Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.024%

Price spread now: Injective against Bitget+1.228%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.148%−$15 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 1.228% dearer against Bitget than usual: you sell high and buy low (spread +1.228% now, against zero (this spread has no 7-day history yet)): +$123 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget AXSUSDT	1.0590	0.0100	pay 0.0050% / 4h	2h 57m	$3.1M	$1.2M	50x
Short	Injective AXS/USDC PERP	1.0720	0.0033	get 0.0004% / 1h	57m 26s	$5	$47K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BitgetbpFee InjectivebpOrdersPrice spread, now +1.228%Rate

Funding earned: −$14
Price spread: +1.228% → 0.000%: $122.76
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $96.74
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Bitget: live order book, 5 min ago; Injective: no order-book sample. Net counts fees only.

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 Bitget live order book, 5 min ago	4.72 bp	33.5 bp −$34	61.5 bp −$615	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0339%	1h	1.0608	+0.166%	$139K	$327K	20x	as long as short
SoDEX AXS-USD	−0.0267%	1h	1.0598	+0.076%	$722	$3K	5x	as long as short
Injective AXS/USDC PERPshort	+0.0033%	1h	1.0720	+1.228%	$5	$47K	5.5x
Orderly PERP_AXS_USDC	+0.0077%	4h	1.0610	+0.189%	$3K	—	10x	as long as short
BloFin AXS-USDT	+0.0094%	4h	1.0611	+0.198%	$270K	$30K	75x	as long as short
Lighter AXS	+0.0096%	1h	1.0620	+0.283%	$28K	$36K	5x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0601	+0.104%	$261K	$295K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0613	+0.221%	$72K	$11K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0596	+0.054%	$5.9M	$9.4M	75x	as long as short
Bybit AXSUSDT	+0.0100%	8h	1.0598	+0.076%	$3.2M	$3.6M	75x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0595	+0.047%	$1.4M	$2.7M	20x	as long as short
Gate AXS_USDT	+0.0100%	8h	1.0608	+0.170%	$956K	$1.0M	50x	as long as short
MEXC AXS_USDT	+0.0100%	4h	1.0596	+0.057%	$11.1M	$760K	50x	as long as short
KuCoin AXSUSDTM	+0.0100%	4h	1.0610	+0.189%	$572K	$294K	50x	as long as short
Bitget AXSUSDTlong	+0.0100%	4h	1.0590	long leg	$3.1M	$1.2M	50x
BingX AXS-USDT	+0.0100%	4h	1.0600	+0.094%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0617	+0.252%	$36K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0610	+0.189%	$752K	$927K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0598	+0.076%	$2K	$1.3M	20x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0595	+0.047%	$7K	$156K	10x	as long as short