Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0176%/8h= +19.3% APRpaid last 24h +0.080%

Price spread now: Extended against Variational Omni−0.031%7-day average +0.066% · you buy dearer than you sell

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

Long on Variational Omni Short on Extended

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.102%+$10 on $10k

Price spread, last 4 days (all we have)−0.047%−$5 · spread now −0.031%, 7d avg +0.066%

Together, before fees+0.055%+ Points / potential airdropVariational Omni: Active · Extended: Active · farm board+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.097% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.031% now, against its 7-day average of +0.066%). If the spread goes back, that is −$10 on $10k: about 44 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni COPPER	6.8016	0	get 0.0000% / 4h	54m 17s	$739K	$1.6M	—
Short	Extended XCU-USD	6.7995	0.0176	get 0.0022% / 1h	54m 17s	$231K	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee ExtendedbpOrdersPrice spread, now −0.031%Rate

Funding earned: $36.96
Price spread: −0.031% → +0.066%: −$9.69
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $22.27
Costs to cover: 0.050%
Break-even: 2.8 days

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Extended: 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 Variational Omni RFQ quote, 5 min ago	2.98 bp	doesn't fit	11.8 bp −$118	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	1.03 bp	4.6 bp −$5	58.9 bp −$589	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
BloFin COPPER-USDT	−0.0056%	4h	6.8030	+0.021%	$87K	$149K	100x	as long as short
edgeX COPPERUSDC	−0.0001%	4h	6.8016	0.000%	$93K	$317K	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8013	−0.005%	$32K	$36K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8030	+0.021%	$9.0M	$34.7M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.7971	−0.066%	$467K	$1.2M	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.7880	−0.200%	$1.3M	$493K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8020	+0.006%	$27.0M	$4.9M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8040	+0.036%	$1.7M	$1.0M	100x	as long as short
Variational Omni COPPERlong	0.0000%	4h	6.8016	long leg	$739K	$1.6M	—
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8055	+0.057%	$91K	$2.2M	25x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX COPPER-USDT	0.0000%	4h	6.8020	+0.006%	—	$7.7M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8040	+0.036%	$60K	$28K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.7910	−0.156%	$4.2M	$81K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.7991	−0.037%	$176K	—	250x	as long as short
QFEX COPPER-USD	+0.0013%	1h	6.8010	−0.009%	$1.5M	$138K	20x	as long as short
Lighter XCU	+0.0032%	1h	6.8102	+0.127%	$476K	$45K	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.7988	−0.041%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8020	+0.005%	$1K	$3K	5x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.7989	−0.039%	$10.4M	$5.4M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.7987	−0.042%	$900	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.7970	−0.067%	$57K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8026	+0.015%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8010	−0.009%	$258K	$25K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8100	+0.124%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8018	+0.003%	$311	—	10x	as long as short
Extended XCU-USDshort	+0.0176%	1h	6.7995	−0.031%	$231K	$2.9M	20x
Kraken Futures PF_XCUUSD	+0.0312%	1h	6.7932	−0.123%	$28K	$173K	20x	as long as short
Phoenix COPPER	+0.0329%	1h	6.8005	−0.016%	$45K	$30K	20x	as long as short