Funding you earn now, next payment 03:00 UTC−0.0114%/8h= −12.5% APRnext payment −$0.14 per $10,000 · paid last 24h −0.031%
Price spread now: tradeXYZ against Phoenix−0.050%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
=Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and tradeXYZ is 0.050% cheaper against Phoenix than usual: you would sell low and buy high (−$5 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 | Phoenix COPPER | 6.8274 | 0.0164 | pay 0.0020% / 1h | 38m 30s | $45K | $23K | 20x |
| Short | tradeXYZ xyz:COPPER | 6.8240 | 0.0050 | get 0.0006% / 1h | 38m 30s | $10.5M | $4.8M | 20x |
Phoenix COPPER
tradeXYZ xyz:COPPERFunding history
latest
Range statsloading…
Price spread between the two exchanges
tradeXYZ 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
- −$23.93
- Price spread: −0.050% → 0.000%
- −$4.98
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee tradeXYZ: 9 bp × 2 orders
- −$18
- Net
- −$53.91
- Costs to cover
- 0.250%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; tradeXYZ: live order book, 10 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 tradeXYZ live order book, 10 min ago | 0.88 bp | 10.2 bp −$10 | 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 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 | |
|---|---|---|---|---|---|---|---|---|
| BloFin COPPER-USDT | −0.0034% | 4h | 6.8270 | −0.006% | $88K | $144K | 100x | as long as short |
| Aster XCUUSDT | 0.0000% | 4h | 6.8266 | −0.011% | $32K | $27K | 50x | as long as short |
| Binance COPPERUSDT | 0.0000% | 4h | 6.8265 | −0.013% | $9.0M | $32.5M | 100x | as long as short |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.8239 | −0.051% | $473K | $955K | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.8100 | −0.255% | $1.3M | $495K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.8260 | −0.021% | $26.0M | $4.2M | 100x | as long as short |
| Bitget COPPERUSDT | 0.0000% | 4h | 6.8280 | +0.009% | $1.7M | $986K | 100x | as long as short |
| Variational Omni COPPER | 0.0000% | 4h | 6.8272 | −0.002% | $743K | $1.4M | — | as long as short |
| GRVT COPPER_USDT_Perp | 0.0000% | 4h | 6.8300 | +0.038% | $91K | $2.1M | 25x | as long as short |
| SunX COPPER-USDT | 0.0000% | 4h | 6.8260 | −0.021% | — | $6.7M | 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 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX COPPER-USDT | 0.0000% | 4h | 6.8310 | +0.053% | $61K | $24K | 75x | as long as short |
| Phemex COPPERUSDT | 0.0000% | 4h | 6.8150 | −0.182% | $4.2M | $76K | 100x | as long as short |
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.8242 | −0.047% | $178K | — | 250x | as long as short |
| QFEX COPPER-USD | +0.0009% | 1h | 6.8240 | −0.050% | $1.5M | $129K | 20x | as long as short |
| edgeX COPPERUSDC | +0.0020% | 4h | 6.8330 | +0.082% | $95K | $317K | 20x | as long as short |
| Lighter XCU | +0.0032% | 1h | 6.8377 | +0.151% | $477K | $40K | 20x | as long as short |
| Vest HG-PERP | +0.0046% | 1h | 6.8237 | −0.054% | — | $82K | 25x | as long as short |
| Paradex XCU-USD-PERP | +0.0050% | 8h | 6.8241 | −0.048% | $2K | $2K | 5x | as long as short |
| tradeXYZ xyz:COPPERshort | +0.0050% | 1h | 6.8240 | −0.050% | $10.5M | $4.8M | 20x | |
| SoDEX COPPER-USD | +0.0050% | 1h | 6.8242 | −0.047% | $904 | $3K | 20x | as long as short |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.8297 | +0.034% | $57K | $55K | 15x | as long as short |
| Pacifica COPPER | +0.0100% | 1h | 6.8265 | −0.013% | $23K | $14K | 10x | as long as short |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.8220 | −0.079% | $258K | $21K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythos | +0.0100% | 8h | 6.8320 | +0.067% | $3K | — | 10x | as long as short |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.8253 | −0.030% | $312 | — | 10x | as long as short |
| Phoenix COPPERlong | +0.0164% | 1h | 6.8274 | long leg | $45K | $23K | 20x | |
| Kraken Futures PF_XCUUSD | +0.0290% | 1h | 6.8264 | −0.015% | $35K | $176K | 20x | as long as short |
| Extended XCU-USD | +0.0744% | 1h | 6.8240 | −0.049% | $242K | $2.8M | 20x | as long as short |
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
Kraken Futures PF_XCUUSD
Extended XCU-USD