Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0548%/8h= −60.0% APRpaid last 24h −0.006%

Price spread now: Bitget against Kraken Futures−0.095%7-day average −0.111% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$960.955% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$11 on $10k

Price spread, last 4 days (all we have)−0.086%−$9 · spread now −0.095%, 7d avg −0.111%

Together, before fees+0.019%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.111%, so right now this pair is about funding alone: −$16 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.105%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.105% in total (about 5.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_AXSUSD	1.0690	0.0648	pay 0.0081% / 1h	37m 38s	$145K	$351K	20x
Short	Bitget AXSUSDT	1.0680	0.0100	get 0.0050% / 4h	37m 38s	$3.1M	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$115
Price spread: −0.095% → −0.111%: $1.62
Slippage, 4 orders: −$73.51
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$208.89
Costs to cover: 0.955%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 65 min ago; Bitget: live order book, 5 min ago.

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 Kraken Futures live order book, 65 min ago	2.80 bp	24.5 bp −$25	80.1 bp −$801	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	4.66 bp	22.7 bp −$23	52.5 bp −$525	doesn't fit	doesn't fit

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 PERP	+0.0033%	1h	1.0580	−1.030%	$1K	$48K	5.5x	as long as short
Orderly PERP_AXS_USDC	+0.0094%	4h	1.0690	−0.001%	$3K	—	10x	as long as short
Lighter AXS	+0.0096%	1h	1.0705	+0.139%	$36K	$43K	5x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0680	−0.095%	$257K	$705K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0679	−0.102%	$72K	$17K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0678	−0.113%	$6.0M	$10.9M	75x	as long as short
Bybit AXSUSDT	+0.0100%	8h	1.0680	−0.095%	$3.7M	$4.3M	75x	as long as short
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0680	−0.095%	$1.4M	$3.0M	20x	as long as short
Gate AXS_USDT	+0.0100%	8h	1.0680	−0.095%	$845K	$535K	50x	as long as short
MEXC AXS_USDT	+0.0100%	4h	1.0675	−0.141%	$11.5M	$696K	50x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin AXSUSDTM	+0.0100%	4h	1.0680	−0.095%	$587K	$289K	50x	as long as short
Bitget AXSUSDTshort	+0.0100%	4h	1.0680	−0.095%	$3.1M	$1.2M	50x
Variational Omni AXS	+0.0100%	8h	1.0718	+0.260%	$36K	$953	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0716	+0.242%	$764K	$876K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0689	−0.010%	$2K	$1.4M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0684	−0.057%	$761	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0673	−0.159%	$8K	$251K	10x	as long as short
BloFin AXS-USDT	+0.0119%	4h	1.0696	+0.055%	$279K	$30K	75x	as long as short
BingX AXS-USDT	+0.0200%	4h	1.0683	−0.067%	—	$2.6M	—	as long as short
Kraken Futures PF_AXSUSDlong	+0.0648%	1h	1.0690	long leg	$145K	$351K	20x