Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.010%

Price spread now: Bybit against BingX+0.166%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$850.847% of the position

Long on BingX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 7 days−0.175%−$18 · spread now +0.166%, 7d avg +0.011%

Together, before fees−0.257%−$26 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: Bybit is 0.155% dearer against BingX than usual: you sell high and buy low, +$16 on $10k if it goes back to its 7-day average of +0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX AXS-USDT	1.0817	0.0100	pay 0.0050% / 4h	33m 05s	—	$2.6M	—
Short	Bybit AXSUSDT	1.0835	0.0100	get 0.0100% / 8h	33m 05s	$3.7M	$4.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against BingX. 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 BingXbpFee BybitbpOrdersPrice spread, now +0.166%Rate

Funding earned: $0
Price spread: +0.166% → +0.011%: $15.52
Slippage, 4 orders: −$63.66
Fee BingX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$69.14
Costs to cover: 0.847%
Break-even: never at this rate

Slippage from BingX: live order book, 2 min ago; Bybit: live order book, 4 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 BingX live order book, 2 min ago	4.16 bp	19.1 bp −$19	43.5 bp −$435	348.5 bp −$34.8K	480.9 bp −$240.4K
Sell Bybit live order book, 4 min ago	0.93 bp	25.5 bp −$26	78.8 bp −$788	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_AXSUSD	−0.0238%	1h	1.0825	+0.074%	$141K	$312K	20x	as long as short
Injective AXS/USDC PERP	+0.0033%	1h	1.0720	−0.897%	$5	$47K	5.5x	as long as short
Orderly PERP_AXS_USDC	+0.0078%	4h	1.0830	+0.120%	$3K	—	10x	as long as short
Lighter AXS	+0.0096%	1h	1.0843	+0.240%	$29K	$36K	5x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0821	+0.037%	$265K	$298K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0818	+0.005%	$75K	$11K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0820	+0.024%	$6.1M	$9.6M	75x	as long as short
Bybit AXSUSDTshort	+0.0100%	8h	1.0835	+0.166%	$3.7M	$4.0M	75x
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0822	+0.046%	$1.4M	$2.9M	20x	as long as short
Gate AXS_USDT	+0.0100%	8h	1.0819	+0.018%	$974K	$1.0M	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	1.0817	0.000%	$11.5M	$745K	50x	as long as short
KuCoin AXSUSDTM	+0.0100%	4h	1.0810	−0.065%	$613K	$306K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0820	+0.028%	$3.2M	$1.2M	50x	as long as short
BingX AXS-USDTlong	+0.0100%	4h	1.0817	long leg	—	$2.6M	—
Variational Omni AXS	+0.0100%	8h	1.0816	−0.007%	$37K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0800	−0.156%	$772K	$892K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0813	−0.037%	$1K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0820	+0.028%	$715	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0818	+0.009%	$7K	$156K	10x	as long as short
BloFin AXS-USDT	+0.0118%	4h	1.0816	−0.009%	$276K	$17K	75x	as long as short