Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.016%

Price spread now: Phemex against Bitget0.000%46s7-day average −0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$122as 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−$1441.444% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.222%+$22 on $10k

Price spread, last 4 days (all we have)−0.095%−$10 · spread now 0.000%, 7d avg −0.042%

Together, before fees+0.126%+$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.042% dearer against Bitget than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.042%. The two prices were read 46 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	Bitget COPPERUSDT	6.8130	0	get 0.0000% / 4h	1h 11m	$2.9M	$2.0M	100x
Short	Phemex COPPERUSDT	6.8130	0	get 0.0000% / 4h	1h 11m	$4.2M	$83K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.042%: $4.17
Slippage, 4 orders: −$120.38
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$140.2
Costs to cover: 1.444%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Phemex: live order book, 2 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 Bitget live order book, 1 min ago	0.73 bp	11.0 bp −$11	23.7 bp −$237	83.9 bp −$8,386	doesn't fit
Sell Phemex live order book, 2 min ago	2.20 bp	71.7 bp −$72	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	6.8140	+0.015%	$32K	$27K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8140	+0.015%	$9.0M	$34.0M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8090	−0.059%	$487K	$990K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.7970	−0.235%	$1.3M	$523K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8130	0.000%	$26.2M	$5.0M	100x	as long as short
Bitget COPPERUSDTlong	0.0000%	4h	6.8130	long leg	$2.9M	$2.0M	100x
Variational Omni COPPER	0.0000%	4h	6.8153	+0.034%	$749K	$1.4M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8161	+0.045%	$93K	$2.4M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8150	+0.029%	—	$6.4M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8150	+0.029%	$61K	$24K	75x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex COPPERUSDTshort	0.0000%	4h	6.8130	0.000%	$4.2M	$83K	100x
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8108	−0.032%	$178K	—	250x	as long as short
QFEX COPPER-USD	+0.0003%	1h	6.8130	0.000%	$1.5M	$128K	20x	as long as short
edgeX COPPERUSDC	+0.0003%	4h	6.8136	+0.009%	$95K	$317K	20x	as long as short
Extended XCU-USD	+0.0032%	1h	6.8090	−0.059%	$275K	$2.3M	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8087	−0.063%	—	$82K	25x	as long as short
Phoenix COPPER	+0.0047%	1h	6.8138	+0.012%	$45K	$22K	20x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8111	−0.028%	$1K	$2K	5x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.8094	−0.053%	$10.6M	$5.0M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8089	−0.060%	$4K	$5K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8169	+0.057%	$57K	$55K	15x	as long as short
BloFin COPPER-USDT	+0.0054%	4h	6.8140	+0.015%	$88K	$143K	100x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8084	−0.068%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8120	−0.015%	$278K	$37K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8200	+0.103%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8117	−0.020%	$311	—	10x	as long as short
Kraken Futures PF_XCUUSD	+0.0108%	1h	6.8108	−0.033%	$34K	$176K	20x	as long as short
Lighter XCU	+0.0120%	1h	6.8233	+0.151%	$477K	$42K	20x	as long as short