Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0339%/8h= −37.1% APRpaid last 24h −0.014%

Price spread now: Kraken Futures against Orderly+0.075%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 pays, funding is against you. Kraken Futures is 0.075% dearer against Orderly than usual: you sell high and buy low (spread +0.075% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AXS_USDC	1.0740	0.0078	pay 0.0039% / 4h	3h 01m	$3K	—	10x
Short	Kraken Futures PF_AXSUSD	1.0748	−0.0261	pay 0.0033% / 1h	1m 48s	$147K	$331K	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 +0.075%Rate

Funding earned: −$71.17
Price spread: +0.075% → 0.000%: $7.45
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$79.72
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 6 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, 6 min ago	6.93 bp	29.9 bp −$30	74.5 bp −$745	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	−0.0261%	1h	1.0748	+0.075%	$147K	$331K	20x
Injective AXS/USDC PERP	+0.0033%	1h	1.0720	−0.186%	$5	$47K	5.5x	as long as short
BloFin AXS-USDT	+0.0064%	4h	1.0740	0.000%	$277K	$17K	75x	as long as short
Orderly PERP_AXS_USDClong	+0.0078%	4h	1.0740	long leg	$3K	—	10x
Lighter AXS	+0.0096%	1h	1.0749	+0.084%	$29K	$36K	5x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0731	−0.084%	$264K	$310K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0746	+0.060%	$74K	$14K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0725	−0.144%	$6.0M	$9.9M	75x	as long as short
Bybit AXSUSDT	+0.0100%	8h	1.0740	0.000%	$3.7M	$4.1M	75x	as long as short
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0727	−0.121%	$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_USDT	+0.0100%	8h	1.0731	−0.084%	$857K	$1.1M	50x	as long as short
MEXC AXS_USDT	+0.0100%	4h	1.0724	−0.149%	$11.4M	$745K	50x	as long as short
KuCoin AXSUSDTM	+0.0100%	4h	1.0740	0.000%	$607K	$312K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0730	−0.093%	$3.2M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0734	−0.056%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0811	+0.661%	$37K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0810	+0.652%	$771K	$902K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0728	−0.112%	$2K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0730	−0.093%	$715	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0727	−0.121%	$7K	$241K	10x	as long as short