Funding you earn now, next payment 01:00 UTC−0.0035%/8h= −3.9% APRpaid last 24h −0.073%
Price spread now: Variational Omni against Phoenix+0.087%114s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories
The price spread pays, funding is against you. Variational Omni is 0.087% dearer against Phoenix than usual: you sell high and buy low (spread +0.087% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 8.3 days. The two prices were read 114 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 | 6.8045 | 0.0035 | pay 0.0004% / 1h | 49m 40s | $45K | $30K | 20x |
| Short | Variational Omni COPPER | 6.8104 | 0 | get 0.0000% / 4h | 2h 49m | $742K | $1.4M | — |
Phoenix COPPER
Variational Omni COPPERFunding history
latest
Range statsloading…
Price spread between the two exchanges
Variational Omni 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
- −$7.4
- Price spread: +0.087% → 0.000%
- $8.74
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Variational Omni: 0 bp × 2 orders
- $0
- Net
- −$5.66
- Costs to cover
- 0.070%
- Break-even
- from the start
Slippage unknown: Phoenix: no order-book sample; Variational Omni: RFQ quote, 4 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 Variational Omni RFQ quote, 4 min ago | 2.97 bp | doesn't fit | 9.2 bp −$92 | 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 | −0.1014% | 1h | 6.8035 | −0.015% | $32K | $175K | 20x | as long as short |
| tradeXYZ xyz:COPPER | −0.0131% | 1h | 6.7984 | −0.090% | $10.4M | $4.8M | 20x | as long as short |
| Aster XCUUSDT | 0.0000% | 4h | 6.8046 | +0.001% | $32K | $35K | 50x | as long as short |
| Binance COPPERUSDT | 0.0000% | 4h | 6.8040 | −0.007% | $9.1M | $32.3M | 100x | as long as short |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.8008 | −0.054% | $472K | $943K | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.7910 | −0.198% | $1.3M | $478K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.8040 | −0.007% | $26.9M | $4.9M | 100x | as long as short |
| Bitget COPPERUSDT | 0.0000% | 4h | 6.8050 | +0.007% | $1.7M | $1.0M | 100x | as long as short |
| Variational Omni COPPERshort | 0.0000% | 4h | 6.8104 | +0.087% | $742K | $1.4M | — | |
| GRVT COPPER_USDT_Perp | 0.0000% | 4h | 6.8102 | +0.084% | $89K | $2.1M | 25x | as long as short |
Kraken Futures PF_XCUUSD
tradeXYZ xyz:COPPER
Aster XCUUSDT
Binance COPPERUSDT
OKX XCU-USDT-SWAP
Gate XCU_USDT
MEXC COPPER_USDT
Bitget COPPERUSDT
GRVT COPPER_USDT_PerpShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX COPPER-USDT | 0.0000% | 4h | 6.8090 | +0.066% | — | $6.9M | 20x | as long as short |
| HTX COPPER-USDT | 0.0000% | 4h | 6.8110 | +0.096% | $61K | $26K | 75x | as long as short |
| Phemex COPPERUSDT | 0.0000% | 4h | 6.7910 | −0.198% | $4.2M | $75K | 100x | as long as short |
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.8028 | −0.025% | $177K | — | 250x | as long as short |
| QFEX COPPER-USD | +0.0006% | 1h | 6.8030 | −0.022% | $1.5M | $129K | 20x | as long as short |
| edgeX COPPERUSDC | +0.0010% | 4h | 6.8069 | +0.036% | $94K | $318K | 20x | as long as short |
| BloFin COPPER-USDT | +0.0032% | 4h | 6.8100 | +0.081% | $88K | $145K | 100x | as long as short |
| Phoenix COPPERlong | +0.0035% | 1h | 6.8045 | long leg | $45K | $30K | 20x | |
| Vest HG-PERP | +0.0046% | 1h | 6.8044 | −0.001% | — | $82K | 25x | as long as short |
| Paradex XCU-USD-PERP | +0.0050% | 8h | 6.8041 | −0.006% | $1K | $2K | 5x | as long as short |
| SoDEX COPPER-USD | +0.0050% | 1h | 6.8028 | −0.025% | $901 | $3K | 20x | as long as short |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.8061 | +0.024% | $57K | $55K | 15x | as long as short |
| Lighter XCU | +0.0072% | 1h | 6.8133 | +0.129% | $477K | $39K | 20x | as long as short |
| Pacifica COPPER | +0.0100% | 1h | 6.8021 | −0.035% | $23K | $14K | 10x | as long as short |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.8030 | −0.022% | $258K | $25K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythos | +0.0100% | 8h | 6.8110 | +0.096% | $3K | — | 10x | as long as short |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.8044 | −0.002% | $311 | — | 10x | as long as short |
| Extended XCU-USD | +0.0408% | 1h | 6.7997 | −0.070% | $233K | $2.9M | 20x | as long as short |
SunX COPPER-USDT
HTX COPPER-USDT
Phemex COPPERUSDT
gTrade (Gains Network) HG/USD
QFEX COPPER-USD
edgeX COPPERUSDC
BloFin COPPER-USDT
Vest HG-PERP
Paradex XCU-USD-PERP
SoDEX COPPER-USD
Ondo Perps COPPER-USD.P
Lighter XCU
Pacifica COPPER
KuCoin COPPERUSDTM
Orderly PERP_COPPER_USDC_mythos
Aevo COPPER-PERP
Extended XCU-USD