Funding arb · Price arb /

AXS

all AXS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h +0.020%

Price spread now: Variational Omni against Orderly−0.163%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.163% cheaper against Orderly than usual: you would sell low and buy high (spread −0.163% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$16 on $10k: about 19 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AXS_USDC	1.0650	0.0071	pay 0.0035% / 4h	1h 52m	$3K	—	10x
Short	Variational Omni AXS	1.0633	0.0100	get 0.0100% / 8h	1h 52m	$36K	$4K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Orderly. 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 OrderlybpFee Variational OmnibpOrdersPrice spread, now −0.163%Rate

Funding earned: $6.18
Price spread: −0.163% → 0.000%: −$16.34
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$16.16
Costs to cover: 0.060%
Break-even: 25.3 days

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

Orderly and Variational Omni: 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	−0.0476%	1h	1.0640	−0.090%	$139K	$320K	20x	as long as short
OKX AXS-USDT-SWAP	+0.0024%	4h	1.0630	−0.188%	$1.4M	$2.7M	20x	as long as short
Injective AXS/USDC PERP	+0.0033%	1h	1.0720	+0.657%	$5	$47K	5.5x	as long as short
Orderly PERP_AXS_USDClong	+0.0071%	4h	1.0650	long leg	$3K	—	10x
Lighter AXS	+0.0096%	1h	1.0654	+0.038%	$28K	$36K	5x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0634	−0.150%	$261K	$293K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0646	−0.035%	$72K	$11K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0628	−0.205%	$5.9M	$9.3M	75x	as long as short
Bybit AXSUSDT	+0.0100%	8h	1.0634	−0.150%	$3.2M	$3.6M	75x	as long as short
Gate AXS_USDT	+0.0100%	8h	1.0642	−0.075%	$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	1.0630	−0.188%	$11.1M	$718K	50x	as long as short
KuCoin AXSUSDTM	+0.0100%	4h	1.0650	0.000%	$582K	$295K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0640	−0.094%	$3.1M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0642	−0.075%	—	$2.6M	—	as long as short
Variational Omni AXSshort	+0.0100%	8h	1.0633	−0.163%	$36K	$4K	—
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0650	−0.001%	$752K	$882K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0647	−0.028%	$1K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0636	−0.131%	$690	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0630	−0.185%	$7K	$156K	10x	as long as short
BloFin AXS-USDT	+0.0116%	4h	1.0629	−0.197%	$271K	$17K	75x	as long as short