Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0339%/8h= −37.1% APRpaid last 24h −0.028%

Price spread now: Kraken Futures against MEXC+0.071%7-day average +0.130% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$490.493% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.129%−$13 on $10k

Price spread, last 3 days (all we have)+0.104%+$10 · spread now +0.071%, 7d avg +0.130%

Together, before fees−0.025%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Kraken Futures is 0.059% cheaper against MEXC than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.130%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.129% in total (about -6.7% 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	MEXC AXS_USDT	1.0800	0.0100	pay 0.0050% / 4h	36m 19s	$11.5M	$745K	50x
Short	Kraken Futures PF_AXSUSD	1.0808	−0.0239	pay 0.0030% / 1h	36m 19s	$141K	$312K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against MEXC. 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 MEXCbpFee Kraken FuturesbpOrdersPrice spread, now +0.071%Rate

Funding earned: −$71.11
Price spread: +0.071% → +0.130%: −$5.89
Slippage, 4 orders: −$35.33
Fee MEXC: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$126.33
Costs to cover: 0.493%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Kraken Futures: live order book, 41 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 MEXC live order book, 2 min ago	0.93 bp	4.9 bp −$5	30.2 bp −$302	59.8 bp −$5,983	94.8 bp −$47.4K
Sell Kraken Futures live order book, 41 min ago	3.76 bp	21.3 bp −$21	68.2 bp −$682	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
Kraken Futures PF_AXSUSDshort	−0.0239%	1h	1.0808	+0.071%	$141K	$312K	20x
Injective AXS/USDC PERP	+0.0033%	1h	1.0720	−0.741%	$5	$47K	5.5x	as long as short
Orderly PERP_AXS_USDC	+0.0078%	4h	1.0800	0.000%	$3K	—	10x	as long as short
Lighter AXS	+0.0096%	1h	1.0826	+0.241%	$29K	$36K	5x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0802	+0.019%	$265K	$298K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0801	+0.013%	$75K	$11K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0799	−0.005%	$6.1M	$9.6M	75x	as long as short
Bybit AXSUSDT	+0.0100%	8h	1.0811	+0.102%	$3.7M	$4.0M	75x	as long as short
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0798	−0.019%	$1.4M	$2.9M	20x	as long as short
Gate AXS_USDT	+0.0100%	8h	1.0808	+0.074%	$973K	$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_USDTlong	+0.0100%	4h	1.0800	long leg	$11.5M	$745K	50x
KuCoin AXSUSDTM	+0.0100%	4h	1.0810	+0.093%	$613K	$306K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0800	0.000%	$3.2M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0806	+0.056%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0816	+0.151%	$37K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0812	+0.109%	$767K	$877K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0809	+0.083%	$1K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0801	+0.009%	$710	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0799	−0.010%	$7K	$156K	10x	as long as short
BloFin AXS-USDT	+0.0149%	4h	1.0794	−0.056%	$277K	$17K	75x	as long as short