Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1011%/8h= +110.7% APRpaid last 24h +0.084%

Price spread now: Binance against Kraken Futures+0.017%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs+$303as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$650.649% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+3.678%+$368 on $10k

Price spread, last 2 days (all we have)+0.075%+$8 · spread now +0.017%, 7d avg +0.045%

Together, before fees+3.753%+$375 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.028% cheaper against Kraken Futures than usual: you would sell low and buy high (spread +0.017% now, against its 7-day average of +0.045%). If the spread goes back, that is −$3 on $10k: about 2 hours of funding at the current rate (+$30 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XCUUSD	6.8216	−0.1011	get 0.0126% / 1h	2m 12s	$32K	$176K	20x
Short	Binance COPPERUSDT	6.8227	0	get 0.0000% / 4h	2h 02m	$9.1M	$32.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now +0.017%Rate

Funding earned: $212.29
Price spread: +0.017% → +0.045%: −$2.77
Slippage, 4 orders: −$44.95
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $144.57
Costs to cover: 0.649%
Break-even: 2.2 days

Slippage from Kraken Futures: live order book, 65 min ago; Binance: live order book, 9 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 Kraken Futures live order book, 65 min ago	11.67 bp	29.1 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 9 min ago	0.74 bp	5.7 bp −$6	10.4 bp −$104	89.9 bp −$8,995	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_XCUUSDlong	−0.1011%	1h	6.8216	long leg	$32K	$176K	20x
tradeXYZ xyz:COPPER	−0.0109%	1h	6.8186	−0.043%	$10.5M	$4.8M	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8241	+0.037%	$32K	$21K	50x	as long as short
Binance COPPERUSDTshort	0.0000%	4h	6.8227	+0.017%	$9.1M	$32.3M	100x
OKX XCU-USDT-SWAP	0.0000%	8h	6.8200	−0.023%	$475K	$937K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8070	−0.213%	$1.3M	$480K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8220	+0.006%	$26.1M	$5.1M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8230	+0.021%	$1.7M	$1.0M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8043	−0.253%	$742K	$1.4M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8090	−0.184%	$95K	$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	6.8210	−0.008%	—	$6.8M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8260	+0.065%	$61K	$25K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.8040	−0.257%	$4.2M	$75K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8228	+0.017%	$177K	—	250x	as long as short
QFEX COPPER-USD	+0.0006%	1h	6.8220	+0.006%	$1.5M	$129K	20x	as long as short
edgeX COPPERUSDC	+0.0016%	4h	6.8059	−0.229%	$94K	$318K	20x	as long as short
Lighter XCU	+0.0032%	1h	6.8320	+0.153%	$478K	$39K	20x	as long as short
Phoenix COPPER	+0.0035%	1h	6.8062	−0.225%	$45K	$30K	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8212	−0.005%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8206	−0.014%	$2K	$2K	5x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8203	−0.019%	$903	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8002	−0.313%	$57K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8213	−0.004%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8210	−0.008%	$259K	$23K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8290	+0.109%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8227	+0.017%	$312	—	10x	as long as short
Extended XCU-USD	+0.0328%	1h	6.8210	−0.008%	$225K	$2.9M	20x	as long as short