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: Orderly against SoDEX+0.056%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on Orderly

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

The price spread pays, funding is against you. Orderly is 0.056% dearer against SoDEX than usual: you sell high and buy low (spread +0.056% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX AXS-USD	1.0674	0.0100	pay 0.0013% / 1h	30m 18s	$739	$3K	5x
Short	Orderly PERP_AXS_USDC	1.0680	0.0064	get 0.0032% / 4h	3h 30m	$3K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against SoDEX. 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 SoDEXbpFee OrderlybpOrdersPrice spread, now +0.056%Rate

Funding earned: −$7.61
Price spread: +0.056% → 0.000%: $5.62
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$15.99
Costs to cover: 0.140%
Break-even: never at this rate

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

SoDEX and 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
Injective AXS/USDC PERP	+0.0033%	1h	1.0720	+0.431%	$5	$47K	5.5x	as long as short
Orderly PERP_AXS_USDCshort	+0.0064%	4h	1.0680	+0.056%	$3K	—	10x
BloFin AXS-USDT	+0.0065%	4h	1.0666	−0.075%	$271K	$31K	75x	as long as short
Lighter AXS	+0.0096%	1h	1.0696	+0.206%	$28K	$41K	5x	as long as short
Kraken Futures PF_AXSUSD	+0.0097%	1h	1.0685	+0.102%	$140K	$321K	20x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0676	+0.019%	$263K	$295K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0683	+0.087%	$73K	$11K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0679	+0.047%	$6.0M	$9.4M	75x	as long as short
Bybit AXSUSDT	+0.0100%	8h	1.0680	+0.056%	$3.2M	$3.6M	75x	as long as short
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0669	−0.047%	$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	+0.112%	$964K	$1.4M	50x	as long as short
MEXC AXS_USDT	+0.0100%	4h	1.0676	+0.019%	$11.2M	$819K	50x	as long as short
KuCoin AXSUSDTM	+0.0100%	4h	1.0680	+0.056%	$572K	$291K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0680	+0.056%	$3.2M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0681	+0.066%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0676	+0.017%	$36K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0648	−0.240%	$759K	$927K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0675	+0.009%	$2K	$1.3M	20x	as long as short
SoDEX AXS-USDlong	+0.0100%	1h	1.0674	long leg	$739	$3K	5x
Extended AXS-USD	+0.0104%	1h	1.0677	+0.025%	$7K	$156K	10x	as long as short