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Mine is doing this as well, slightly embarrassing, a watch that can't tell the time.
If I restart, it's sorted in the short term. I can aslo change the time on my phone and then change it back, this puts it back in sync.
This must be fixed, it's the most important feature.
FYI I'm pairing with a Nexus 5.
I noticed this today. My 360 was 8 minutes behind. I had to reboot the watch to fix it.
What phone do you have?
So, seems like afternoon / evening of October 6th was a "bad day" for Android Wear ... judging by the massive numbers of frustrated comments on the Google Play store about the AW app I think Google's cloud services supporting Wear devices had an update that hosed a lot of the basic smartwatch functionality (for me, I couldn't even set a reminder, a timer, plus a bunch more). Fixed now, and frustrating from an end-user's perspective because I didn't update anything on my watch or phone yet my experience was "totally ruined" by cloud service changes beyond my control.
While all that other stuff was resolved by morning without me doing anything at all, my watch still keeps wrong time. Which is pretty silly for a watch!
It seems, though, that if I stay off Wifi (i.e. LTE only) on my phone my watch doesn't time-drift. Can't imagine why, but when my phone is on Wifi if I walk out of range and the watch disconnects, when I'm back in range my watch has often time-drifted and only a watch restart will fix it. With my LTE-only connection, I haven't had this happen 2 days in a row. YMMV.