Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0403%/8h= +44.2% APRpaid last 24h +0.081%

Price spread now: Phemex against Kraken Futures−0.118%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs+$234as in the Funding arb table

Net, price: spread back to 7d avg − costs−$173as in the Price arb table

costs, in and out, $10k−$1601.603% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+3.943%+$394 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now −0.118%, 7d avg +0.011%

Together, before fees+3.873%+$387 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.129% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.118% now, against its 7-day average of +0.011%). If the spread goes back, that is −$13 on $10k: about 26 hours of funding at the current rate (+$12 a day). At the pace of the last 7 days (+3.943% in total) that is about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XCUUSD	6.8280	−0.0403	get 0.0050% / 1h	47m 20s	$35K	$176K	20x
Short	Phemex COPPERUSDT	6.8200	0	get 0.0000% / 4h	3h 47m	$4.2M	$78K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.118%Rate

Funding earned: $84.73
Price spread: −0.118% → +0.011%: −$12.91
Slippage, 4 orders: −$138.31
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$88.49
Costs to cover: 1.603%
Break-even: 14.3 days

Slippage from Kraken Futures: live order book, 5 min ago; Phemex: live order book, 1 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, 5 min ago	9.16 bp	25.1 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	0.73 bp	54.7 bp −$55	doesn't fit	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
Kraken Futures PF_XCUUSDlong	−0.0403%	1h	6.8280	long leg	$35K	$176K	20x
tradeXYZ xyz:COPPER	−0.0093%	1h	6.8275	−0.008%	$10.5M	$4.8M	20x	as long as short
BloFin COPPER-USDT	−0.0004%	4h	6.8270	−0.015%	$88K	$144K	100x	as long as short
QFEX COPPER-USD	−0.0003%	1h	6.8290	+0.014%	$1.5M	$129K	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8307	+0.039%	$32K	$27K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8300	+0.029%	$9.1M	$33.0M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8279	−0.002%	$481K	$962K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8080	−0.294%	$1.3M	$497K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8290	+0.014%	$25.8M	$4.3M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8290	+0.014%	$2.5M	$1.7M	100x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni COPPER	0.0000%	4h	6.8243	−0.055%	$743K	$1.4M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8252	−0.042%	$88K	$2.2M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8290	+0.014%	—	$6.6M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8280	−0.001%	$61K	$24K	75x	as long as short
Phemex COPPERUSDTshort	0.0000%	4h	6.8200	−0.118%	$4.2M	$78K	100x
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8299	+0.027%	$178K	—	250x	as long as short
edgeX COPPERUSDC	+0.0005%	4h	6.8237	−0.064%	$95K	$319K	20x	as long as short
Lighter XCU	+0.0032%	1h	6.8384	+0.152%	$478K	$40K	20x	as long as short
Extended XCU-USD	+0.0032%	1h	6.8295	+0.022%	$266K	$2.6M	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8294	+0.020%	—	$82K	25x	as long as short
Phoenix COPPER	+0.0047%	1h	6.8294	+0.020%	$45K	$23K	20x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8281	+0.001%	$2K	$2K	5x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8272	−0.012%	$904	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8201	−0.116%	$57K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8304	+0.035%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8260	−0.030%	$291K	$32K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8340	+0.087%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8279	−0.002%	$312	—	10x	as long as short