Funding you earn now, next payment 12:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%
Price spread now: Phemex against Orderly−0.307%7-day average — · you buy dearer than you sell
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 against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.307% cheaper against Orderly than usual: you would sell low and buy high (−$31 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Orderly PERP_COPPER_USDC_mythos | 6.8430 | 0.0100 | pay 0.0100% / 8h | 7h 02m | $3K | — | 10x |
| Short | Phemex COPPERUSDT | 6.8220 | 0 | get 0.0000% / 4h | 3h 02m | $4.2M | $83K | 100x |
Orderly PERP_COPPER_USDC_mythos
Phemex COPPERUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Orderly. 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
- −$21
- Price spread: −0.307% → 0.000%
- −$30.69
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$69.69
- Costs to cover
- 0.180%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; Phemex: live order book, 2 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 Phemex live order book, 2 min ago | 0.73 bp | 49.9 bp −$50 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Aster XCUUSDT | 0.0000% | 4h | 6.8395 | −0.051% | $33K | $28K | 50x | as long as short |
| Binance COPPERUSDT | 0.0000% | 4h | 6.8380 | −0.073% | $9.0M | $33.4M | 100x | as long as short |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.8317 | −0.165% | $498K | $987K | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.8220 | −0.307% | $1.3M | $513K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.8370 | −0.088% | $26.0M | $5.8M | 100x | as long as short |
| Bitget COPPERUSDT | 0.0000% | 4h | 6.8370 | −0.088% | $2.9M | $1.6M | 100x | as long as short |
| Variational Omni COPPER | 0.0000% | 4h | 6.8414 | −0.024% | $765K | $1.4M | — | as long as short |
| GRVT COPPER_USDT_Perp | 0.0000% | 4h | 6.8400 | −0.044% | $91K | $2.4M | 25x | as long as short |
| SunX COPPER-USDT | 0.0000% | 4h | 6.8370 | −0.088% | — | $5.5M | 20x | as long as short |
| HTX COPPER-USDT | 0.0000% | 4h | 6.8400 | −0.044% | $61K | $54K | 75x | as long as short |
Aster XCUUSDT
Binance COPPERUSDT
OKX XCU-USDT-SWAP
Gate XCU_USDT
MEXC COPPER_USDT
Bitget COPPERUSDT
Variational Omni COPPER
GRVT COPPER_USDT_Perp
SunX COPPER-USDT
HTX COPPER-USDTShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phemex COPPERUSDTshort | 0.0000% | 4h | 6.8220 | −0.307% | $4.2M | $83K | 100x | |
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.8356 | −0.108% | $178K | — | 250x | as long as short |
| BloFin COPPER-USDT | +0.0012% | 4h | 6.8380 | −0.073% | $88K | $152K | 100x | as long as short |
| edgeX COPPERUSDC | +0.0013% | 4h | 6.8394 | −0.053% | $95K | $320K | 20x | as long as short |
| QFEX COPPER-USD | +0.0018% | 1h | 6.8370 | −0.088% | $1.5M | $144K | 20x | as long as short |
| Extended XCU-USD | +0.0032% | 1h | 6.8340 | −0.132% | $273K | $1.7M | 20x | as long as short |
| Vest HG-PERP | +0.0046% | 1h | 6.8339 | −0.133% | — | $36K | 25x | as long as short |
| tradeXYZ xyz:COPPER | +0.0050% | 1h | 6.8331 | −0.145% | $10.8M | $4.1M | 20x | as long as short |
| SoDEX COPPER-USD | +0.0050% | 1h | 6.8327 | −0.151% | $905 | $6K | 20x | as long as short |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.8409 | −0.031% | $57K | $53K | 15x | as long as short |
| Paradex XCU-USD-PERP | +0.0050% | 8h | 6.8346 | −0.123% | $2K | $1K | 5x | as long as short |
| Kraken Futures PF_XCUUSD | +0.0076% | 1h | 6.8361 | −0.101% | $34K | $178K | 20x | as long as short |
| Pacifica COPPER | +0.0100% | 1h | 6.8344 | −0.126% | $23K | $14K | 10x | as long as short |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.8360 | −0.102% | $266K | $39K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythoslong | +0.0100% | 8h | 6.8430 | long leg | $3K | — | 10x | |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.8359 | −0.104% | $312 | — | 10x | as long as short |
| Phoenix COPPER | +0.0129% | 1h | 6.8360 | −0.102% | $45K | $22K | 20x | as long as short |
| Lighter XCU | +0.0152% | 1h | 6.8487 | +0.083% | $479K | $27K | 20x | as long as short |
gTrade (Gains Network) HG/USD
BloFin COPPER-USDT
edgeX COPPERUSDC
QFEX COPPER-USD
Extended XCU-USD
Vest HG-PERP
tradeXYZ xyz:COPPER
SoDEX COPPER-USD
Ondo Perps COPPER-USD.P
Paradex XCU-USD-PERP
Kraken Futures PF_XCUUSD
Pacifica COPPER
KuCoin COPPERUSDTM
Aevo COPPER-PERP
Phoenix COPPER
Lighter XCU