Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0007%/8h= −0.7% APRpaid last 24h −0.018%

Price spread now: Orderly against Variational Omni−0.061%48s7-day average — · you buy dearer than you sell

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

Long on Variational Omni 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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.061% cheaper against Variational Omni than usual: you would sell low and buy high, −$6 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni AXS	1.0717	0.0100	pay 0.0100% / 8h	4h 23m	$36K	$2K	—
Short	Orderly PERP_AXS_USDC	1.0710	0.0093	get 0.0047% / 4h	23m 35s	$3K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Variational Omni. 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 Variational OmnibpFee OrderlybpOrdersPrice spread, now −0.061%Rate

Funding earned: −$1.42
Price spread: −0.061% → 0.000%: −$6.08
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$13.5
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Variational Omni: 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 Variational Omni no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Variational Omni 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	+0.032%	$5	$47K	5.5x	as long as short
Orderly PERP_AXS_USDCshort	+0.0093%	4h	1.0710	−0.061%	$3K	—	10x
Lighter AXS	+0.0096%	1h	1.0743	+0.247%	$33K	$41K	5x	as long as short
Hyperliquid AXS	+0.0100%	1h	1.0721	+0.042%	$258K	$309K	5x	as long as short
Aster AXSUSDT	+0.0100%	4h	1.0717	0.000%	$73K	$14K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0716	−0.003%	$6.1M	$10.3M	75x	as long as short
Bybit AXSUSDT	+0.0100%	8h	1.0726	+0.088%	$3.7M	$4.2M	75x	as long as short
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0713	−0.033%	$1.4M	$2.9M	20x	as long as short
Gate AXS_USDT	+0.0100%	8h	1.0711	−0.051%	$853K	$900K	50x	as long as short
MEXC AXS_USDT	+0.0100%	4h	1.0716	−0.005%	$11.4M	$670K	50x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin AXSUSDTM	+0.0100%	4h	1.0710	−0.061%	$600K	$298K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0710	−0.061%	$3.1M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0716	−0.005%	—	$2.6M	—	as long as short
Variational Omni AXSlong	+0.0100%	8h	1.0717	long leg	$36K	$2K	—
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0710	−0.062%	$761K	$899K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0722	+0.051%	$2K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0719	+0.023%	$749	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0711	−0.050%	$10K	$244K	10x	as long as short
BloFin AXS-USDT	+0.0113%	4h	1.0711	−0.051%	$274K	$24K	75x	as long as short
Kraken Futures PF_AXSUSD	+0.0438%	1h	1.0731	+0.140%	$140K	$339K	20x	as long as short