Funding you earn now, next payment 04:00 UTC−0.0053%/8h= −5.8% APRnext payment −$0.07 per $10,000 · paid last 24h −0.007%
Price spread now: Phoenix against Pacifica+0.025%7-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
=The price spread pays, funding is against you. Phoenix is 0.025% dearer against Pacifica than usual: you sell high and buy low (spread +0.025% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 38 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Pacifica COPPER | 6.8268 | 0.0100 | pay 0.0013% / 1h | 10m 45s | $23K | $14K | 10x |
| Short | Phoenix COPPER | 6.8285 | 0.0047 | get 0.0006% / 1h | 10m 45s | $45K | $23K | 20x |
Pacifica COPPER
Phoenix COPPERFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Pacifica. 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
- −$11.16
- Price spread: +0.025% → 0.000%
- $2.49
- Slippage, 4 orders
- no order book: not counted
- Fee Pacifica: 4 bp × 2 orders
- −$8
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$23.67
- Costs to cover
- 0.150%
- Break-even
- never at this rate
Slippage unknown: Pacifica: no order-book sample; 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 Pacifica no order-book sample | — | — | — | — | — |
| Sell Phoenix no order-book sample | — | — | — | — | — |
Pacifica and 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_XCUUSD | −0.0404% | 1h | 6.8250 | −0.027% | $35K | $176K | 20x | as long as short |
| tradeXYZ xyz:COPPER | −0.0051% | 1h | 6.8247 | −0.031% | $10.6M | $4.9M | 20x | as long as short |
| QFEX COPPER-USD | −0.0003% | 1h | 6.8260 | −0.012% | $1.5M | $129K | 20x | as long as short |
| Aster XCUUSDT | 0.0000% | 4h | 6.8281 | +0.018% | $32K | $27K | 50x | as long as short |
| Binance COPPERUSDT | 0.0000% | 4h | 6.8266 | −0.003% | $9.1M | $32.9M | 100x | as long as short |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.8245 | −0.034% | $489K | $971K | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.8170 | −0.144% | $1.3M | $505K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.8270 | +0.003% | $26.2M | $4.5M | 100x | as long as short |
| Bitget COPPERUSDT | 0.0000% | 4h | 6.8270 | +0.003% | $2.5M | $1.7M | 100x | as long as short |
| Variational Omni COPPER | 0.0000% | 4h | 6.8252 | −0.023% | $740K | $1.4M | — | as long as short |
Kraken Futures PF_XCUUSD
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 | 6.8310 | +0.061% | $87K | $2.2M | 25x | as long as short |
| SunX COPPER-USDT | 0.0000% | 4h | 6.8260 | −0.012% | — | $6.6M | 20x | as long as short |
| HTX COPPER-USDT | 0.0000% | 4h | 6.8300 | +0.047% | $61K | $24K | 75x | as long as short |
| Phemex COPPERUSDT | 0.0000% | 4h | 6.8150 | −0.173% | $4.2M | $78K | 100x | as long as short |
| edgeX COPPERUSDC | +0.0001% | 4h | 6.8283 | +0.023% | $95K | $317K | 20x | as long as short |
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.8259 | −0.012% | $178K | — | 250x | as long as short |
| Lighter XCU | +0.0032% | 1h | 6.8374 | +0.155% | $477K | $40K | 20x | as long as short |
| Extended XCU-USD | +0.0032% | 1h | 6.8270 | +0.003% | $266K | $2.5M | 20x | as long as short |
| BloFin COPPER-USDT | +0.0036% | 4h | 6.8260 | −0.012% | $88K | $135K | 100x | as long as short |
| Vest HG-PERP | +0.0046% | 1h | 6.8268 | 0.000% | — | $82K | 25x | as long as short |
| Phoenix COPPERshort | +0.0047% | 1h | 6.8285 | +0.025% | $45K | $23K | 20x | |
| Paradex XCU-USD-PERP | +0.0050% | 8h | 6.8243 | −0.037% | $2K | $2K | 5x | as long as short |
| SoDEX COPPER-USD | +0.0050% | 1h | 6.8243 | −0.037% | $904 | $3K | 20x | as long as short |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.8314 | +0.067% | $57K | $55K | 15x | as long as short |
| Pacifica COPPERlong | +0.0100% | 1h | 6.8268 | long leg | $23K | $14K | 10x | |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.8280 | +0.018% | $278K | $35K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythos | +0.0100% | 8h | 6.8340 | +0.105% | $3K | — | 10x | as long as short |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.8259 | −0.014% | $312 | — | 10x | as long as short |
GRVT COPPER_USDT_Perp
SunX COPPER-USDT
HTX COPPER-USDT
Phemex COPPERUSDT
edgeX COPPERUSDC
gTrade (Gains Network) HG/USD
Lighter XCU
Extended XCU-USD
BloFin COPPER-USDT
Vest HG-PERP
Paradex XCU-USD-PERP
SoDEX COPPER-USD
Ondo Perps COPPER-USD.P
KuCoin COPPERUSDTM
Orderly PERP_COPPER_USDC_mythos
Aevo COPPER-PERP