Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0043%/8h= +4.7% APRpaid last 24h −0.033%

Price spread now: BloFin against gTrade (Gains Network)+0.011%50s7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$4584.583% of the position

Long on gTrade (Gains Network)Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 1 day (all we have)−0.060%−$6 on $10k

Price spread, last 4 days (all we have)−0.079%−$8 · spread now +0.011%, 7d avg −0.015%

Together, before fees−0.139%−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and BloFin is 0.027% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.015%. Mind the row above: over the last 1 day funding on this pair cost −0.060%, so the current rate has only just turned in your favour. The two prices were read 50 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	gTrade (Gains Network) HG/USD	6.8322	L +0.0002% / S −0.0001%	pay 0.0000% / 1h	24m 06s	$178K	—	250x
Short	BloFin COPPER-USDT	6.8330	0.0045	get 0.0022% / 4h	3h 24m	$88K	$136K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BloFinbpOrdersPrice spread, now +0.011%Rate

Funding earned: $9.01
Price spread: +0.011% → −0.015%: $2.66
Slippage, 4 orders: −$436.29
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$446.62
Costs to cover: 4.583%
Break-even: 353.8 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 60 min ago; BloFin: live order book, 65 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 gTrade (Gains Network) virtual book (oracle venue), 60 min ago	130.00 bp	229.7 bp −$230	1613.4 bp −$16.1K	13153.3 bp −$1.32M	doesn't fit
Sell BloFin live order book, 65 min ago	1.47 bp	7.5 bp −$7	8.3 bp −$83	31.2 bp −$3,117	doesn't fit

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
Kraken Futures PF_XCUUSD	−0.0403%	1h	6.8283	−0.057%	$35K	$176K	20x	as long as short
tradeXYZ xyz:COPPER	−0.0040%	1h	6.8303	−0.028%	$10.6M	$4.8M	20x	as long as short
QFEX COPPER-USD	−0.0003%	1h	6.8310	−0.018%	$1.5M	$129K	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8335	+0.019%	$32K	$27K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8328	+0.009%	$9.1M	$33.1M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8287	−0.052%	$489K	$973K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8180	−0.208%	$1.3M	$505K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8320	−0.003%	$25.8M	$4.4M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8320	−0.003%	$2.5M	$1.7M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8302	−0.029%	$740K	$1.4M	—	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8290	−0.047%	$97K	$2.2M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8320	−0.003%	—	$6.6M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8340	+0.026%	$61K	$24K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.8170	−0.223%	$4.2M	$78K	100x	as long as short
gTrade (Gains Network) HG/USDlong	L +0.0002% / S −0.0001%	1h	6.8322	long leg	$178K	—	250x
edgeX COPPERUSDC	+0.0004%	4h	6.8292	−0.044%	$95K	$317K	20x	as long as short
Lighter XCU	+0.0032%	1h	6.8420	+0.143%	$478K	$40K	20x	as long as short
Extended XCU-USD	+0.0032%	1h	6.8329	+0.010%	$264K	$2.6M	20x	as long as short
BloFin COPPER-USDTshort	+0.0045%	4h	6.8330	+0.011%	$88K	$136K	100x
Vest HG-PERP	+0.0046%	1h	6.8317	−0.008%	—	$82K	25x	as long as short
Phoenix COPPER	+0.0047%	1h	6.8321	−0.002%	$45K	$23K	20x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8296	−0.038%	$2K	$2K	5x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8303	−0.028%	$904	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8318	−0.006%	$57K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8320	−0.003%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8260	−0.091%	$291K	$32K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8370	+0.070%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8306	−0.024%	$312	—	10x	as long as short