Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h +0.009%

Price spread now: Orderly against Lighter−0.042%7-day average — · you buy dearer than you sell

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

Long on Lighter 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—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding pays, the price is against you. Orderly is 0.042% cheaper against Lighter than usual: you would sell low and buy high (spread −0.042% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 12 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XCU	6.8369	0.0088	pay 0.0011% / 1h	3m 18s	$478K	$39K	20x
Short	Orderly PERP_COPPER_USDC_mythos	6.8340	0.0100	get 0.0100% / 8h	5h 03m	$3K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.042%Rate

Funding earned: $2.52
Price spread: −0.042% → 0.000%: −$4.24
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$7.72
Costs to cover: 0.060%
Break-even: 28.4 days

Slippage unknown: Lighter: live order book, 52 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 Lighter live order book, 52 min ago	2.12 bp	8.6 bp −$9	27.7 bp −$277	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
QFEX COPPER-USD	0.0000%	1h	6.8270	−0.145%	$1.5M	$129K	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8270	−0.145%	$32K	$21K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8290	−0.116%	$9.0M	$32.5M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8254	−0.168%	$471K	$949K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8110	−0.379%	$1.3M	$493K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8280	−0.130%	$26.0M	$4.2M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8300	−0.101%	$1.7M	$986K	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8282	−0.128%	$743K	$1.4M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8329	−0.059%	$95K	$2.1M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8280	−0.130%	—	$6.7M	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	6.8320	−0.072%	$61K	$24K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.8140	−0.335%	$4.2M	$76K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8248	−0.177%	$178K	—	250x	as long as short
Phoenix COPPER	+0.0012%	1h	6.8297	−0.105%	$45K	$23K	20x	as long as short
edgeX COPPERUSDC	+0.0018%	4h	6.8295	−0.108%	$95K	$319K	20x	as long as short
BloFin COPPER-USDT	+0.0032%	4h	6.8270	−0.145%	$88K	$143K	100x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8246	−0.180%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8264	−0.153%	$2K	$2K	5x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.8255	−0.167%	$10.5M	$4.8M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8250	−0.174%	$904	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8300	−0.101%	$57K	$55K	15x	as long as short
Lighter XCUlong	+0.0088%	1h	6.8369	long leg	$478K	$39K	20x
Pacifica COPPER	+0.0100%	1h	6.8272	−0.141%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8270	−0.145%	$258K	$21K	50x	as long as short
Orderly PERP_COPPER_USDC_mythosshort	+0.0100%	8h	6.8340	−0.042%	$3K	—	10x
Aevo COPPER-PERP	+0.0104%	1h	6.8261	−0.158%	$312	—	10x	as long as short
Kraken Futures PF_XCUUSD	+0.0195%	1h	6.8255	−0.167%	$35K	$178K	20x	as long as short
Extended XCU-USD	+0.0848%	1h	6.8246	−0.180%	$224K	$2.8M	20x	as long as short