Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0017%/8h= −1.9% APRpaid last 24h −0.017%

Price spread now: Orderly against Lighter−0.204%7-day average — · you buy dearer than you sell

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

Long on Lighter 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—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.204% cheaper against Lighter than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter AXS	1.0772	0.0096	pay 0.0012% / 1h	24m 39s	$33K	$41K	5x
Short	Orderly PERP_AXS_USDC	1.0750	0.0079	get 0.0039% / 4h	2h 24m	$3K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Lighter. 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 LighterbpFee OrderlybpOrdersPrice spread, now −0.204%Rate

Funding earned: −$3.65
Price spread: −0.204% → 0.000%: −$20.42
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$30.08
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: 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 Lighter no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Lighter 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 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	−0.483%	$5	$47K	5.5x	as long as short
Orderly PERP_AXS_USDCshort	+0.0079%	4h	1.0750	−0.204%	$3K	—	10x
Lighter AXSlong	+0.0096%	1h	1.0772	long leg	$33K	$41K	5x
Hyperliquid AXS	+0.0100%	1h	1.0753	−0.176%	$260K	$313K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0760	−0.111%	$74K	$14K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0740	−0.301%	$6.0M	$10.0M	75x	as long as short
Bybit AXSUSDT	+0.0100%	8h	1.0746	−0.241%	$3.8M	$4.3M	75x	as long as short
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0729	−0.399%	$1.4M	$2.9M	20x	as long as short
Gate AXS_USDT	+0.0100%	8h	1.0743	−0.269%	$856K	$995K	50x	as long as short
MEXC AXS_USDT	+0.0100%	4h	1.0747	−0.232%	$11.4M	$727K	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	1.0750	−0.204%	$603K	$304K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0750	−0.204%	$3.2M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0745	−0.251%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0755	−0.156%	$37K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0745	−0.255%	$762K	$920K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0752	−0.186%	$2K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0751	−0.195%	$717	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0745	−0.254%	$9K	$240K	10x	as long as short
Kraken Futures PF_AXSUSD	+0.0356%	1h	1.0766	−0.059%	$146K	$332K	20x	as long as short