Funding you earn now, next payment 12:00 UTC−0.0181%/8h= −19.8% APRpaid last 24h +0.004%
Price spread now: Phemex against Kraken Futures−0.185%7-day average 0.000% · you buy dearer than you sell
Net, funding: paid 7d − costs+$226as in the Funding arb table
Net, price: spread back to 7d avg − costs−$188as in the Price arb table
costs, in and out, $10k−$1701.698% of the position
Funding, last 7 days+3.962%+$396 on $10k
+Price spread, last 4 days (all we have)−0.003%$0 · spread now −0.185%, 7d avg 0.000%
=Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phemex is 0.185% cheaper against Kraken Futures than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of 0.000%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +3.962%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_XCUUSD | 6.8516 | 0.0181 | pay 0.0023% / 1h | 54m 43s | $34K | $180K | 20x |
| Short | Phemex COPPERUSDT | 6.8390 | 0 | get 0.0000% / 4h | 54m 43s | $4.2M | $83K | 100x |
Kraken Futures PF_XCUUSD
Phemex COPPERUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$38.04
- Price spread: −0.185% → 0.000%
- −$18.5
- Slippage, 4 orders
- −$147.78
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$226.32
- Costs to cover
- 1.698%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 51 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 Kraken Futures live order book, 51 min ago | 5.19 bp | 13.6 bp −$14 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 2 min ago | 0.73 bp | 60.8 bp −$61 | doesn't fit | doesn't fit | doesn't fit |
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 | 6.8557 | +0.059% | $35K | $31K | 50x | as long as short |
| Binance COPPERUSDT | 0.0000% | 4h | 6.8550 | +0.049% | $9.1M | $32.8M | 100x | as long as short |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.8444 | −0.106% | $532K | $823K | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.8360 | −0.228% | $1.3M | $173K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.8530 | +0.020% | $26.3M | $5.6M | 100x | as long as short |
| Bitget COPPERUSDT | 0.0000% | 4h | 6.8510 | −0.009% | $3.9M | $2.2M | 100x | as long as short |
| Variational Omni COPPER | 0.0000% | 4h | 6.8547 | +0.044% | $774K | $540K | — | as long as short |
| GRVT COPPER_USDT_Perp | 0.0000% | 4h | 6.8582 | +0.095% | $91K | $2.3M | 25x | as long as short |
| SunX COPPER-USDT | 0.0000% | 4h | 6.8540 | +0.034% | — | $4.6M | 20x | as long as short |
| HTX COPPER-USDT | 0.0000% | 4h | 6.8610 | +0.137% | $61K | $71K | 75x | as long as short |
Aster XCUUSDT
Binance COPPERUSDT
OKX XCU-USDT-SWAP
Gate XCU_USDT
MEXC COPPER_USDT
Bitget COPPERUSDT
Variational Omni COPPER
GRVT COPPER_USDT_Perp
SunX COPPER-USDT
HTX COPPER-USDTShow all 28 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phemex COPPERUSDTshort | 0.0000% | 4h | 6.8390 | −0.185% | $4.2M | $83K | 100x | |
| edgeX COPPERUSDC | +0.0001% | 4h | 6.8588 | +0.104% | $95K | $319K | 20x | as long as short |
| QFEX COPPER-USD | +0.0001% | 1h | 6.8510 | −0.009% | $1.5M | $151K | 20x | as long as short |
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.8485 | −0.046% | $179K | — | 250x | as long as short |
| Extended XCU-USD | +0.0032% | 1h | 6.8511 | −0.008% | $270K | $1.7M | 20x | as long as short |
| Vest HG-PERP | +0.0046% | 1h | 6.8494 | −0.033% | — | $36K | 25x | as long as short |
| SoDEX COPPER-USD | +0.0050% | 1h | 6.8521 | +0.007% | $907 | $6K | 20x | as long as short |
| Paradex XCU-USD-PERP | +0.0050% | 8h | 6.8525 | +0.012% | $2K | $825 | 5x | as long as short |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.8562 | +0.066% | $59K | $54K | 15x | as long as short |
| BloFin COPPER-USDT | +0.0051% | 4h | 6.8550 | +0.049% | $90K | $155K | 100x | as long as short |
| Lighter XCU | +0.0072% | 1h | 6.8615 | +0.144% | $480K | $26K | 20x | as long as short |
| Phoenix COPPER | +0.0093% | 1h | 6.8600 | +0.122% | $44K | $11K | 20x | as long as short |
| Pacifica COPPER | +0.0100% | 1h | 6.8512 | −0.007% | $24K | $13K | 10x | as long as short |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.8500 | −0.024% | $261K | $43K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythos | +0.0100% | 8h | 6.8580 | +0.093% | $3K | — | 10x | as long as short |
| tradeXYZ xyz:COPPER | +0.0103% | 1h | 6.8520 | +0.005% | $10.9M | $3.9M | 20x | as long as short |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.8524 | +0.011% | $313 | — | 10x | as long as short |
| Kraken Futures PF_XCUUSDlong | +0.0181% | 1h | 6.8516 | long leg | $34K | $180K | 20x |
edgeX COPPERUSDC
QFEX COPPER-USD
gTrade (Gains Network) HG/USD
Extended XCU-USD
Vest HG-PERP
SoDEX COPPER-USD
Paradex XCU-USD-PERP
Ondo Perps COPPER-USD.P
BloFin COPPER-USDT
Lighter XCU
Phoenix COPPER
Pacifica COPPER
KuCoin COPPERUSDTM
Orderly PERP_COPPER_USDC_mythos
tradeXYZ xyz:COPPER
Aevo COPPER-PERP