Funding you earn now, next payment 00:00 UTC−0.0118%/8h= −12.9% APRpaid last 24h −0.076%
Price spread now: Binance against Phoenix+0.059%55s7-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
=Together, before fees—needs both histories
The price spread pays, funding is against you. Binance is 0.059% dearer against Phoenix than usual: you sell high and buy low (spread +0.059% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 40 hours. The two prices were read 55 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 | Phoenix COPPER | 6.8050 | 0.0118 | pay 0.0015% / 1h | 12m 22s | $45K | $30K | 20x |
| Short | Binance COPPERUSDT | 6.8090 | 0 | get 0.0000% / 4h | 3h 12m | $9.1M | $33.1M | 100x |
Phoenix COPPER
Binance COPPERUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance against Phoenix. 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
- −$24.69
- Price spread: +0.059% → 0.000%
- $5.88
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$35.81
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Binance: live order book, 14 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Binance live order book, 14 min ago | 0.74 bp | 6.8 bp −$7 | 10.3 bp −$103 | 77.7 bp −$7,774 | doesn't fit |
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 | −0.0447% | 1h | 6.8093 | +0.063% | $32K | $179K | 20x | as long as short |
| BloFin COPPER-USDT | −0.0053% | 4h | 6.8090 | +0.059% | $87K | $149K | 100x | as long as short |
| tradeXYZ xyz:COPPER | −0.0026% | 1h | 6.8043 | −0.010% | $10.4M | $5.0M | 20x | as long as short |
| Aster XCUUSDT | 0.0000% | 4h | 6.8088 | +0.055% | $32K | $36K | 50x | as long as short |
| Binance COPPERUSDTshort | 0.0000% | 4h | 6.8090 | +0.059% | $9.1M | $33.1M | 100x | |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.8065 | +0.022% | $471K | $978K | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.7950 | −0.147% | $1.3M | $492K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.8090 | +0.059% | $26.8M | $4.9M | 100x | as long as short |
| Bitget COPPERUSDT | 0.0000% | 4h | 6.8090 | +0.059% | $1.7M | $1.0M | 100x | as long as short |
| Variational Omni COPPER | 0.0000% | 4h | 6.8054 | +0.007% | $741K | $1.5M | — | as long as short |
Kraken Futures PF_XCUUSD
BloFin COPPER-USDT
tradeXYZ xyz:COPPER
Aster XCUUSDT
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 | 6.8069 | +0.028% | $97K | $2.1M | 25x | as long as short |
| SunX COPPER-USDT | 0.0000% | 4h | 6.8090 | +0.059% | — | $7.1M | 20x | as long as short |
| HTX COPPER-USDT | 0.0000% | 4h | 6.8120 | +0.103% | $60K | $25K | 75x | as long as short |
| Phemex COPPERUSDT | 0.0000% | 4h | 6.7950 | −0.147% | $4.2M | $76K | 100x | as long as short |
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.8068 | +0.026% | $177K | — | 250x | as long as short |
| QFEX COPPER-USD | +0.0004% | 1h | 6.8080 | +0.044% | $1.5M | $131K | 20x | as long as short |
| edgeX COPPERUSDC | +0.0015% | 4h | 6.8054 | +0.006% | $94K | $320K | 20x | as long as short |
| Lighter XCU | +0.0032% | 1h | 6.8185 | +0.198% | $477K | $45K | 20x | as long as short |
| Vest HG-PERP | +0.0046% | 1h | 6.8063 | +0.019% | — | $82K | 25x | as long as short |
| Paradex XCU-USD-PERP | +0.0050% | 8h | 6.8088 | +0.056% | $1K | $2K | 5x | as long as short |
| SoDEX COPPER-USD | +0.0050% | 1h | 6.8080 | +0.044% | $902 | $3K | 20x | as long as short |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.8105 | +0.081% | $57K | $55K | 15x | as long as short |
| Pacifica COPPER | +0.0100% | 1h | 6.8072 | +0.032% | $23K | $14K | 10x | as long as short |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.8050 | 0.000% | $258K | $25K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythos | +0.0100% | 8h | 6.8140 | +0.132% | $3K | — | 10x | as long as short |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.8080 | +0.043% | $311 | — | 10x | as long as short |
| Phoenix COPPERlong | +0.0118% | 1h | 6.8050 | long leg | $45K | $30K | 20x | |
| Extended XCU-USD | +0.0320% | 1h | 6.8062 | +0.017% | $228K | $2.9M | 20x | as long as short |
GRVT COPPER_USDT_Perp
SunX COPPER-USDT
HTX COPPER-USDT
Phemex COPPERUSDT
gTrade (Gains Network) HG/USD
QFEX COPPER-USD
edgeX COPPERUSDC
Lighter XCU
Vest HG-PERP
Paradex XCU-USD-PERP
SoDEX COPPER-USD
Ondo Perps COPPER-USD.P
Pacifica COPPER
KuCoin COPPERUSDTM
Orderly PERP_COPPER_USDC_mythos
Aevo COPPER-PERP
Extended XCU-USD