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: OKX against Injective−0.812%7-day average — · you buy dearer than you sell

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

Long on Injective Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. OKX is 0.812% cheaper against Injective than usual: you would sell low and buy high (spread −0.812% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$81 on $10k: about 41 days of funding at the current rate (+$2 a day).

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	29m 12s	$5	$47K	5.5x
Short	OKX AXS-USDT-SWAP	1.0633	0.0100	get 0.0050% / 4h	2h 29m	$1.4M	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.812%Rate

Funding earned: $14
Price spread: −0.812% → 0.000%: −$81.16
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: −$77.18
Costs to cover: 0.100%
Break-even: 45.6 days

Slippage unknown: Injective: no order-book sample; OKX: live order book, 3 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 OKX live order book, 3 min ago	0.47 bp	19.4 bp −$19	doesn't fit	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 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	−0.0338%	1h	1.0645	−0.695%	$139K	$325K	20x	as long as short
Injective AXS/USDC PERPlong	+0.0033%	1h	1.0720	long leg	$5	$47K	5.5x
Orderly PERP_AXS_USDC	+0.0077%	4h	1.0630	−0.840%	$3K	—	10x	as long as short
Lighter AXS	+0.0096%	1h	1.0660	−0.560%	$28K	$36K	5x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0641	−0.737%	$262K	$294K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0639	−0.759%	$72K	$11K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0637	−0.774%	$5.9M	$9.4M	75x	as long as short
Bybit AXSUSDT	+0.0100%	8h	1.0636	−0.784%	$3.2M	$3.6M	75x	as long as short
OKX AXS-USDT-SWAPshort	+0.0100%	4h	1.0633	−0.812%	$1.4M	$2.7M	20x
Gate AXS_USDT	+0.0100%	8h	1.0632	−0.821%	$959K	$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	1.0632	−0.821%	$11.1M	$763K	50x	as long as short
KuCoin AXSUSDTM	+0.0100%	4h	1.0640	−0.746%	$574K	$294K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0630	−0.840%	$3.1M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0636	−0.784%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0625	−0.886%	$36K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0628	−0.856%	$758K	$914K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0633	−0.812%	$2K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0636	−0.784%	$702	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0631	−0.834%	$7K	$156K	10x	as long as short
BloFin AXS-USDT	+0.0157%	4h	1.0630	−0.840%	$271K	$30K	75x	as long as short