Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0655%/8h= −71.7% APRpaid last 24h −0.028%

Price spread now: Kraken Futures against Bybit+0.061%7-day average +0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$1001.001% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.097%−$10 on $10k

Price spread, last 3 days (all we have)+0.084%+$8 · spread now +0.061%, 7d avg +0.083%

Together, before fees−0.013%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Kraken Futures is 0.022% cheaper against Bybit than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.083%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.097% in total (about -5.1% 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	Bybit AXSUSDT	1.0817	0.0396	pay 0.0396% / 8h	7h 57m	$3.7M	$4.1M	75x
Short	Kraken Futures PF_AXSUSD	1.0824	−0.0260	pay 0.0032% / 1h	57m 00s	$141K	$315K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$137.59
Price spread: +0.061% → +0.083%: −$2.16
Slippage, 4 orders: −$79.11
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$239.86
Costs to cover: 1.001%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Kraken Futures: live order book, 16 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 Bybit live order book, 1 min ago	1.39 bp	26.6 bp −$27	87.7 bp −$877	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 16 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	−0.0260%	1h	1.0824	+0.061%	$141K	$315K	20x
Injective AXS/USDC PERP	+0.0033%	1h	1.0720	−0.897%	$5	$47K	5.5x	as long as short
Orderly PERP_AXS_USDC	+0.0080%	4h	1.0810	−0.065%	$3K	—	10x	as long as short
Lighter AXS	+0.0096%	1h	1.0833	+0.148%	$29K	$36K	5x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0815	−0.018%	$271K	$303K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0814	−0.028%	$74K	$12K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0807	−0.095%	$6.1M	$9.6M	75x	as long as short
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0804	−0.120%	$1.5M	$3.0M	20x	as long as short
Gate AXS_USDT	+0.0100%	8h	1.0815	−0.018%	$974K	$903K	50x	as long as short
MEXC AXS_USDT	+0.0100%	4h	1.0803	−0.129%	$11.5M	$741K	50x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin AXSUSDTM	+0.0100%	4h	1.0810	−0.065%	$613K	$304K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0810	−0.065%	$3.2M	$1.2M	50x	as long as short
Variational Omni AXS	+0.0100%	8h	1.0838	+0.190%	$37K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0820	+0.028%	$768K	$906K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0809	−0.074%	$1K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0805	−0.111%	$721	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0804	−0.120%	$7K	$155K	10x	as long as short
BloFin AXS-USDT	+0.0131%	4h	1.0801	−0.148%	$273K	$18K	75x	as long as short
Bybit AXSUSDTlong	+0.0396%	8h	1.0817	long leg	$3.7M	$4.1M	75x
BingX AXS-USDT	+0.0912%	4h	1.0815	−0.018%	—	$2.6M	—	as long as short