I’m guessing the developers already know about this but I didn’t see a thread on it so I figured I’d post about it.
The Direct3D driver on both v1.2.2 and the latest nightly x86-64 builds displays the video with the vertical position set too low whenever there’s a new screen loaded. Toggling between windowed mode and fullscreen corrects the issue, but this seems to be some sort of bug in the driver. Nightly builds of RetroArch from earlier this year didn’t have this problem when I used them back then. I’m using OpenGL for now with the current builds since it doesn’t have this problem.