Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0098%/8h= +10.7% APRpaid last 24h +0.029%

Price spread now: Orderly against gTrade (Gains Network)+0.096%63s7-day average — · you sell dearer than you buy

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

Long on gTrade (Gains Network)Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 2 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Orderly is 0.096% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 63 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	gTrade (Gains Network) HG/USD	6.8454	L +0.0002% / S −0.0001%	pay 0.0000% / 1h	26m 55s	$178K	—	250x
Short	Orderly PERP_COPPER_USDC_mythos	6.8520	0.0100	get 0.0100% / 8h	5h 26m	$3K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee OrderlybpOrdersPrice spread, now +0.096%Rate

Funding earned: $20.6
Price spread: +0.096% → 0.000%: $9.57
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $14.17
Costs to cover: 0.160%
Break-even: 2.2 days

Slippage unknown: gTrade (Gains Network): virtual book (oracle exchange), 20 min ago; Orderly: no order-book sample. 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 gTrade (Gains Network) virtual book (oracle exchange), 20 min ago	130.01 bp	229.7 bp −$230	1613.4 bp −$16.1K	13153.2 bp −$1.32M	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

COPPER on 28 exchanges

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	6.8476	+0.032%	$35K	$31K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8473	+0.027%	$9.0M	$32.0M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8380	−0.109%	$516K	$807K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8320	−0.196%	$1.3M	$181K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8460	+0.008%	$26.2M	$5.7M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8430	−0.036%	$3.9M	$2.1M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8429	−0.037%	$775K	$538K	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8450	−0.007%	$87K	$2.3M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8480	+0.037%	—	$4.7M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8500	+0.066%	$61K	$71K	75x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex COPPERUSDT	0.0000%	4h	6.8400	−0.080%	$4.2M	$82K	100x	as long as short
gTrade (Gains Network) HG/USDlong	L +0.0002% / S −0.0001%	1h	6.8454	long leg	$178K	—	250x
QFEX COPPER-USD	+0.0011%	1h	6.8460	+0.008%	$1.5M	$150K	20x	as long as short
edgeX COPPERUSDC	+0.0013%	4h	6.8456	+0.002%	$95K	$318K	20x	as long as short
BloFin COPPER-USDT	+0.0020%	4h	6.8470	+0.023%	$90K	$160K	100x	as long as short
Lighter XCU	+0.0032%	1h	6.8535	+0.118%	$480K	$25K	20x	as long as short
Extended XCU-USD	+0.0032%	1h	6.8456	+0.002%	$267K	$1.7M	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8447	−0.011%	—	$36K	25x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.8436	−0.027%	$10.8M	$3.8M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8423	−0.046%	$906	$6K	20x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8454	0.000%	$2K	$825	5x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8413	−0.061%	$59K	$54K	15x	as long as short
Phoenix COPPER	+0.0093%	1h	6.8455	+0.001%	$44K	$18K	20x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8467	+0.019%	$24K	$13K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8460	+0.008%	$267K	$39K	50x	as long as short
Orderly PERP_COPPER_USDC_mythosshort	+0.0100%	8h	6.8520	+0.096%	$3K	—	10x
Aevo COPPER-PERP	+0.0104%	1h	6.8446	−0.013%	$313	—	10x	as long as short
Kraken Futures PF_XCUUSD	+0.0337%	1h	6.8430	−0.035%	$34K	$180K	20x	as long as short