Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against KuCoin−0.056%7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$231as in the Funding arb table

Net, price: spread back to 7d avg − costs−$234as in the Price arb table

costs, in and out, $10k−$2262.262% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 4 days (all we have)+0.036%+$4 · spread now −0.056%, 7d avg +0.026%

Together, before fees−0.011%−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.082% cheaper against KuCoin than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin AXSUSDTM	1.0680	0.0100	pay 0.0050% / 4h	3h 30m	$572K	$291K	50x
Short	Bybit AXSUSDT	1.0674	0.0100	get 0.0100% / 8h	3h 30m	$3.2M	$3.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against KuCoin. 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 KuCoinbpFee BybitbpOrdersPrice spread, now −0.056%Rate

Funding earned: $0
Price spread: −0.056% → +0.026%: −$8.17
Slippage, 4 orders: −$203.15
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$234.32
Costs to cover: 2.262%
Break-even: never at this rate

Slippage from KuCoin: live order book, 13 min ago; Bybit: live order book, 3 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 KuCoin live order book, 13 min ago	9.43 bp	96.3 bp −$96	472.7 bp −$4,727	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.40 bp	28.3 bp −$28	121.8 bp −$1,218	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	1.0720	+0.375%	$5	$47K	5.5x	as long as short
Orderly PERP_AXS_USDC	+0.0064%	4h	1.0680	0.000%	$3K	—	10x	as long as short
BloFin AXS-USDT	+0.0065%	4h	1.0666	−0.131%	$271K	$31K	75x	as long as short
Lighter AXS	+0.0096%	1h	1.0696	+0.150%	$28K	$41K	5x	as long as short
Kraken Futures PF_AXSUSD	+0.0097%	1h	1.0685	+0.046%	$140K	$321K	20x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0675	−0.047%	$263K	$295K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0684	+0.035%	$73K	$11K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0679	−0.009%	$6.0M	$9.4M	75x	as long as short
Bybit AXSUSDTshort	+0.0100%	8h	1.0674	−0.056%	$3.2M	$3.6M	75x
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0669	−0.103%	$1.4M	$2.7M	20x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate AXS_USDT	+0.0100%	8h	1.0686	+0.056%	$964K	$1.4M	50x	as long as short
MEXC AXS_USDT	+0.0100%	4h	1.0675	−0.047%	$11.2M	$819K	50x	as long as short
KuCoin AXSUSDTMlong	+0.0100%	4h	1.0680	long leg	$572K	$291K	50x
Bitget AXSUSDT	+0.0100%	4h	1.0680	0.000%	$3.2M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0681	+0.009%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0676	−0.039%	$36K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0648	−0.296%	$759K	$927K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0675	−0.047%	$2K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0674	−0.056%	$739	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0677	−0.031%	$7K	$156K	10x	as long as short