Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0097%/8h= +10.7% APRpaid last 24h +0.030%

Price spread now: Orderly against QFEX+0.118%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on QFEX Short on Orderly

What this pair did over the last

the charts below follow

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 for this trade now. Funding pays +$3 a day on $10k at the current rate, and Orderly is 0.118% dearer against QFEX than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX COPPER-USD	6.8060	0.0003	pay 0.0000% / 1h	31m 14s	$1.5M	$130K	20x
Short	Orderly PERP_COPPER_USDC_mythos	6.8140	0.0100	get 0.0100% / 8h	1h 31m	$3K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against QFEX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee QFEXbpFee OrderlybpOrdersPrice spread, now +0.118%Rate

Funding earned: $20.46
Price spread: +0.118% → 0.000%: $11.75
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $16.22
Costs to cover: 0.160%
Break-even: 1.5 days

Slippage unknown: QFEX: live order book, 10 min ago; Orderly: no order-book sample. 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 QFEX live order book, 10 min ago	2.20 bp	7.2 bp −$7	11.3 bp −$113	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
tradeXYZ xyz:COPPER	−0.0006%	1h	6.8012	−0.071%	$10.6M	$5.0M	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8081	+0.030%	$32K	$27K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8070	+0.015%	$9.0M	$33.9M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8032	−0.041%	$493K	$981K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.7940	−0.176%	$1.3M	$523K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8070	+0.015%	$26.2M	$4.9M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8070	+0.015%	$2.9M	$2.0M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8073	+0.019%	$734K	$1.4M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8110	+0.073%	$87K	$2.4M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8070	+0.015%	—	$6.4M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX COPPER-USDT	0.0000%	4h	6.8130	+0.103%	$61K	$24K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.8080	+0.029%	$4.2M	$82K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8055	−0.008%	$177K	—	250x	as long as short
QFEX COPPER-USDlong	+0.0003%	1h	6.8060	long leg	$1.5M	$130K	20x
edgeX COPPERUSDC	+0.0008%	4h	6.8089	+0.043%	$94K	$319K	20x	as long as short
BloFin COPPER-USDT	+0.0024%	4h	6.8080	+0.029%	$88K	$139K	100x	as long as short
Extended XCU-USD	+0.0032%	1h	6.8047	−0.019%	$275K	$2.3M	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8034	−0.038%	—	$82K	25x	as long as short
Phoenix COPPER	+0.0047%	1h	6.8060	0.000%	$45K	$22K	20x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8061	+0.002%	$1K	$2K	5x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8031	−0.043%	$4K	$5K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8044	−0.024%	$57K	$55K	15x	as long as short
Lighter XCU	+0.0080%	1h	6.8186	+0.185%	$477K	$42K	20x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8049	−0.016%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8080	+0.029%	$278K	$37K	50x	as long as short
Orderly PERP_COPPER_USDC_mythosshort	+0.0100%	8h	6.8140	+0.118%	$3K	—	10x
Aevo COPPER-PERP	+0.0104%	1h	6.8068	+0.012%	$311	—	10x	as long as short
Kraken Futures PF_XCUUSD	+0.0108%	1h	6.8055	−0.007%	$34K	$176K	20x	as long as short