Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.022%

Price spread now: Gate against Lighter−0.356%7-day average −0.247% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$840.842% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.216%+$22 on $10k

Price spread, last 4 days (all we have)+0.157%+$16 · spread now −0.356%, 7d avg −0.247%

Together, before fees+0.374%+ Points / potential airdropLighter: Season 3 · farm board+$37 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Gate is 0.109% cheaper against Lighter than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.247%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.216%, 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	Lighter XCU	6.8203	0.0056	pay 0.0007% / 1h	50m 21s	$477K	$45K	20x
Short	Gate XCU_USDT	6.7960	0	get 0.0000% / 8h	7h 50m	$1.3M	$491K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Lighter. 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 LighterbpFee GatebpOrdersPrice spread, now −0.356%Rate

Funding earned: −$11.76
Price spread: −0.356% → −0.247%: −$10.93
Slippage, 4 orders: −$69.2
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$106.89
Costs to cover: 0.842%
Break-even: never at this rate

Slippage from Lighter: live order book, 15 min ago; Gate: 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 Lighter live order book, 15 min ago	2.86 bp	10.9 bp −$11	30.8 bp −$308	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	0.74 bp	28.7 bp −$29	229.0 bp −$2,290	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
Kraken Futures PF_XCUUSD	−0.0448%	1h	6.7960	−0.356%	$28K	$174K	20x	as long as short
edgeX COPPERUSDC	−0.0016%	4h	6.8080	−0.180%	$93K	$318K	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8104	−0.145%	$32K	$36K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8100	−0.151%	$9.0M	$34.1M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8076	−0.186%	$470K	$992K	50x	as long as short
Gate XCU_USDTshort	0.0000%	8h	6.7960	−0.356%	$1.3M	$491K	100x
MEXC COPPER_USDT	0.0000%	4h	6.8090	−0.166%	$26.8M	$4.9M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8110	−0.136%	$1.7M	$1.0M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8094	−0.159%	$741K	$1.6M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8100	−0.151%	$94K	$2.2M	25x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX COPPER-USDT	0.0000%	4h	6.8100	−0.151%	—	$7.4M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8130	−0.107%	$60K	$27K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.7950	−0.371%	$4.2M	$78K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8068	−0.198%	$177K	—	250x	as long as short
QFEX COPPER-USD	+0.0004%	1h	6.8090	−0.166%	$1.5M	$139K	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8062	−0.207%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8099	−0.152%	$1K	$3K	5x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.8065	−0.202%	$10.4M	$5.1M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8068	−0.198%	$901	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8101	−0.150%	$57K	$55K	15x	as long as short
BloFin COPPER-USDT	+0.0051%	4h	6.8080	−0.180%	$87K	$150K	100x	as long as short
Lighter XCUlong	+0.0056%	1h	6.8203	long leg	$477K	$45K	20x
Pacifica COPPER	+0.0100%	1h	6.8077	−0.184%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8040	−0.239%	$258K	$25K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8160	−0.063%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8085	−0.173%	$311	—	10x	as long as short
Phoenix COPPER	+0.0118%	1h	6.8087	−0.170%	$45K	$30K	20x	as long as short
Extended XCU-USD	+0.0368%	1h	6.8066	−0.200%	$228K	$2.9M	20x	as long as short