Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0278%/8h= +30.5% APRpaid last 24h −0.001%

Price spread now: Kraken Futures against OKX+0.185%7-day average +0.121% · you sell dearer than you buy

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$830.826% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$5 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now +0.185%, 7d avg +0.121%

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

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Kraken Futures is 0.064% dearer against OKX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.121%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.045% in total (about 2.4% 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	OKX AXS-USDT-SWAP	1.0708	0.0100	pay 0.0050% / 4h	1h 51m	$1.4M	$3.0M	20x
Short	Kraken Futures PF_AXSUSD	1.0728	0.0378	get 0.0047% / 1h	51m 44s	$141K	$354K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.185%Rate

Funding earned: $58.43
Price spread: +0.185% → +0.121%: $6.36
Slippage, 4 orders: −$62.61
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$17.82
Costs to cover: 0.826%
Break-even: 9.1 days

Slippage from OKX: live order book, 5 min ago; Kraken Futures: live order book, 56 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 OKX live order book, 5 min ago	1.86 bp	18.7 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 56 min ago	3.27 bp	25.1 bp −$25	93.5 bp −$935	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	−0.1014%	1h	1.0580	−1.195%	$1K	$48K	5.5x	as long as short
Orderly PERP_AXS_USDC	+0.0097%	4h	1.0720	+0.112%	$3K	—	10x	as long as short
BloFin AXS-USDT	+0.0099%	4h	1.0727	+0.177%	$280K	$30K	75x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0722	+0.131%	$265K	$699K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0709	+0.012%	$73K	$18K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0708	−0.004%	$6.0M	$10.8M	75x	as long as short
Bybit AXSUSDT	+0.0100%	8h	1.0705	−0.028%	$3.7M	$4.3M	75x	as long as short
OKX AXS-USDT-SWAPlong	+0.0100%	4h	1.0708	long leg	$1.4M	$3.0M	20x
Gate AXS_USDT	+0.0100%	8h	1.0711	+0.028%	$848K	$630K	50x	as long as short
MEXC AXS_USDT	+0.0100%	4h	1.0709	+0.009%	$11.5M	$679K	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	1.0710	+0.019%	$581K	$289K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0710	+0.019%	$3.1M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0713	+0.047%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0732	+0.225%	$37K	$953	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0720	+0.112%	$764K	$902K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0714	+0.056%	$2K	$1.4M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0715	+0.065%	$766	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0709	+0.009%	$7K	$230K	10x	as long as short
Lighter AXS	+0.0200%	1h	1.0741	+0.308%	$37K	$39K	5x	as long as short
Kraken Futures PF_AXSUSDshort	+0.0378%	1h	1.0728	+0.185%	$141K	$354K	20x