Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0212%/8h= −23.2% APRpaid last 24h +0.211%

Price spread now: Orderly against Kraken Futures+0.089%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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

The price spread pays, funding is against you. Orderly is 0.089% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.089% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XCUUSD	6.7980	0.0312	pay 0.0039% / 1h	14m 22s	$28K	$173K	20x
Short	Orderly PERP_COPPER_USDC_mythos	6.8040	0.0100	get 0.0100% / 8h	14m 22s	$3K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Kraken Futures. 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 Kraken FuturesbpFee OrderlybpOrdersPrice spread, now +0.089%Rate

Funding earned: −$44.52
Price spread: +0.089% → 0.000%: $8.87
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$51.65
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 63 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 Kraken Futures live order book, 63 min ago	2.21 bp	21.0 bp −$21	doesn't fit	doesn't fit	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 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
edgeX COPPERUSDC	−0.0011%	4h	6.7995	+0.022%	$93K	$319K	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8010	+0.045%	$32K	$36K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8010	+0.045%	$9.0M	$34.2M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.7975	−0.007%	$467K	$1.2M	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.7870	−0.161%	$1.3M	$493K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8010	+0.045%	$26.9M	$4.9M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8020	+0.059%	$1.7M	$1.0M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.7995	+0.023%	$739K	$1.6M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8007	+0.041%	$90K	$2.1M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8010	+0.045%	—	$7.5M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX COPPER-USDT	0.0000%	4h	6.8030	+0.074%	$60K	$27K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.7950	−0.044%	$4.2M	$79K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.7976	−0.005%	$176K	—	250x	as long as short
QFEX COPPER-USD	+0.0013%	1h	6.7990	+0.015%	$1.5M	$130K	20x	as long as short
Lighter XCU	+0.0032%	1h	6.8104	+0.183%	$476K	$45K	20x	as long as short
Phoenix COPPER	+0.0035%	1h	6.7997	+0.025%	$45K	$30K	20x	as long as short
BloFin COPPER-USDT	+0.0036%	4h	6.7980	0.000%	$87K	$149K	100x	as long as short
Vest HG-PERP	+0.0046%	1h	6.7973	−0.010%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8006	+0.039%	$1K	$3K	5x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.7980	0.000%	$10.4M	$5.1M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.7985	+0.008%	$900	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.7953	−0.039%	$56K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8007	+0.041%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8000	+0.030%	$258K	$25K	50x	as long as short
Orderly PERP_COPPER_USDC_mythosshort	+0.0100%	8h	6.8040	+0.089%	$3K	—	10x
Aevo COPPER-PERP	+0.0104%	1h	6.8004	+0.036%	$311	—	10x	as long as short
Kraken Futures PF_XCUUSDlong	+0.0312%	1h	6.7980	long leg	$28K	$173K	20x
Extended XCU-USD	+0.0488%	1h	6.7987	+0.010%	$230K	$2.9M	20x	as long as short