Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.022%

Price spread now: Phemex against Lighter−0.370%7-day average −0.210% · you buy dearer than you sell

Net, funding: paid 7d − costs−$123as in the Funding arb table

Net, price: spread back to 7d avg − costs−$160as in the Price arb table

costs, in and out, $10k−$1441.437% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.209%+$21 on $10k

Price spread, last 4 days (all we have)+0.121%+$12 · spread now −0.370%, 7d avg −0.210%

Together, before fees+0.330%+ Points / potential airdropLighter: Season 3 · farm board+$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.160% cheaper against Lighter than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.210%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.209%, 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	6.8393	0.0032	pay 0.0004% / 1h	14m 46s	$478K	$40K	20x
Short	Phemex COPPERUSDT	6.8140	0	get 0.0000% / 4h	3h 14m	$4.2M	$78K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.370%Rate

Funding earned: −$6.72
Price spread: −0.370% → −0.210%: −$16.04
Slippage, 4 orders: −$131.72
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$166.48
Costs to cover: 1.437%
Break-even: never at this rate

Slippage from Lighter: live order book, 30 min ago; Phemex: live order book, 4 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, 30 min ago	2.34 bp	8.4 bp −$8	30.8 bp −$308	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.47 bp	53.8 bp −$54	doesn't fit	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	−0.0403%	1h	6.8279	−0.167%	$35K	$176K	20x	as long as short
tradeXYZ xyz:COPPER	−0.0055%	1h	6.8271	−0.178%	$10.6M	$4.9M	20x	as long as short
QFEX COPPER-USD	−0.0003%	1h	6.8290	−0.151%	$1.5M	$129K	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8298	−0.138%	$32K	$27K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8294	−0.145%	$9.1M	$32.9M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8272	−0.177%	$489K	$971K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8190	−0.297%	$1.3M	$505K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8290	−0.151%	$26.1M	$4.5M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8300	−0.136%	$2.5M	$1.7M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8303	−0.132%	$740K	$1.4M	—	as long as short

Show 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	−0.077%	$97K	$2.2M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8310	−0.121%	—	$6.6M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8330	−0.092%	$61K	$24K	75x	as long as short
Phemex COPPERUSDTshort	0.0000%	4h	6.8140	−0.370%	$4.2M	$78K	100x
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8304	−0.130%	$178K	—	250x	as long as short
edgeX COPPERUSDC	+0.0013%	4h	6.8311	−0.119%	$95K	$319K	20x	as long as short
Lighter XCUlong	+0.0032%	1h	6.8393	long leg	$478K	$40K	20x
Extended XCU-USD	+0.0032%	1h	6.8295	−0.144%	$266K	$2.5M	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8308	−0.124%	—	$82K	25x	as long as short
Phoenix COPPER	+0.0047%	1h	6.8325	−0.099%	$45K	$23K	20x	as long as short
BloFin COPPER-USDT	+0.0050%	4h	6.8300	−0.136%	$88K	$135K	100x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8277	−0.169%	$2K	$2K	5x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8280	−0.165%	$904	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8291	−0.149%	$57K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8296	−0.141%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8280	−0.165%	$278K	$35K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8370	−0.034%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8297	−0.140%	$312	—	10x	as long as short