Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0963%/8h= +105.5% APRpaid last 24h +0.079%

Price spread now: BloFin against Kraken Futures+0.110%477s7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs+$292as 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−$770.766% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+3.686%+$369 on $10k

Price spread, last 3 days (all we have)−0.111%−$11 · spread now +0.110%, 7d avg +0.046%

Together, before fees+3.575%+$358 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$29 a day on $10k at the current rate, and BloFin is 0.064% dearer against Kraken Futures than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.046%. The two prices were read 477 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	Kraken Futures PF_XCUUSD	6.7975	−0.1014	get 0.0127% / 1h	41m 16s	$32K	$175K	20x
Short	BloFin COPPER-USDT	6.8050	−0.0051	pay 0.0026% / 4h	2h 41m	$88K	$144K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.110%Rate

Funding earned: $202.24
Price spread: +0.110% → +0.046%: $6.41
Slippage, 4 orders: −$54.61
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $132.03
Costs to cover: 0.766%
Break-even: 2.4 days

Slippage from Kraken Futures: live order book, 26 min ago; BloFin: live order book, 10 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, 26 min ago	11.67 bp	29.1 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 10 min ago	4.41 bp	12.2 bp −$12	15.2 bp −$152	59.5 bp −$5,948	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_XCUUSDlong	−0.1014%	1h	6.7975	long leg	$32K	$175K	20x
tradeXYZ xyz:COPPER	−0.0139%	1h	6.7911	−0.095%	$10.4M	$4.8M	20x	as long as short
BloFin COPPER-USDTshort	−0.0051%	4h	6.8050	+0.110%	$88K	$144K	100x
Aster XCUUSDT	0.0000%	4h	6.7977	+0.002%	$32K	$35K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.7979	+0.005%	$9.1M	$32.3M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.7964	−0.017%	$472K	$942K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.7860	−0.170%	$1.3M	$478K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.7960	−0.023%	$26.9M	$4.9M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.7990	+0.022%	$1.7M	$1.0M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.7974	−0.001%	$741K	$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	6.8036	+0.090%	$95K	$2.1M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.7970	−0.008%	—	$6.9M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8060	+0.124%	$61K	$26K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.7910	−0.096%	$4.2M	$74K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.7960	−0.023%	$176K	—	250x	as long as short
QFEX COPPER-USD	+0.0006%	1h	6.7960	−0.023%	$1.5M	$129K	20x	as long as short
edgeX COPPERUSDC	+0.0009%	4h	6.7994	+0.027%	$94K	$317K	20x	as long as short
Phoenix COPPER	+0.0035%	1h	6.7977	+0.002%	$45K	$30K	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.7951	−0.036%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.7975	0.000%	$1K	$2K	5x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.7969	−0.009%	$900	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.7986	+0.016%	$56K	$55K	15x	as long as short
Lighter XCU	+0.0064%	1h	6.8076	+0.148%	$476K	$39K	20x	as long as short
Pacifica COPPER	+0.0100%	1h	6.7960	−0.022%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.7970	−0.008%	$258K	$25K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8030	+0.080%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.7973	−0.003%	$311	—	10x	as long as short
Extended XCU-USD	+0.0416%	1h	6.7968	−0.011%	$230K	$2.9M	20x	as long as short