COPPER

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	KalshiKXCOPPERPERP	6.6017	0	0.0000% / 24h	20h 31m	$183K	$903K	7.8x	Long Kalshi
SHORT	PhemexCOPPERUSDT	6.5150	0	0.0000% / 4h	2h 31m	$4.0M	$13K	100x	Short Phemex

Price gap−1.313%

Funding gap0.0000% /8h

Funding is ≈ 0, so this is a price-spread trade: +$19 on $10k if the gap goes back to its 7d average.

If you open now and hold

on $10k a leg · figures of the last 7D, not a forecast

Funding−$160.0000% /8h now · paid −0.160% over the last 7D

Price+$19spread −1.313% now, avg −1.501% → +0.188% if it goes back

Costsdoesn’t fit$10k a leg is deeper than the books hold

Result, before costs+$3+0.03%no pointscosts unknown: book too thin at $10k · What the last 7D really paid, hour by hour → backtest

Price and funding

1h · history

Entry / Exit

Price spread

Prices

Fundingper 8h

ENTRY / EXIT · 7D

Entry now—

Entry average—

Best entry—

Exit now—

Exit average—

Best exit—

Exit free—

PRICE SPREAD · 7D

Now−1.313%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D

share of time at each level

Funding on every exchange

/8h

COPPER on 30 exchanges

lowest funding first

Before you open

1 ok · 4 to watch

Problem: Doesn’t fit the books—
$10k a leg is deeper than Kalshi’s order book right now.
Note: Margin at max leverage$1,274 + $100
Kalshi 7.8x, Phemex 100x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
Watch: Payment intervals differ24h / 4h
Payments land at different times. Close right after the slower leg pays.
Next 24h at the current rates, on $10k a leg: $0.00Long Kalshi: 1 payment, $0.00; short Phemex: 6 payments, $0.00.
OK: Entry gap works for you−1.313% vs −1.501%
You short the dearer leg. If the gap goes back to average, the short gains.
Watch: Long leg is thinner$183K vs $4.0M OI
Kalshi sets your exit cost. Check its book before closing.
Note: No points program—
Neither exchange runs points right now.
Watch: KYCKalshi Yes · Phemex Yes
A US-regulated exchange: full KYC (ID, address, SSN when asked) before any trade.

Profit calculator

both legs, in and out

Position, each leg

Hold for

Orders

Price spread

Funding rate

Funding earned−0.0076%/8h × 21 periods−$16.04

Price spread−1.313% → −1.501% (7d avg)+$18.76

Slippage, 4 ordersdoesn’t fit the book at $10k—

Fee Kalshi bp × 2 orders−$0.48

Fee Phemex bp × 2 orders−$12.00

Net · 7 days · $10k—

doesn’t fit the books at $10k

Costs to cover—Break-even—

Slippage: Kalshi: live order book, 26 min ago; Phemex: live order book, 6 min ago

Cost to enter

taker + slippage from mid, one side

BUY · LONGKalshi5.07doesn’t fitdoesn’t fitdoesn’t fitdoesn’t fit

SELL · SHORTPhemex1.538.7 bp−$945.9 bp−$459doesn’t fitdoesn’t fit

Closing costs about the same again.

COPPER news

posts that mention COPPER or Copper, from every exchangeSearch all news →

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10-13 00:00	Kalshi	Other	JUST IN: Copper is trading near a record high @Kalshi on X ↗
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10-06 13:32	Kalshi	Listing	new market KXCOPPERPERP ($COPPER) seen by our collector
09-29 14:40	Variational Omni	Listing	A swap for Copper $COPP is now live with zero fees, up to 10x leverage, and direct TradFi liquidity. @variational_io on X ↗
09-23 04:09	Bitget	Other	Copper futures just hit a new ATH. Don’t miss the next alpha, follow @Bitget_TradFi for the moves that matter. Let #Bitget empower your next trade. @bitget on X ↗