AXI interest rate swaps are priced the same way that a LIBOR swap (and most other swaps) are priced — in effect, supply and demand cross at some fixed-side rate. Like any new market, such as SOFR, at the beginning, there is relatively little closely related rate information. Upon AXI launch, dealers will offer quotes (bids and offers). At first, they will rely on the historical relationship between AXI, Libor, OIS and quote with wide bid-offer spreads. Later, as trades are executed and price discovery occurs, bid offers will narrow as trade activity picks up.