Funding you earn now, next payment 04:00 UTC+0.0451%/8h= +49.3% APRnext payment +$0.56 per $10,000 · paid last 24h +0.105%
Price spread now: Phoenix against Kraken Futures+0.108%71s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
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
Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Phoenix is 0.108% dearer against Kraken Futures than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 71 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 | Kraken Futures PF_XCUUSD | 6.8251 | −0.0404 | get 0.0050% / 1h | 14m 15s | $35K | $176K | 20x |
| Short | Phoenix COPPER | 6.8325 | 0.0047 | get 0.0006% / 1h | 14m 15s | $45K | $23K | 20x |
Kraken Futures PF_XCUUSD
Phoenix COPPERFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- $94.61
- Price spread: +0.108% → 0.000%
- $10.8
- Slippage, 4 orders
- no order book: not counted
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $88.42
- Costs to cover
- 0.170%
- Break-even
- 0.5 days
Slippage unknown: Kraken Futures: live order book, 38 min ago; Phoenix: 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, 38 min ago | 9.16 bp | 25.1 bp −$25 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix no order-book sample | — | — | — | — | — |
Phoenix: 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_XCUUSDlong | −0.0404% | 1h | 6.8251 | long leg | $35K | $176K | 20x | |
| tradeXYZ xyz:COPPER | −0.0054% | 1h | 6.8271 | +0.029% | $10.6M | $4.9M | 20x | as long as short |
| QFEX COPPER-USD | −0.0003% | 1h | 6.8280 | +0.042% | $1.5M | $129K | 20x | as long as short |
| Aster XCUUSDT | 0.0000% | 4h | 6.8303 | +0.076% | $32K | $27K | 50x | as long as short |
| Binance COPPERUSDT | 0.0000% | 4h | 6.8297 | +0.067% | $9.1M | $32.9M | 100x | as long as short |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.8272 | +0.030% | $489K | $971K | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.8180 | −0.104% | $1.3M | $505K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.8290 | +0.057% | $26.1M | $4.5M | 100x | as long as short |
| Bitget COPPERUSDT | 0.0000% | 4h | 6.8300 | +0.071% | $2.5M | $1.7M | 100x | as long as short |
| Variational Omni COPPER | 0.0000% | 4h | 6.8303 | +0.076% | $740K | $1.4M | — | as long as short |
tradeXYZ xyz:COPPER
QFEX COPPER-USD
Aster XCUUSDT
Binance COPPERUSDT
OKX XCU-USDT-SWAP
Gate XCU_USDT
MEXC COPPER_USDT
Bitget COPPERUSDT
Variational Omni COPPERShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT COPPER_USDT_Perp | 0.0000% | 4h | 6.8340 | +0.130% | $97K | $2.2M | 25x | as long as short |
| SunX COPPER-USDT | 0.0000% | 4h | 6.8290 | +0.057% | — | $6.6M | 20x | as long as short |
| HTX COPPER-USDT | 0.0000% | 4h | 6.8330 | +0.115% | $61K | $24K | 75x | as long as short |
| Phemex COPPERUSDT | 0.0000% | 4h | 6.8150 | −0.148% | $4.2M | $78K | 100x | as long as short |
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.8286 | +0.052% | $178K | — | 250x | as long as short |
| edgeX COPPERUSDC | +0.0013% | 4h | 6.8311 | +0.088% | $95K | $319K | 20x | as long as short |
| Lighter XCU | +0.0032% | 1h | 6.8398 | +0.215% | $478K | $40K | 20x | as long as short |
| Extended XCU-USD | +0.0032% | 1h | 6.8295 | +0.064% | $266K | $2.5M | 20x | as long as short |
| Vest HG-PERP | +0.0046% | 1h | 6.8290 | +0.057% | — | $82K | 25x | as long as short |
| Phoenix COPPERshort | +0.0047% | 1h | 6.8325 | +0.108% | $45K | $23K | 20x | |
| BloFin COPPER-USDT | +0.0050% | 4h | 6.8300 | +0.071% | $88K | $135K | 100x | as long as short |
| Paradex XCU-USD-PERP | +0.0050% | 8h | 6.8277 | +0.038% | $2K | $2K | 5x | as long as short |
| SoDEX COPPER-USD | +0.0050% | 1h | 6.8267 | +0.023% | $904 | $3K | 20x | as long as short |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.8314 | +0.092% | $57K | $55K | 15x | as long as short |
| Pacifica COPPER | +0.0100% | 1h | 6.8296 | +0.066% | $23K | $14K | 10x | as long as short |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.8280 | +0.042% | $278K | $35K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythos | +0.0100% | 8h | 6.8350 | +0.145% | $3K | — | 10x | as long as short |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.8280 | +0.041% | $312 | — | 10x | as long as short |
GRVT COPPER_USDT_Perp
SunX COPPER-USDT
HTX COPPER-USDT
Phemex COPPERUSDT
gTrade (Gains Network) HG/USD
edgeX COPPERUSDC
Lighter XCU
Extended XCU-USD
Vest HG-PERP
BloFin COPPER-USDT
Paradex XCU-USD-PERP
SoDEX COPPER-USD
Ondo Perps COPPER-USD.P
Pacifica COPPER
KuCoin COPPERUSDTM
Orderly PERP_COPPER_USDC_mythos
Aevo COPPER-PERP