Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0020%/8h= +2.1% APRpaid last 24h +0.020%

Price spread now: Gate against Orderly+0.037%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 Gate

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 Gate is 0.037% dearer against Orderly than usual: you sell high and buy low: +$4 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	1.0810	0.0080	pay 0.0040% / 4h	21m 23s	$3K	—	10x
Short	Gate AXS_USDT	1.0814	0.0100	get 0.0100% / 8h	21m 23s	$973K	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.037%Rate

Funding earned: $4.11
Price spread: +0.037% → 0.000%: $3.7
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$13.19
Costs to cover: 0.210%
Break-even: 29.5 days

Slippage unknown: Orderly: no order-book sample; Gate: 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 Gate live order book, 1 min ago	9.71 bp	76.2 bp −$76	270.6 bp −$2,706	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	−0.0239%	1h	1.0810	−0.002%	$141K	$314K	20x	as long as short
Injective AXS/USDC PERP	+0.0033%	1h	1.0720	−0.833%	$5	$47K	5.5x	as long as short
BloFin AXS-USDT	+0.0075%	4h	1.0800	−0.093%	$274K	$17K	75x	as long as short
Orderly PERP_AXS_USDClong	+0.0080%	4h	1.0810	long leg	$3K	—	10x
Lighter AXS	+0.0096%	1h	1.0830	+0.185%	$29K	$36K	5x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0814	+0.037%	$266K	$300K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0810	−0.002%	$75K	$12K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0806	−0.040%	$6.1M	$9.6M	75x	as long as short
Bybit AXSUSDT	+0.0100%	8h	1.0814	+0.037%	$3.7M	$4.0M	75x	as long as short
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0803	−0.065%	$1.4M	$2.9M	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_USDTshort	+0.0100%	8h	1.0814	+0.037%	$973K	$1.0M	50x
MEXC AXS_USDT	+0.0100%	4h	1.0806	−0.037%	$11.5M	$750K	50x	as long as short
KuCoin AXSUSDTM	+0.0100%	4h	1.0800	−0.093%	$612K	$307K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0800	−0.093%	$3.2M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0811	+0.009%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0822	+0.111%	$37K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0781	−0.265%	$770K	$892K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0808	−0.019%	$1K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0803	−0.065%	$706	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0804	−0.059%	$7K	$156K	10x	as long as short