Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −11.0% APRpaid last 24h −0.064%

Price spread now: QFEX against KuCoin+0.044%7-day average −0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$152as in the Price arb table

costs, in and out, $10k−$1611.612% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.170%−$17 on $10k

Price spread, last 4 days (all we have)−0.209%−$21 · spread now +0.044%, 7d avg −0.044%

Together, before fees−0.380%−$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. QFEX is 0.088% dearer against KuCoin than usual: you sell high and buy low (spread +0.044% now, against its 7-day average of −0.044%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin COPPERUSDTM	6.8250	0.0100	pay 0.0050% / 4h	1h 04m	$258K	$21K	50x
Short	QFEX COPPER-USD	6.8280	0.0000	pay 0.0000% / 1h	4m 23s	$1.5M	$129K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$21.1
Price spread: +0.044% → −0.044%: $8.77
Slippage, 4 orders: −$139.16
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$173.49
Costs to cover: 1.612%
Break-even: never at this rate

Slippage from KuCoin: live order book, 17 min ago; QFEX: 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 KuCoin live order book, 17 min ago	10.26 bp	66.8 bp −$67	691.6 bp −$6,916	doesn't fit	doesn't fit
Sell QFEX live order book, 2 min ago	1.47 bp	6.5 bp −$6	11.9 bp −$119	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
BloFin COPPER-USDT	−0.0058%	4h	6.8330	+0.117%	$88K	$143K	100x	as long as short
QFEX COPPER-USDshort	0.0000%	1h	6.8280	+0.044%	$1.5M	$129K	20x
Aster XCUUSDT	0.0000%	4h	6.8274	+0.035%	$32K	$21K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8272	+0.033%	$9.0M	$32.5M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8254	+0.006%	$471K	$949K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8110	−0.205%	$1.3M	$493K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8270	+0.029%	$26.0M	$4.2M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8280	+0.044%	$1.7M	$986K	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8282	+0.046%	$743K	$1.4M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8299	+0.072%	$94K	$2.1M	25x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX COPPER-USDT	0.0000%	4h	6.8270	+0.029%	—	$6.7M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8320	+0.103%	$61K	$24K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.8140	−0.161%	$4.2M	$76K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8229	−0.030%	$178K	—	250x	as long as short
Phoenix COPPER	+0.0012%	1h	6.8289	+0.057%	$45K	$23K	20x	as long as short
edgeX COPPERUSDC	+0.0020%	4h	6.8279	+0.043%	$95K	$318K	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8243	−0.010%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8275	+0.037%	$2K	$2K	5x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.8246	−0.006%	$10.5M	$4.8M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8232	−0.026%	$904	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8300	+0.073%	$57K	$55K	15x	as long as short
Lighter XCU	+0.0088%	1h	6.8388	+0.202%	$478K	$39K	20x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8296	+0.067%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTMlong	+0.0100%	4h	6.8250	long leg	$258K	$21K	50x
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8320	+0.103%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8251	+0.001%	$312	—	10x	as long as short
Kraken Futures PF_XCUUSD	+0.0195%	1h	6.8238	−0.017%	$35K	$178K	20x	as long as short
Extended XCU-USD	+0.0840%	1h	6.8225	−0.037%	$224K	$2.8M	20x	as long as short