Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.024%

Price spread now: Bybit against Injective−1.007%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Bybit is 1.007% cheaper against Injective than usual: you would sell low and buy high (spread −1.007% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$101 on $10k: about 50 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective AXS/USDC PERP	1.0720	0.0033	pay 0.0004% / 1h	8m 52s	$5	$47K	5.5x
Short	Bybit AXSUSDT	1.0612	0.0100	get 0.0100% / 8h	2h 08m	$3.2M	$3.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee BybitbpOrdersPrice spread, now −1.007%Rate

Funding earned: $14
Price spread: −1.007% → 0.000%: −$100.75
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$97.77
Costs to cover: 0.110%
Break-even: 55.9 days

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 9 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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 9 min ago	2.35 bp	29.1 bp −$29	79.7 bp −$797	doesn't fit	doesn't fit

Injective: 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	−0.0338%	1h	1.0626	−0.879%	$139K	$322K	20x	as long as short
Injective AXS/USDC PERPlong	+0.0033%	1h	1.0720	long leg	$5	$47K	5.5x
OKX AXS-USDT-SWAP	+0.0037%	4h	1.0620	−0.933%	$1.4M	$2.7M	20x	as long as short
Orderly PERP_AXS_USDC	+0.0075%	4h	1.0610	−1.026%	$3K	—	10x	as long as short
BloFin AXS-USDT	+0.0085%	4h	1.0621	−0.924%	$273K	$30K	75x	as long as short
Lighter AXS	+0.0096%	1h	1.0639	−0.756%	$28K	$36K	5x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0617	−0.961%	$261K	$293K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0621	−0.925%	$72K	$11K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0615	−0.979%	$5.9M	$9.3M	75x	as long as short
Bybit AXSUSDTshort	+0.0100%	8h	1.0612	−1.007%	$3.2M	$3.6M	75x

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate AXS_USDT	+0.0100%	8h	1.0638	−0.765%	$959K	$1.0M	50x	as long as short
MEXC AXS_USDT	+0.0100%	4h	1.0613	−0.998%	$11.1M	$764K	50x	as long as short
KuCoin AXSUSDTM	+0.0100%	4h	1.0620	−0.933%	$583K	$294K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0620	−0.933%	$3.1M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0617	−0.961%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0610	−1.029%	$36K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0616	−0.973%	$758K	$907K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0618	−0.951%	$2K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0613	−0.998%	$702	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0614	−0.990%	$7K	$156K	10x	as long as short