Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.022%

Price spread now: Phemex against Bitget−0.118%56s7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$128as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1491.486% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.208%+$21 on $10k

Price spread, last 3 days (all we have)+0.036%+$4 · spread now −0.118%, 7d avg −0.034%

Together, before fees+0.243%+$24 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.084% cheaper against Bitget than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.034%. The two prices were read 56 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	Bitget COPPERUSDT	6.7990	0	get 0.0000% / 4h	2h 24m	$1.7M	$1.0M	100x
Short	Phemex COPPERUSDT	6.7910	0	get 0.0000% / 4h	2h 24m	$4.2M	$74K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now −0.118%Rate

Funding earned: $0
Price spread: −0.118% → −0.034%: −$8.36
Slippage, 4 orders: −$124.58
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$156.94
Costs to cover: 1.486%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Phemex: live order book, 4 min ago.

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 Bitget live order book, 2 min ago	0.74 bp	10.4 bp −$10	28.4 bp −$284	93.6 bp −$9,357	doesn't fit
Sell Phemex live order book, 4 min ago	2.21 bp	61.9 bp −$62	doesn't fit	doesn't fit	doesn't fit

COPPER on 27 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
Kraken Futures PF_XCUUSD	−0.1015%	1h	6.7930	−0.089%	$32K	$176K	20x	as long as short
tradeXYZ xyz:COPPER	−0.0136%	1h	6.7934	−0.082%	$10.4M	$4.8M	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.7987	−0.004%	$32K	$35K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.7990	0.000%	$9.0M	$32.1M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.7974	−0.024%	$471K	$928K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.7850	−0.206%	$1.3M	$478K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.7970	−0.029%	$26.0M	$5.0M	100x	as long as short
Bitget COPPERUSDTlong	0.0000%	4h	6.7990	long leg	$1.7M	$1.0M	100x
Variational Omni COPPER	0.0000%	4h	6.7964	−0.039%	$741K	$1.4M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.7990	0.000%	$88K	$2.0M	25x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX COPPER-USDT	0.0000%	4h	6.7970	−0.029%	—	$6.8M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.7990	0.000%	$61K	$26K	75x	as long as short
Phemex COPPERUSDTshort	0.0000%	4h	6.7910	−0.118%	$4.2M	$74K	100x
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.7965	−0.036%	$176K	—	250x	as long as short
QFEX COPPER-USD	+0.0006%	1h	6.7970	−0.029%	$1.5M	$129K	20x	as long as short
edgeX COPPERUSDC	+0.0013%	4h	6.7956	−0.050%	$94K	$317K	20x	as long as short
Lighter XCU	+0.0032%	1h	6.8078	+0.129%	$476K	$39K	20x	as long as short
Phoenix COPPER	+0.0035%	1h	6.7965	−0.037%	$45K	$30K	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.7969	−0.031%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.7976	−0.021%	$1K	$2K	5x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.7958	−0.047%	$900	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.7917	−0.107%	$56K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.7974	−0.024%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8000	+0.015%	$258K	$23K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8050	+0.088%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.7963	−0.040%	$311	—	10x	as long as short
Extended XCU-USD	+0.0376%	1h	6.7971	−0.028%	$231K	$2.9M	20x	as long as short