Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0236%/8h= +25.8% APRpaid last 24h −0.004%

Price spread now: Extended against Orderly−0.099%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Extended

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—+ Points / potential airdropExtended: Active · farm boardneeds both histories

Funding pays, the price is against you. Extended is 0.099% cheaper against Orderly than usual: you would sell low and buy high (spread −0.099% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 33 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_COPPER_USDC_mythos	6.8170	0.0100	pay 0.0100% / 8h	7h 08m	$3K	—	10x
Short	Extended XCU-USD	6.8103	0.0336	get 0.0042% / 1h	8m 34s	$229K	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Orderly. 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 OrderlybpFee ExtendedbpOrdersPrice spread, now −0.099%Rate

Funding earned: $49.56
Price spread: −0.099% → 0.000%: −$9.86
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $28.7
Costs to cover: 0.110%
Break-even: 2.9 days

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 5 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Extended live order book, 5 min ago	3.38 bp	10.4 bp −$10	87.5 bp −$875	doesn't fit	doesn't fit

Orderly: 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_XCUUSD	−0.0447%	1h	6.8116	−0.079%	$32K	$179K	20x	as long as short
BloFin COPPER-USDT	−0.0050%	4h	6.8080	−0.132%	$87K	$149K	100x	as long as short
tradeXYZ xyz:COPPER	−0.0031%	1h	6.8078	−0.135%	$10.4M	$5.0M	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8122	−0.070%	$32K	$35K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8143	−0.039%	$9.1M	$33.1M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8107	−0.092%	$471K	$978K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8000	−0.249%	$1.3M	$492K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8130	−0.059%	$26.9M	$4.9M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8120	−0.073%	$1.7M	$1.0M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8084	−0.126%	$742K	$1.5M	—	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	6.8100	−0.103%	$97K	$2.1M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8120	−0.073%	—	$7.1M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8130	−0.059%	$60K	$25K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.7970	−0.293%	$4.2M	$76K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8103	−0.099%	$177K	—	250x	as long as short
QFEX COPPER-USD	+0.0004%	1h	6.8130	−0.059%	$1.5M	$131K	20x	as long as short
edgeX COPPERUSDC	+0.0010%	4h	6.8088	−0.120%	$94K	$317K	20x	as long as short
Lighter XCU	+0.0032%	1h	6.8231	+0.089%	$477K	$45K	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8098	−0.106%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8128	−0.061%	$1K	$2K	5x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8100	−0.103%	$902	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8080	−0.132%	$57K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8111	−0.087%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8080	−0.132%	$258K	$25K	50x	as long as short
Orderly PERP_COPPER_USDC_mythoslong	+0.0100%	8h	6.8170	long leg	$3K	—	10x
Aevo COPPER-PERP	+0.0104%	1h	6.8108	−0.091%	$311	—	10x	as long as short
Phoenix COPPER	+0.0118%	1h	6.8050	−0.176%	$45K	$30K	20x	as long as short
Extended XCU-USDshort	+0.0336%	1h	6.8103	−0.099%	$229K	$2.9M	20x