Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0200%/8h= +21.9% APRpaid last 24h +0.031%

Price spread now: Extended against GRVT−0.089%92s7-day average +0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$7as 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−$300.295% of the position

Long on GRVT Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.221%+$22 on $10k

Price spread, last 3 days (all we have)+0.174%+$17 · spread now −0.089%, 7d avg +0.046%

Together, before fees+0.395%+ Points / potential airdropGRVT: Active · Extended: Active · farm board+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.135% cheaper against GRVT than usual: you would sell low and buy high (spread −0.089% now, against its 7-day average of +0.046%). If the spread goes back, that is −$14 on $10k: about 2.3 days of funding at the current rate (+$6 a day). The two prices were read 92 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	GRVT COPPER_USDT_Perp	6.8060	0	get 0.0000% / 4h	51m 49s	$89K	$2.2M	25x
Short	Extended XCU-USD	6.7999	0.0200	get 0.0025% / 1h	51m 49s	$231K	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against GRVT. 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 GRVTbpFee ExtendedbpOrdersPrice spread, now −0.089%Rate

Funding earned: $42
Price spread: −0.089% → +0.046%: −$13.52
Slippage, 4 orders: −$15.52
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$1.04
Costs to cover: 0.295%
Break-even: 7.2 days

Slippage from GRVT: live order book, 2 min ago; Extended: live order book, 2 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 GRVT live order book, 2 min ago	0.74 bp	5.3 bp −$5	12.0 bp −$120	doesn't fit	doesn't fit
Sell Extended live order book, 2 min ago	1.84 bp	6.2 bp −$6	62.7 bp −$627	doesn't fit	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
BloFin COPPER-USDT	−0.0038%	4h	6.8030	−0.044%	$87K	$149K	100x	as long as short
edgeX COPPERUSDC	−0.0016%	4h	6.8025	−0.051%	$93K	$317K	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8012	−0.071%	$32K	$36K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8028	−0.047%	$9.0M	$34.7M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.7971	−0.131%	$467K	$1.2M	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.7880	−0.264%	$1.3M	$493K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8020	−0.059%	$27.0M	$4.9M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8040	−0.029%	$1.7M	$1.0M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8016	−0.065%	$739K	$1.6M	—	as long as short
GRVT COPPER_USDT_Perplong	0.0000%	4h	6.8060	long leg	$89K	$2.2M	25x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX COPPER-USDT	0.0000%	4h	6.8020	−0.059%	—	$7.7M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8060	0.000%	$60K	$28K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.7910	−0.220%	$4.2M	$81K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.7987	−0.108%	$176K	—	250x	as long as short
QFEX COPPER-USD	+0.0013%	1h	6.8010	−0.073%	$1.5M	$131K	20x	as long as short
Lighter XCU	+0.0032%	1h	6.8103	+0.063%	$476K	$45K	20x	as long as short
Phoenix COPPER	+0.0035%	1h	6.8010	−0.073%	$45K	$30K	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.7983	−0.113%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8017	−0.063%	$1K	$3K	5x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.7986	−0.109%	$10.4M	$5.4M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.7990	−0.103%	$900	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.7970	−0.132%	$57K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8015	−0.066%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8010	−0.073%	$258K	$25K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8100	+0.059%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8014	−0.068%	$311	—	10x	as long as short
Extended XCU-USDshort	+0.0200%	1h	6.7999	−0.089%	$231K	$2.9M	20x
Kraken Futures PF_XCUUSD	+0.0312%	1h	6.7932	−0.188%	$28K	$173K	20x	as long as short