Funding you earn now, next payment 05:00 UTC+0.0504%/8h= +55.2% APRnext payment +$0.63 per $10,000 · paid last 24h +0.094%
Price spread now: Phoenix against Kraken Futures+0.164%71s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Phoenix is 0.164% dearer against Kraken Futures than usual: you sell high and buy low: +$16 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 71 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 | 6.8180 | −0.0481 | get 0.0060% / 1h | 33m 39s | $34K | $176K | 20x |
| Short | Phoenix COPPER | 6.8292 | 0.0023 | get 0.0003% / 1h | 33m 39s | $45K | $23K | 20x |
Kraken Futures PF_XCUUSD
Phoenix COPPERFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $105.89
- Price spread: +0.164% → 0.000%
- $16.37
- Slippage, 4 orders
- no order book: not counted
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $105.26
- Costs to cover
- 0.170%
- Break-even
- 0.0 days
Slippage unknown: Kraken Futures: live order book, 14 min ago; Phoenix: no order-book sample. Net counts fees only.
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, 14 min ago | 5.49 bp | 16.7 bp −$17 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix no order-book sample | — | — | — | — | — |
Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.0481% | 1h | 6.8180 | long leg | $34K | $176K | 20x | |
| tradeXYZ xyz:COPPER | −0.0015% | 1h | 6.8178 | −0.004% | $10.6M | $4.9M | 20x | as long as short |
| QFEX COPPER-USD | −0.0001% | 1h | 6.8170 | −0.015% | $1.5M | $130K | 20x | as long as short |
| Aster XCUUSDT | 0.0000% | 4h | 6.8214 | +0.049% | $32K | $27K | 50x | as long as short |
| Binance COPPERUSDT | 0.0000% | 4h | 6.8200 | +0.029% | $9.2M | $33.2M | 100x | as long as short |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.8189 | +0.013% | $491K | $965K | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.8080 | −0.147% | $1.3M | $525K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.8200 | +0.029% | $26.8M | $4.6M | 100x | as long as short |
| Bitget COPPERUSDT | 0.0000% | 4h | 6.8200 | +0.029% | $2.9M | $1.9M | 100x | as long as short |
| Variational Omni COPPER | 0.0000% | 4h | 6.8254 | +0.109% | $740K | $1.4M | — | as long as short |
tradeXYZ xyz:COPPER
QFEX COPPER-USD
Aster XCUUSDT
Binance COPPERUSDT
OKX XCU-USDT-SWAP
Gate XCU_USDT
MEXC COPPER_USDT
Bitget COPPERUSDT
Variational Omni COPPERShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT COPPER_USDT_Perp | 0.0000% | 4h | 6.8290 | +0.161% | $90K | $2.2M | 25x | as long as short |
| SunX COPPER-USDT | 0.0000% | 4h | 6.8190 | +0.014% | — | $6.6M | 20x | as long as short |
| HTX COPPER-USDT | 0.0000% | 4h | 6.8280 | +0.146% | $61K | $24K | 75x | as long as short |
| Phemex COPPERUSDT | 0.0000% | 4h | 6.8140 | −0.059% | $4.2M | $80K | 100x | as long as short |
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.8219 | +0.057% | $178K | — | 250x | as long as short |
| edgeX COPPERUSDC | +0.0020% | 4h | 6.8275 | +0.139% | $95K | $318K | 20x | as long as short |
| Phoenix COPPERshort | +0.0023% | 1h | 6.8292 | +0.164% | $45K | $23K | 20x | |
| BloFin COPPER-USDT | +0.0026% | 4h | 6.8230 | +0.073% | $88K | $138K | 100x | as long as short |
| Lighter XCU | +0.0032% | 1h | 6.8304 | +0.181% | $477K | $40K | 20x | as long as short |
| Extended XCU-USD | +0.0032% | 1h | 6.8209 | +0.041% | $276K | $2.5M | 20x | as long as short |
| Vest HG-PERP | +0.0046% | 1h | 6.8223 | +0.062% | — | $82K | 25x | as long as short |
| Paradex XCU-USD-PERP | +0.0050% | 8h | 6.8193 | +0.018% | $2K | $2K | 5x | as long as short |
| SoDEX COPPER-USD | +0.0050% | 1h | 6.8185 | +0.007% | $903 | $3K | 20x | as long as short |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.8156 | −0.036% | $57K | $55K | 15x | as long as short |
| Pacifica COPPER | +0.0100% | 1h | 6.8200 | +0.028% | $23K | $14K | 10x | as long as short |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.8210 | +0.043% | $278K | $36K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythos | +0.0100% | 8h | 6.8250 | +0.102% | $3K | — | 10x | as long as short |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.8209 | +0.041% | $312 | — | 10x | as long as short |
GRVT COPPER_USDT_Perp
SunX COPPER-USDT
HTX COPPER-USDT
Phemex COPPERUSDT
gTrade (Gains Network) HG/USD
edgeX COPPERUSDC
BloFin COPPER-USDT
Lighter XCU
Extended XCU-USD
Vest HG-PERP
Paradex XCU-USD-PERP
SoDEX COPPER-USD
Ondo Perps COPPER-USD.P
Pacifica COPPER
KuCoin COPPERUSDTM
Orderly PERP_COPPER_USDC_mythos
Aevo COPPER-PERP