AXS arbitrage explained
Right now Axie Infinity (AXS) trades on 10 venues we scan: 9 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on MEXC perp at $1.17 and the highest bid on Gate spot at $1.17.
The widest AXS perpetual spread is between MEXC and Variational: long AXS on MEXC at $1.17 and short on Variational at $1.17 for +0.12% gross, or -0.04% 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 -0.000% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best AXS route is to buy spot on KuCoin and short the perpetual on Variational: +0.01% gross, -0.19% net, with +0.030% a day of funding on the short leg.
Spot–spot AXS arbitrage (buy on KuCoin, withdraw, deposit and sell on Gate) shows +0.03% 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 AXS 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: AXS funding rates · AXS spread charts · Axie Infinity price · arbitrage scanner for all coins.