Funding you earn now, next payment 04:00 UTC−0.0047%/8h= −5.2% APRnext payment −$0.06 per $10,000 · paid last 24h −0.025%
Price spread now: QFEX against Phoenix−0.025%52s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 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 −$1 a day on $10k at the current rate, and QFEX is 0.025% cheaper against Phoenix than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 52 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 | 6.8307 | 0.0047 | pay 0.0006% / 1h | 54m 36s | $45K | $23K | 20x |
| Short | QFEX COPPER-USD | 6.8290 | −0.0001 | pay 0.0000% / 1h | 54m 36s | $1.5M | $129K | 20x |
Phoenix COPPER
QFEX COPPER-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
QFEX 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
- −$9.96
- Price spread: −0.025% → 0.000%
- −$2.49
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee QFEX: 5 bp × 2 orders
- −$10
- Net
- −$29.45
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; QFEX: 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell QFEX live order book, 2 min ago | 1.47 bp | 9.4 bp −$9 | 13.1 bp −$131 | 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 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 | −0.0480% | 1h | 6.8299 | −0.011% | $35K | $176K | 20x | as long as short |
| BloFin COPPER-USDT | −0.0035% | 4h | 6.8280 | −0.040% | $88K | $138K | 100x | as long as short |
| QFEX COPPER-USDshort | −0.0001% | 1h | 6.8290 | −0.025% | $1.5M | $129K | 20x | |
| Aster XCUUSDT | 0.0000% | 4h | 6.8303 | −0.006% | $32K | $27K | 50x | as long as short |
| Binance COPPERUSDT | 0.0000% | 4h | 6.8300 | −0.010% | $9.1M | $33.0M | 100x | as long as short |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.8272 | −0.051% | $490K | $972K | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.8090 | −0.318% | $1.3M | $519K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.8290 | −0.025% | $26.8M | $4.6M | 100x | as long as short |
| Bitget COPPERUSDT | 0.0000% | 4h | 6.8280 | −0.040% | $2.5M | $1.7M | 100x | as long as short |
| Variational Omni COPPER | 0.0000% | 4h | 6.8293 | −0.020% | $741K | $1.4M | — | as long as short |
Kraken Futures PF_XCUUSD
BloFin COPPER-USDT
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 | 6.8299 | −0.011% | $94K | $2.2M | 25x | as long as short |
| SunX COPPER-USDT | 0.0000% | 4h | 6.8300 | −0.010% | — | $6.6M | 20x | as long as short |
| HTX COPPER-USDT | 0.0000% | 4h | 6.8310 | +0.004% | $61K | $24K | 75x | as long as short |
| Phemex COPPERUSDT | 0.0000% | 4h | 6.8160 | −0.215% | $4.2M | $78K | 100x | as long as short |
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.8300 | −0.011% | $178K | — | 250x | as long as short |
| tradeXYZ xyz:COPPER | +0.0002% | 1h | 6.8283 | −0.035% | $10.6M | $4.9M | 20x | as long as short |
| edgeX COPPERUSDC | +0.0010% | 4h | 6.8286 | −0.031% | $95K | $317K | 20x | as long as short |
| Lighter XCU | +0.0032% | 1h | 6.8407 | +0.146% | $478K | $39K | 20x | as long as short |
| Extended XCU-USD | +0.0032% | 1h | 6.8294 | −0.019% | $271K | $2.5M | 20x | as long as short |
| Vest HG-PERP | +0.0046% | 1h | 6.8292 | −0.022% | — | $82K | 25x | as long as short |
| Phoenix COPPERlong | +0.0047% | 1h | 6.8307 | long leg | $45K | $23K | 20x | |
| Paradex XCU-USD-PERP | +0.0050% | 8h | 6.8281 | −0.038% | $2K | $2K | 5x | as long as short |
| SoDEX COPPER-USD | +0.0050% | 1h | 6.8277 | −0.044% | $904 | $3K | 20x | as long as short |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.8241 | −0.097% | $57K | $55K | 15x | as long as short |
| Pacifica COPPER | +0.0100% | 1h | 6.8301 | −0.009% | $23K | $14K | 10x | as long as short |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.8280 | −0.040% | $278K | $35K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythos | +0.0100% | 8h | 6.8350 | +0.063% | $3K | — | 10x | as long as short |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.8290 | −0.025% | $312 | — | 10x | as long as short |
GRVT COPPER_USDT_Perp
SunX COPPER-USDT
HTX COPPER-USDT
Phemex COPPERUSDT
gTrade (Gains Network) HG/USD
tradeXYZ xyz:COPPER
edgeX COPPERUSDC
Lighter XCU
Extended XCU-USD
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