Funding arb · Price arb /

AXS

all AXS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0019%/8h= +2.0% APRpaid last 24h +0.018%

Price spread now: Bybit against Orderly+0.084%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bybit is 0.084% dearer against Orderly than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AXS_USDC	1.0770	0.0081	pay 0.0041% / 4h	3h 31m	$3K	—	10x
Short	Bybit AXSUSDT	1.0779	0.0100	get 0.0100% / 8h	7h 31m	$3.7M	$4.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.084%Rate

Funding earned: $3.9
Price spread: +0.084% → 0.000%: $8.36
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$4.74
Costs to cover: 0.170%
Break-even: 15.5 days

Slippage unknown: Orderly: no order-book sample; Bybit: live order book, 1 min ago. 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 Bybit live order book, 1 min ago	2.32 bp	29.2 bp −$29	79.3 bp −$793	doesn't fit	doesn't fit

Orderly: 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	−0.0260%	1h	1.0783	+0.120%	$145K	$324K	20x	as long as short
Injective AXS/USDC PERP	+0.0033%	1h	1.0720	−0.464%	$5	$47K	5.5x	as long as short
Orderly PERP_AXS_USDClong	+0.0081%	4h	1.0770	long leg	$3K	—	10x
Lighter AXS	+0.0096%	1h	1.0796	+0.241%	$29K	$36K	5x	as long as short
BloFin AXS-USDT	+0.0097%	4h	1.0772	+0.019%	$278K	$18K	75x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0776	+0.056%	$269K	$306K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0770	0.000%	$74K	$12K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0775	+0.047%	$6.1M	$9.6M	75x	as long as short
Bybit AXSUSDTshort	+0.0100%	8h	1.0779	+0.084%	$3.7M	$4.1M	75x
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0767	−0.028%	$1.4M	$3.0M	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	1.0781	+0.102%	$971K	$904K	50x	as long as short
MEXC AXS_USDT	+0.0100%	4h	1.0768	−0.019%	$11.4M	$743K	50x	as long as short
KuCoin AXSUSDTM	+0.0100%	4h	1.0770	0.000%	$623K	$308K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0770	0.000%	$3.2M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0774	+0.037%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0774	+0.036%	$37K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0771	+0.006%	$764K	$891K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0775	+0.046%	$1K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0769	−0.009%	$714	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0773	+0.025%	$7K	$260K	10x	as long as short