Funding you earn now, next payment 09:00 UTC+0.0212%/8h= +23.3% APRnext payment +$0.27 per $10,000 · paid last 24h −0.043%
Price spread now: Kraken Futures against Phoenix+0.027%71s7-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
Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Kraken Futures is 0.027% dearer against Phoenix than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 71 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 | 6.8398 | 0.0117 | pay 0.0015% / 1h | 18m 20s | $45K | $17K | 20x |
| Short | Kraken Futures PF_XCUUSD | 6.8417 | 0.0329 | get 0.0041% / 1h | 18m 20s | $34K | $180K | 20x |
Phoenix COPPER
Kraken Futures PF_XCUUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures 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
- $44.59
- Price spread: +0.027% → 0.000%
- $2.74
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- $30.33
- Costs to cover
- 0.170%
- Break-even
- 2.2 days
Slippage unknown: Phoenix: no order-book sample; Kraken Futures: live order book, 32 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 Kraken Futures live order book, 32 min ago | 3.73 bp | 25.3 bp −$25 | doesn't fit | doesn't fit | 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 exchanges
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 | −0.0015% | 4h | 6.8430 | +0.047% | $89K | $155K | 100x | as long as short |
| Aster XCUUSDT | 0.0000% | 4h | 6.8434 | +0.053% | $35K | $47K | 50x | as long as short |
| Binance COPPERUSDT | 0.0000% | 4h | 6.8450 | +0.076% | $9.0M | $32.1M | 100x | as long as short |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.8385 | −0.019% | $503K | $843K | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.8270 | −0.187% | $1.3M | $184K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.8430 | +0.047% | $26.5M | $5.7M | 100x | as long as short |
| Bitget COPPERUSDT | 0.0000% | 4h | 6.8450 | +0.076% | $2.9M | $1.6M | 100x | as long as short |
| Variational Omni COPPER | 0.0000% | 4h | 6.8401 | +0.004% | $767K | $549K | — | as long as short |
| GRVT COPPER_USDT_Perp | 0.0000% | 4h | 6.8412 | +0.020% | $87K | $2.3M | 25x | as long as short |
| SunX COPPER-USDT | 0.0000% | 4h | 6.8430 | +0.047% | — | $5.0M | 20x | as long as short |
BloFin COPPER-USDT
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-USDTShow all 28 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX COPPER-USDT | 0.0000% | 4h | 6.8460 | +0.091% | $61K | $71K | 75x | as long as short |
| Phemex COPPERUSDT | 0.0000% | 4h | 6.8250 | −0.216% | $4.2M | $82K | 100x | as long as short |
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.8388 | −0.015% | $178K | — | 250x | as long as short |
| edgeX COPPERUSDC | +0.0016% | 4h | 6.8417 | +0.028% | $95K | $320K | 20x | as long as short |
| QFEX COPPER-USD | +0.0020% | 1h | 6.8420 | +0.032% | $1.5M | $150K | 20x | as long as short |
| Extended XCU-USD | +0.0032% | 1h | 6.8414 | +0.024% | $273K | $1.7M | 20x | as long as short |
| Vest HG-PERP | +0.0046% | 1h | 6.8384 | −0.020% | — | $36K | 25x | as long as short |
| tradeXYZ xyz:COPPER | +0.0050% | 1h | 6.8400 | +0.003% | $10.8M | $3.9M | 20x | as long as short |
| SoDEX COPPER-USD | +0.0050% | 1h | 6.8417 | +0.028% | $906 | $6K | 20x | as long as short |
| Paradex XCU-USD-PERP | +0.0050% | 8h | 6.8391 | −0.010% | $2K | $825 | 5x | as long as short |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.8367 | −0.045% | $59K | $52K | 15x | as long as short |
| Lighter XCU | +0.0064% | 1h | 6.8534 | +0.199% | $480K | $23K | 20x | as long as short |
| Pacifica COPPER | +0.0100% | 1h | 6.8388 | −0.015% | $23K | $14K | 10x | as long as short |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.8390 | −0.012% | $266K | $39K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythos | +0.0100% | 8h | 6.8500 | +0.149% | $3K | — | 10x | as long as short |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.8435 | +0.054% | $313 | — | 10x | as long as short |
| Phoenix COPPERlong | +0.0117% | 1h | 6.8398 | long leg | $45K | $17K | 20x | |
| Kraken Futures PF_XCUUSDshort | +0.0329% | 1h | 6.8417 | +0.027% | $34K | $180K | 20x |
HTX COPPER-USDT
Phemex COPPERUSDT
gTrade (Gains Network) HG/USD
edgeX COPPERUSDC
QFEX COPPER-USD
Extended XCU-USD
Vest HG-PERP
tradeXYZ xyz:COPPER
SoDEX COPPER-USD
Paradex XCU-USD-PERP
Ondo Perps COPPER-USD.P
Lighter XCU
Pacifica COPPER
KuCoin COPPERUSDTM
Orderly PERP_COPPER_USDC_mythos
Aevo COPPER-PERP