Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0129%/8h= +14.1% APRpaid last 24h +0.044%

Price spread now: Phoenix against Binance−0.079%7-day average — · you buy dearer than you sell

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

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 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

Funding pays, the price is against you. Phoenix is 0.079% cheaper against Binance than usual: you would sell low and buy high (spread −0.079% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 2.0 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance COPPERUSDT	6.8388	0	get 0.0000% / 4h	3h 14m	$9.1M	$33.4M	100x
Short	Phoenix COPPER	6.8334	0.0129	get 0.0016% / 1h	14m 45s	$45K	$22K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.079%Rate

Funding earned: $27.08
Price spread: −0.079% → 0.000%: −$7.9
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $2.18
Costs to cover: 0.170%
Break-even: 6.4 days

Slippage unknown: Binance: live order book, 12 min ago; Phoenix: 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 Binance live order book, 12 min ago	0.74 bp	6.7 bp −$7	12.7 bp −$127	75.7 bp −$7,568	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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.

COPPER on 28 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
BloFin COPPER-USDT	−0.0026%	4h	6.8350	−0.056%	$89K	$150K	100x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8360	−0.041%	$32K	$28K	50x	as long as short
Binance COPPERUSDTlong	0.0000%	4h	6.8388	long leg	$9.1M	$33.4M	100x
OKX XCU-USDT-SWAP	0.0000%	8h	6.8320	−0.099%	$497K	$991K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8200	−0.275%	$1.3M	$510K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8370	−0.026%	$26.1M	$5.8M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8360	−0.041%	$2.9M	$1.6M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8355	−0.048%	$765K	$1.4M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8250	−0.202%	$91K	$2.4M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8360	−0.041%	—	$5.6M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX COPPER-USDT	0.0000%	4h	6.8360	−0.041%	$61K	$39K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.8300	−0.129%	$4.2M	$82K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8302	−0.126%	$178K	—	250x	as long as short
edgeX COPPERUSDC	+0.0011%	4h	6.8297	−0.133%	$95K	$320K	20x	as long as short
QFEX COPPER-USD	+0.0018%	1h	6.8340	−0.070%	$1.5M	$142K	20x	as long as short
Extended XCU-USD	+0.0032%	1h	6.8341	−0.069%	$273K	$1.8M	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8300	−0.129%	—	$82K	25x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.8331	−0.083%	$10.8M	$4.1M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8303	−0.124%	$904	$6K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8373	−0.022%	$57K	$53K	15x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8354	−0.050%	$2K	$1K	5x	as long as short
Kraken Futures PF_XCUUSD	+0.0076%	1h	6.8319	−0.100%	$34K	$178K	20x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8342	−0.067%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8350	−0.056%	$266K	$39K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8390	+0.003%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8343	−0.066%	$312	—	10x	as long as short
Phoenix COPPERshort	+0.0129%	1h	6.8334	−0.079%	$45K	$22K	20x
Lighter XCU	+0.0136%	1h	6.8468	+0.117%	$479K	$27K	20x	as long as short