Funding arb · Price arb /

AXS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0036%/8h= +4.0% APRpaid last 24h +0.018%

Price spread now: SoDEX against Orderly−0.028%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. SoDEX is 0.028% cheaper against Orderly than usual: you would sell low and buy high (spread −0.028% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 2.6 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AXS_USDC	1.0680	0.0064	pay 0.0032% / 4h	3h 30m	$3K	—	10x
Short	SoDEX AXS-USD	1.0677	0.0100	get 0.0013% / 1h	30m 30s	$738	$3K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.028%Rate

Funding earned: $7.61
Price spread: −0.028% → 0.000%: −$2.81
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$9.2
Costs to cover: 0.140%
Break-even: 15.5 days

Slippage unknown: Orderly: no order-book sample; SoDEX: no order-book sample. 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 SoDEX no order-book sample	—	—	—	—	—

Orderly and SoDEX: 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
Injective AXS/USDC PERP	+0.0033%	1h	1.0720	+0.375%	$5	$47K	5.5x	as long as short
Orderly PERP_AXS_USDClong	+0.0064%	4h	1.0680	long leg	$3K	—	10x
BloFin AXS-USDT	+0.0065%	4h	1.0666	−0.131%	$271K	$31K	75x	as long as short
Lighter AXS	+0.0096%	1h	1.0700	+0.187%	$28K	$41K	5x	as long as short
Kraken Futures PF_AXSUSD	+0.0097%	1h	1.0687	+0.065%	$140K	$321K	20x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0676	−0.037%	$263K	$295K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0683	+0.031%	$73K	$11K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0679	−0.009%	$6.0M	$9.4M	75x	as long as short
Bybit AXSUSDT	+0.0100%	8h	1.0680	0.000%	$3.2M	$3.6M	75x	as long as short
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0673	−0.066%	$1.4M	$2.7M	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	1.0686	+0.056%	$964K	$1.4M	50x	as long as short
MEXC AXS_USDT	+0.0100%	4h	1.0676	−0.037%	$11.2M	$819K	50x	as long as short
KuCoin AXSUSDTM	+0.0100%	4h	1.0680	0.000%	$572K	$291K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0680	0.000%	$3.2M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0682	+0.019%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0676	−0.039%	$36K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0648	−0.296%	$759K	$927K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0674	−0.056%	$2K	$1.3M	20x	as long as short
SoDEX AXS-USDshort	+0.0100%	1h	1.0677	−0.028%	$738	$3K	5x
Extended AXS-USD	+0.0104%	1h	1.0677	−0.024%	$7K	$156K	10x	as long as short