AXL arbitrage explained
Right now Axelar (AXL) trades on 7 venues we scan: 7 perpetual markets, 4 spot markets and 0 DEX pools. The lowest ask is on Binance perp at $0.0514 and the highest bid on KuCoin spot at $0.0516.
The widest AXL perpetual spread is between Binance and Bybit: long AXL on Binance at $0.0514 and short on Bybit at $0.0514 for +0.06% gross, or -0.10% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is -0.016% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best AXL route is to buy spot on Bybit and short the perpetual on Bybit: -0.10% gross, -0.30% net, with +0.014% a day of funding on the short leg.
Spot–spot AXL arbitrage (buy on Bybit, withdraw, deposit and sell on KuCoin) shows +0.17% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small AXL gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: AXL funding rates · AXL spread charts · Axelar price · arbitrage scanner for all coins.