Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.008%

Price spread now: Orderly against Injective+0.095%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 Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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 Orderly is 0.095% dearer against Injective than usual: you sell high and buy low: +$9 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	1.0580	0.0033	pay 0.0004% / 1h	22m 55s	$1K	$48K	5.5x
Short	Orderly PERP_AXS_USDC	1.0590	0.0097	get 0.0049% / 4h	2h 22m	$3K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.095%Rate

Funding earned: $13.38
Price spread: +0.095% → 0.000%: $9.45
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: $16.81
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Orderly: 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: 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
Injective AXS/USDC PERPlong	+0.0033%	1h	1.0580	long leg	$1K	$48K	5.5x
BloFin AXS-USDT	+0.0072%	4h	1.0588	+0.076%	$277K	$30K	75x	as long as short
Lighter AXS	+0.0096%	1h	1.0611	+0.293%	$36K	$39K	5x	as long as short
Orderly PERP_AXS_USDCshort	+0.0097%	4h	1.0590	+0.095%	$3K	—	10x
Hyperliquid AXS	+0.0100%	1h	1.0585	+0.047%	$416K	$498K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0591	+0.107%	$72K	$14K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0594	+0.131%	$6.0M	$10.7M	75x	as long as short
Bybit AXSUSDT	+0.0100%	8h	1.0592	+0.113%	$3.7M	$4.3M	75x	as long as short
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0597	+0.161%	$1.4M	$3.0M	20x	as long as short
Gate AXS_USDT	+0.0100%	8h	1.0595	+0.142%	$839K	$829K	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	1.0586	+0.057%	$11.3M	$673K	50x	as long as short
KuCoin AXSUSDTM	+0.0100%	4h	1.0590	+0.095%	$586K	$288K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0590	+0.095%	$3.1M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0589	+0.085%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0578	−0.021%	$36K	$953	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0599	+0.178%	$751K	$886K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0595	+0.142%	$2K	$1.4M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0590	+0.095%	$752	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0591	+0.104%	$7K	$223K	10x	as long as short
Kraken Futures PF_AXSUSD	+0.0418%	1h	1.0596	+0.148%	$141K	$351K	20x	as long as short