Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0229%/8h= +25.1% APRpaid last 24h −0.019%

Price spread now: Phoenix against KuCoin−0.051%93s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

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

Funding pays, the price is against you. Phoenix is 0.051% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.051% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 18 hours of funding at the current rate (+$7 a day). The two prices were read 93 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	KuCoin COPPERUSDTM	6.7970	0.0100	pay 0.0050% / 4h	1h 13m	$258K	$26K	50x
Short	Phoenix COPPER	6.7935	0.0329	get 0.0041% / 1h	13m 53s	$45K	$30K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now −0.051%Rate

Funding earned: $48.19
Price spread: −0.051% → 0.000%: −$5.15
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $24.04
Costs to cover: 0.190%
Break-even: 3.5 days

Slippage unknown: KuCoin: live order book, 56 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 KuCoin live order book, 56 min ago	36.78 bp	269.2 bp −$269	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
QFEX COPPER-USD	−0.0015%	1h	6.7950	−0.029%	$1.5M	$135K	20x	as long as short
edgeX COPPERUSDC	−0.0010%	4h	6.7967	−0.005%	$93K	$318K	20x	as long as short
tradeXYZ xyz:COPPER	−0.0005%	1h	6.7919	−0.075%	$10.4M	$5.4M	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.7960	−0.015%	$32K	$36K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.7970	0.000%	$9.0M	$34.5M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.7936	−0.050%	$466K	$1.2M	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.7820	−0.221%	$1.3M	$499K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.7960	−0.015%	$26.9M	$5.1M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.7970	0.000%	$1.7M	$1.0M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.7967	−0.005%	$739K	$1.6M	—	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	6.7979	+0.014%	$90K	$2.2M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.7960	−0.015%	—	$7.7M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8010	+0.059%	$60K	$28K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.7910	−0.088%	$4.2M	$81K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.7926	−0.065%	$176K	—	250x	as long as short
BloFin COPPER-USDT	+0.0015%	4h	6.7940	−0.044%	$87K	$149K	100x	as long as short
Lighter XCU	+0.0032%	1h	6.8062	+0.135%	$476K	$45K	20x	as long as short
Extended XCU-USD	+0.0032%	1h	6.7937	−0.048%	$231K	$2.9M	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.7915	−0.081%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.7952	−0.026%	$1K	$3K	5x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.7936	−0.050%	$900	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.7915	−0.081%	$56K	$55K	15x	as long as short
Kraken Futures PF_XCUUSD	+0.0060%	1h	6.7943	−0.039%	$26K	$171K	20x	as long as short
Pacifica COPPER	+0.0100%	1h	6.7946	−0.035%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTMlong	+0.0100%	4h	6.7970	long leg	$258K	$26K	50x
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8030	+0.088%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.7956	−0.020%	$311	—	10x	as long as short
Phoenix COPPERshort	+0.0329%	1h	6.7935	−0.051%	$45K	$30K	20x