Funding you earn now, next payment 07:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.006%
Price spread now: Phemex against tradeXYZ+0.066%48s7-day average −0.040% · you sell dearer than you buy
Net, funding: paid 7d − costs−$124as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$1321.316% of the position
Funding, last 7 days+0.079%+$8 on $10k
+Price spread, last 4 days (all we have)−0.223%−$22 · spread now +0.066%, 7d avg −0.040%
=Together, before fees−0.144%+ Points / potential airdroptradeXYZ: Active · farm board−$14 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Phemex is 0.106% dearer against tradeXYZ than usual: you sell high and buy low (spread +0.066% now, against its 7-day average of −0.040%): +$11 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 days. Mind the row above: over the last 7 days funding on this pair paid +0.079%, so the current rate has only just turned against you. The two prices were read 48 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 | tradeXYZ xyz:COPPER | 6.8085 | 0.0032 | pay 0.0004% / 1h | 51m 16s | $10.6M | $5.0M | 20x |
| Short | Phemex COPPERUSDT | 6.8130 | 0 | get 0.0000% / 4h | 1h 51m | $4.2M | $82K | 100x |
tradeXYZ xyz:COPPER
Phemex COPPERUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against tradeXYZ. 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
- −$6.81
- Price spread: +0.066% → −0.040%
- $10.61
- Slippage, 4 orders
- −$101.64
- Fee tradeXYZ: 9 bp × 2 orders
- −$18
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$127.84
- Costs to cover
- 1.316%
- Break-even
- never at this rate
Slippage from tradeXYZ: live order book, 6 min ago; Phemex: live order book, 3 min ago.
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 tradeXYZ live order book, 6 min ago | 0.81 bp | 10.6 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 3 min ago | 1.47 bp | 57.6 bp −$58 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Aster XCUUSDT | 0.0000% | 4h | 6.8146 | +0.090% | $32K | $27K | 50x | as long as short |
| Binance COPPERUSDT | 0.0000% | 4h | 6.8130 | +0.066% | $9.2M | $33.6M | 100x | as long as short |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.8086 | +0.001% | $497K | $971K | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.8000 | −0.125% | $1.3M | $520K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.8120 | +0.051% | $26.6M | $4.7M | 100x | as long as short |
| Bitget COPPERUSDT | 0.0000% | 4h | 6.8130 | +0.066% | $2.9M | $2.0M | 100x | as long as short |
| Variational Omni COPPER | 0.0000% | 4h | 6.8223 | +0.203% | $736K | $1.4M | — | as long as short |
| GRVT COPPER_USDT_Perp | 0.0000% | 4h | 6.8190 | +0.154% | $93K | $2.3M | 25x | as long as short |
| SunX COPPER-USDT | 0.0000% | 4h | 6.8130 | +0.066% | — | $6.5M | 20x | as long as short |
| HTX COPPER-USDT | 0.0000% | 4h | 6.8190 | +0.154% | $61K | $24K | 75x | as long as short |
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-USDT
HTX COPPER-USDTShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phemex COPPERUSDTshort | 0.0000% | 4h | 6.8130 | +0.066% | $4.2M | $82K | 100x | |
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.8100 | +0.022% | $178K | — | 250x | as long as short |
| QFEX COPPER-USD | +0.0003% | 1h | 6.8140 | +0.081% | $1.5M | $130K | 20x | as long as short |
| BloFin COPPER-USDT | +0.0004% | 4h | 6.8170 | +0.125% | $88K | $139K | 100x | as long as short |
| edgeX COPPERUSDC | +0.0008% | 4h | 6.8177 | +0.136% | $94K | $318K | 20x | as long as short |
| Extended XCU-USD | +0.0032% | 1h | 6.8111 | +0.038% | $273K | $2.4M | 20x | as long as short |
| tradeXYZ xyz:COPPERlong | +0.0032% | 1h | 6.8085 | long leg | $10.6M | $5.0M | 20x | |
| Vest HG-PERP | +0.0046% | 1h | 6.8111 | +0.038% | — | $82K | 25x | as long as short |
| Phoenix COPPER | +0.0047% | 1h | 6.8168 | +0.122% | $45K | $22K | 20x | as long as short |
| Paradex XCU-USD-PERP | +0.0050% | 8h | 6.8114 | +0.042% | $1K | $2K | 5x | as long as short |
| SoDEX COPPER-USD | +0.0050% | 1h | 6.8085 | 0.000% | $902 | $3K | 20x | as long as short |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.8207 | +0.179% | $57K | $55K | 15x | as long as short |
| Lighter XCU | +0.0072% | 1h | 6.8229 | +0.212% | $477K | $41K | 20x | as long as short |
| Pacifica COPPER | +0.0100% | 1h | 6.8120 | +0.051% | $23K | $14K | 10x | as long as short |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.8130 | +0.066% | $278K | $37K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythos | +0.0100% | 8h | 6.8210 | +0.184% | $3K | — | 10x | as long as short |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.8121 | +0.052% | $311 | — | 10x | as long as short |
| Kraken Futures PF_XCUUSD | +0.0108% | 1h | 6.8103 | +0.027% | $34K | $176K | 20x | as long as short |
gTrade (Gains Network) HG/USD
QFEX COPPER-USD
BloFin COPPER-USDT
edgeX COPPERUSDC
Extended XCU-USD
Vest HG-PERP
Phoenix COPPER
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
Kraken Futures PF_XCUUSD