Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0357%/8h= −39.1% APRpaid last 24h +0.053%

Price spread now: Gate against Kraken Futures−0.167%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs+$279as in the Funding arb table

Net, price: spread back to 7d avg − costs−$133as in the Price arb table

costs, in and out, $10k−$1211.207% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+4.000%+$400 on $10k

Price spread, last 4 days (all we have)+0.109%+$11 · spread now −0.167%, 7d avg −0.044%

Together, before fees+4.110%+$411 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Gate is 0.123% cheaper against Kraken Futures than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.044%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +4.000%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XCUUSD	6.8294	0.0357	pay 0.0045% / 1h	40m 09s	$34K	$177K	20x
Short	Gate XCU_USDT	6.8180	0	get 0.0000% / 8h	40m 09s	$1.3M	$528K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.167%Rate

Funding earned: −$75.06
Price spread: −0.167% → −0.044%: −$12.35
Slippage, 4 orders: −$95.67
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$208.08
Costs to cover: 1.207%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 62 min ago; Gate: 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 Kraken Futures live order book, 62 min ago	3.38 bp	23.8 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	1.47 bp	42.9 bp −$43	231.6 bp −$2,316	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
Aster XCUUSDT	0.0000%	4h	6.8297	+0.004%	$32K	$27K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8340	+0.067%	$9.1M	$33.7M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8284	−0.015%	$495K	$1.0M	50x	as long as short
Gate XCU_USDTshort	0.0000%	8h	6.8180	−0.167%	$1.3M	$528K	100x
MEXC COPPER_USDT	0.0000%	4h	6.8340	+0.067%	$26.6M	$5.2M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8340	+0.067%	$2.9M	$1.6M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8332	+0.055%	$765K	$1.4M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8281	−0.020%	$94K	$2.4M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8340	+0.067%	—	$6.2M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8320	+0.038%	$61K	$24K	75x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex COPPERUSDT	0.0000%	4h	6.8210	−0.123%	$4.2M	$82K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8284	−0.016%	$178K	—	250x	as long as short
edgeX COPPERUSDC	+0.0005%	4h	6.8293	−0.001%	$95K	$317K	20x	as long as short
QFEX COPPER-USD	+0.0017%	1h	6.8320	+0.038%	$1.5M	$128K	20x	as long as short
BloFin COPPER-USDT	+0.0043%	4h	6.8340	+0.067%	$88K	$143K	100x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8281	−0.019%	—	$82K	25x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.8306	+0.017%	$10.6M	$5.0M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8303	+0.013%	$4K	$5K	20x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8300	+0.008%	$2K	$1K	5x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8253	−0.060%	$57K	$55K	15x	as long as short
Extended XCU-USD	+0.0056%	1h	6.8275	−0.028%	$272K	$2.0M	20x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8286	−0.012%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8300	+0.008%	$278K	$37K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8380	+0.126%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8321	+0.039%	$312	—	10x	as long as short
Phoenix COPPER	+0.0106%	1h	6.8279	−0.022%	$45K	$22K	20x	as long as short
Lighter XCU	+0.0168%	1h	6.8423	+0.188%	$479K	$26K	20x	as long as short
Kraken Futures PF_XCUUSDlong	+0.0357%	1h	6.8294	long leg	$34K	$177K	20x