Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0359%/8h= −39.3% APRpaid last 24h −0.032%

Price spread now: Kraken Futures against Binance+0.156%7-day average +0.116% · you sell dearer than you buy

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$750.745% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.131%−$13 on $10k

Price spread, last 3 days (all we have)−0.012%−$1 · spread now +0.156%, 7d avg +0.116%

Together, before fees−0.143%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.040% dearer against Binance than usual: you sell high and buy low (spread +0.156% now, against its 7-day average of +0.116%): +$4 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.131% in total) that is about 2.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.131% in total (about -6.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance AXSUSDT	1.0813	0.0100	pay 0.0050% / 4h	3h 08m	$6.1M	$9.8M	75x
Short	Kraken Futures PF_AXSUSD	1.0830	−0.0259	pay 0.0032% / 1h	8m 58s	$147K	$331K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.156%Rate

Funding earned: −$75.46
Price spread: +0.156% → +0.116%: $4.02
Slippage, 4 orders: −$54.51
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$145.95
Costs to cover: 0.745%
Break-even: never at this rate

Slippage from Binance: live order book, 1 min ago; Kraken Futures: 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 Binance live order book, 1 min ago	0.93 bp	14.6 bp −$15	41.7 bp −$417	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 64 min ago	2.78 bp	22.2 bp −$22	70.9 bp −$709	doesn't fit	doesn't fit

AXS on 20 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
Kraken Futures PF_AXSUSDshort	−0.0259%	1h	1.0830	+0.156%	$147K	$331K	20x
Injective AXS/USDC PERP	+0.0033%	1h	1.0720	−0.860%	$5	$47K	5.5x	as long as short
Orderly PERP_AXS_USDC	+0.0081%	4h	1.0810	−0.027%	$3K	—	10x	as long as short
Lighter AXS	+0.0096%	1h	1.0836	+0.213%	$29K	$36K	5x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0811	−0.018%	$266K	$307K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0820	+0.061%	$74K	$12K	10x	as long as short
Binance AXSUSDTlong	+0.0100%	4h	1.0813	long leg	$6.1M	$9.8M	75x
Bybit AXSUSDT	+0.0100%	8h	1.0826	+0.120%	$3.7M	$4.1M	75x	as long as short
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0813	0.000%	$1.4M	$2.9M	20x	as long as short
Gate AXS_USDT	+0.0100%	8h	1.0807	−0.055%	$864K	$1.1M	50x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AXS_USDT	+0.0100%	4h	1.0812	−0.009%	$11.5M	$745K	50x	as long as short
KuCoin AXSUSDTM	+0.0100%	4h	1.0820	+0.065%	$611K	$312K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0820	+0.065%	$3.2M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0814	+0.010%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0796	−0.155%	$37K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0808	−0.045%	$771K	$902K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0815	+0.019%	$2K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0813	0.000%	$717	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0810	−0.031%	$7K	$241K	10x	as long as short
BloFin AXS-USDT	+0.0151%	4h	1.0815	+0.019%	$279K	$14K	75x	as long as short