Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0013%/8h= +1.4% APRpaid last 24h −0.005%

Price spread now: QFEX against SunX−0.029%7-day average −0.007% · you buy dearer than you sell

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

Long on SunX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.019%−$2 on $10k

Price spread, last 3 days (all we have)+0.029%+$3 · spread now −0.029%, 7d avg −0.007%

Together, before fees+0.010%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. QFEX is 0.022% cheaper against SunX than usual: you would sell low and buy high (spread −0.029% now, against its 7-day average of −0.007%). If the spread goes back, that is −$2 on $10k: about 5.9 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX COPPER-USDT	6.8010	0	get 0.0000% / 4h	47m 52s	—	$7.7M	20x
Short	QFEX COPPER-USD	6.7990	0.0013	get 0.0002% / 1h	47m 52s	$1.5M	$131K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against SunX. 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 SunXbpFee QFEXbpOrdersPrice spread, now −0.029%Rate

Funding earned: $2.65
Price spread: −0.029% → −0.007%: −$2.25
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$17.6
Costs to cover: 0.180%
Break-even: 53.4 days

Slippage unknown: SunX: live order book, 11 min ago; QFEX: live order book, 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 SunX live order book, 11 min ago	46.30 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	2.20 bp	7.2 bp −$7	11.5 bp −$115	doesn't fit	doesn't fit

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
edgeX COPPERUSDC	−0.0017%	4h	6.8017	+0.010%	$93K	$318K	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8010	0.000%	$32K	$36K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8015	+0.007%	$9.0M	$34.7M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.7984	−0.038%	$467K	$1.2M	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.7880	−0.191%	$1.3M	$493K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8010	0.000%	$27.0M	$4.9M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8020	+0.015%	$1.7M	$1.0M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8016	+0.010%	$739K	$1.6M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8055	+0.066%	$89K	$2.2M	25x	as long as short
SunX COPPER-USDTlong	0.0000%	4h	6.8010	long leg	—	$7.7M	20x

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX COPPER-USDT	0.0000%	4h	6.8050	+0.059%	$60K	$27K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.7910	−0.147%	$4.2M	$81K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.7977	−0.048%	$176K	—	250x	as long as short
QFEX COPPER-USDshort	+0.0013%	1h	6.7990	−0.029%	$1.5M	$131K	20x
BloFin COPPER-USDT	+0.0020%	4h	6.8020	+0.015%	$87K	$149K	100x	as long as short
Lighter XCU	+0.0032%	1h	6.8091	+0.119%	$476K	$45K	20x	as long as short
Phoenix COPPER	+0.0035%	1h	6.8021	+0.016%	$45K	$30K	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.7970	−0.059%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8007	−0.004%	$1K	$3K	5x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.7977	−0.049%	$10.4M	$5.4M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.7981	−0.043%	$900	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8044	+0.050%	$57K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8007	−0.004%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8000	−0.015%	$258K	$25K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8090	+0.118%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8002	−0.012%	$311	—	10x	as long as short
Extended XCU-USD	+0.0240%	1h	6.7988	−0.032%	$230K	$2.9M	20x	as long as short
Kraken Futures PF_XCUUSD	+0.0312%	1h	6.7919	−0.134%	$28K	$173K	20x	as long as short