader can't cover the gap. Every hour, half of the revenue pool's fee take gets routed to whoever is staked in the fund, split pro-rata and compounded automatically — no claiming, no vote. That's a real, calculable APY, and by itself it can look like a clean 6-12% on USDC. The catch is two-layered. First, unstaking takes 13 days, and during that entire cooldown you earn zero share of the hourly split while your capital is still sitting inside the fund. Second, and this is the part a headline APY never shows, if a deficit event hits during either the active staking window or the cooldown tail, every staker gets slashed pro-rata to their share of the pool, automatically, the same way an AMM LP eats impermanent loss. This calculator prices both drags against the yield: the revenue-share income you actually collect, minus the unpaid cooldown days, minus the expected value of getting slashed. If you're weighing this against other backstop and loss-absorption mechanics, compare it with the exchange-side view in the calculadora de perda / recuperação socializada, check where a position actually goes underwater with the calculadora de preço de falência, or sanity-check the fund's coverage ratio with the proof of reserves calculator.
A matemática
Deixar F be the total insurance fund size, R the annual revenue-pool inflow to that fund, and k the staker's share of that revenue split as a decimal (0.5 on Drift). The raw annualized yield rate é y = (R · k) ⁄ F. Seu stake V compounds at that rate across the staking period S (in days): gross yield = V · [(1 + y)^(S⁄365) − 1]. Compounding matters here because Drift settles and reinvests the split hourly, not once a year.
O unstaking cooldown C adds unpaid, still-exposed time on top: total locked period T = S + C. Seu share of the fund é s = V ⁄ F, and given a probability p of a deficit event of size D occurring anywhere in the window T, o expected slashing haircut é p · D · s — an expected-value cost, not a certainty, but one that scales directly with how much of the fund you own. Net advantage = gross yield − expected haircut, and annualizing over the full locked period T dá o net effective APY: (vantagem líquida ⁄ V) · (365⁄T) · 100. A wider deficit probability or a bigger assumed deficit pulls this below the quoted headline APY fast, because unlike the cooldown drag, the slashing term scales with fund-wide risk, not just your own patience. This ignores per-market fund splits (BTC/ETH/SOL funds are separate from the main USDC fund on Drift), governance changes to the split ratio, and the fact that a real deficit event's size is unknown in advance — treat it as a stress-test on your assumptions, not a forecast.