Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Bybit against Extended+0.018%7-day average +0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

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

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.035%−$3 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now +0.018%, 7d avg +0.071%

Together, before fees+0.009%+ Points / potential airdropExtended: Active · farm board+$1 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 0.053% cheaper against Extended than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended AXS-USD	1.0729	0.0104	pay 0.0013% / 1h	30m 01s	$9K	$240K	10x
Short	Bybit AXSUSDT	1.0731	0.0100	get 0.0100% / 8h	6h 30m	$3.8M	$4.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now +0.018%Rate

Funding earned: −$0.84
Price spread: +0.018% → +0.071%: −$5.3
Slippage, 4 orders: −$84.06
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$106.21
Costs to cover: 1.001%
Break-even: never at this rate

Slippage from Extended: live order book, 37 min ago; Bybit: live order book, 3 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 Extended live order book, 37 min ago	2.68 bp	20.7 bp −$21	189.9 bp −$1,899	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.79 bp	28.1 bp −$28	95.7 bp −$957	doesn't fit	doesn't fit

AXS on 19 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
Injective AXS/USDC PERP	+0.0033%	1h	1.0720	−0.085%	$5	$47K	5.5x	as long as short
Orderly PERP_AXS_USDC	+0.0079%	4h	1.0730	+0.009%	$3K	—	10x	as long as short
Lighter AXS	+0.0096%	1h	1.0757	+0.260%	$33K	$41K	5x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0738	+0.083%	$259K	$314K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0731	+0.020%	$73K	$14K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0732	+0.025%	$6.0M	$10.0M	75x	as long as short
Bybit AXSUSDTshort	+0.0100%	8h	1.0731	+0.018%	$3.8M	$4.3M	75x
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0737	+0.074%	$1.4M	$2.9M	20x	as long as short
Gate AXS_USDT	+0.0100%	8h	1.0720	−0.085%	$855K	$993K	50x	as long as short
MEXC AXS_USDT	+0.0100%	4h	1.0732	+0.027%	$11.4M	$726K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin AXSUSDTM	+0.0100%	4h	1.0720	−0.085%	$601K	$303K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0730	+0.009%	$3.2M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0727	−0.019%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0732	+0.026%	$37K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0710	−0.178%	$762K	$919K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0731	+0.018%	$2K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0731	+0.018%	$714	$3K	5x	as long as short
Extended AXS-USDlong	+0.0104%	1h	1.0729	long leg	$9K	$240K	10x
Kraken Futures PF_AXSUSD	+0.0356%	1h	1.0746	+0.161%	$146K	$333K	20x	as long as short