Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.024%

Price spread now: Bybit against Injective+0.121%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.104%+$10 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bybit is 0.121% dearer against Injective than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective AXS/USDC PERP	1.0720	0.0033	pay 0.0004% / 1h	30m 42s	$5	$47K	5.5x
Short	Bybit AXSUSDT	1.0733	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 Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now +0.121%Rate

Funding earned: $14
Price spread: +0.121% → 0.000%: $12.13
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $15.11
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 2 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	2.79 bp	28.1 bp −$28	95.7 bp −$957	doesn't fit	doesn't fit

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 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 PERPlong	+0.0033%	1h	1.0720	long leg	$5	$47K	5.5x
Orderly PERP_AXS_USDC	+0.0079%	4h	1.0730	+0.093%	$3K	—	10x	as long as short
Lighter AXS	+0.0096%	1h	1.0750	+0.280%	$33K	$41K	5x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0728	+0.075%	$259K	$314K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0736	+0.145%	$73K	$14K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0725	+0.043%	$6.0M	$10.1M	75x	as long as short
Bybit AXSUSDTshort	+0.0100%	8h	1.0733	+0.121%	$3.8M	$4.3M	75x
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0723	+0.028%	$1.4M	$2.9M	20x	as long as short
Gate AXS_USDT	+0.0100%	8h	1.0728	+0.075%	$855K	$993K	50x	as long as short
MEXC AXS_USDT	+0.0100%	4h	1.0723	+0.028%	$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	1.0730	+0.093%	$602K	$303K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0720	0.000%	$3.1M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0734	+0.131%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0732	+0.110%	$37K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0710	−0.093%	$762K	$919K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0724	+0.037%	$2K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0726	+0.056%	$714	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0722	+0.022%	$9K	$240K	10x	as long as short
Kraken Futures PF_AXSUSD	+0.0357%	1h	1.0736	+0.148%	$146K	$333K	20x	as long as short