Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0542%/8h= −59.4% APRpaid last 24h −0.003%

Price spread now: Kraken Futures against Orderly+0.015%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 Kraken Futures

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$16 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AXS_USDC	1.0650	0.0067	pay 0.0033% / 4h	1h 23m	$3K	—	10x
Short	Kraken Futures PF_AXSUSD	1.0652	−0.0476	pay 0.0059% / 1h	23m 47s	$139K	$306K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.015%Rate

Funding earned: −$113.87
Price spread: +0.015% → 0.000%: $1.52
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$128.35
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 59 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 Kraken Futures live order book, 59 min ago	6.09 bp	19.5 bp −$19	68.1 bp −$681	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_AXSUSDshort	−0.0476%	1h	1.0652	+0.015%	$139K	$306K	20x
Injective AXS/USDC PERP	+0.0033%	1h	1.0720	+0.657%	$5	$47K	5.5x	as long as short
OKX AXS-USDT-SWAP	+0.0049%	4h	1.0636	−0.131%	$1.4M	$2.7M	20x	as long as short
Orderly PERP_AXS_USDClong	+0.0067%	4h	1.0650	long leg	$3K	—	10x
Lighter AXS	+0.0096%	1h	1.0660	+0.094%	$28K	$36K	5x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0635	−0.141%	$262K	$297K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0645	−0.051%	$72K	$11K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0639	−0.105%	$5.9M	$9.2M	75x	as long as short
Bybit AXSUSDT	+0.0100%	8h	1.0641	−0.085%	$3.2M	$3.6M	75x	as long as short
Gate AXS_USDT	+0.0100%	8h	1.0646	−0.038%	$958K	$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_USDT	+0.0100%	4h	1.0636	−0.131%	$11.1M	$725K	50x	as long as short
KuCoin AXSUSDTM	+0.0100%	4h	1.0650	0.000%	$589K	$297K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0630	−0.188%	$3.1M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0646	−0.038%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0631	−0.177%	$36K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0630	−0.186%	$759K	$862K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0652	+0.019%	$2K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0642	−0.075%	$679	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0638	−0.114%	$7K	$156K	10x	as long as short
BloFin AXS-USDT	+0.0141%	4h	1.0642	−0.075%	$274K	$17K	75x	as long as short