Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0728%/8h= −79.7% APRpaid last 24h −0.044%

Price spread now: OKX against Extended+0.026%7-day average −0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$250.253% of the position

Long on Extended Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.137%−$14 on $10k

Price spread, last 4 days (all we have)−0.043%−$4 · spread now +0.026%, 7d avg −0.074%

Together, before fees−0.180%+ Points / potential airdropExtended: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.100% dearer against Extended than usual: you sell high and buy low (spread +0.026% now, against its 7-day average of −0.074%): +$10 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 7 days (−0.137% in total) that is about 5.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.137% in total (about -7.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended XCU-USD	6.8208	0.0728	pay 0.0091% / 1h	37m 01s	$242K	$2.8M	20x
Short	OKX XCU-USDT-SWAP	6.8225	0	get 0.0000% / 8h	4h 37m	$473K	$954K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Extended. 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 ExtendedbpFee OKXbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$152.88
Price spread: +0.026% → −0.074%: $9.99
Slippage, 4 orders: −$10.27
Fee Extended: 2.5 bp × 2 orders: −$5
Fee OKX: 5 bp × 2 orders: −$10
Net: −$168.16
Costs to cover: 0.253%
Break-even: never at this rate

Slippage from Extended: live order book, 2 min ago; OKX: live order book, 9 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 Extended live order book, 2 min ago	1.54 bp	4.7 bp −$5	55.2 bp −$552	doesn't fit	doesn't fit
Sell OKX live order book, 9 min ago	0.59 bp	7.3 bp −$7	29.7 bp −$297	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	6.8234	+0.038%	$32K	$27K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8225	+0.026%	$9.0M	$32.5M	100x	as long as short
OKX XCU-USDT-SWAPshort	0.0000%	8h	6.8225	+0.026%	$473K	$954K	50x
Gate XCU_USDT	0.0000%	8h	6.8100	−0.158%	$1.3M	$495K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8230	+0.033%	$26.0M	$4.2M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8240	+0.048%	$1.7M	$986K	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8272	+0.095%	$743K	$1.4M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8300	+0.136%	$91K	$2.1M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8230	+0.033%	—	$6.6M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8270	+0.092%	$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 COPPERUSDT	0.0000%	4h	6.8150	−0.084%	$4.2M	$76K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8212	+0.006%	$178K	—	250x	as long as short
edgeX COPPERUSDC	+0.0003%	4h	6.8271	+0.092%	$95K	$318K	20x	as long as short
QFEX COPPER-USD	+0.0009%	1h	6.8210	+0.004%	$1.5M	$129K	20x	as long as short
BloFin COPPER-USDT	+0.0032%	4h	6.8240	+0.048%	$88K	$144K	100x	as long as short
Lighter XCU	+0.0032%	1h	6.8345	+0.202%	$477K	$40K	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8211	+0.005%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8226	+0.027%	$2K	$2K	5x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.8209	+0.002%	$10.5M	$4.8M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8217	+0.014%	$903	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8297	+0.131%	$57K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8246	+0.056%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8210	+0.004%	$258K	$21K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8300	+0.136%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8223	+0.023%	$312	—	10x	as long as short
Phoenix COPPER	+0.0164%	1h	6.8274	+0.097%	$45K	$23K	20x	as long as short
Kraken Futures PF_XCUUSD	+0.0291%	1h	6.8210	+0.003%	$34K	$176K	20x	as long as short
Extended XCU-USDlong	+0.0728%	1h	6.8208	long leg	$242K	$2.8M	20x