Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0099%/8h= −10.8% APRpaid last 24h −0.030%

Price spread now: gTrade (Gains Network) against Orderly−0.160%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 1 day (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 against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.160% cheaper against Orderly than usual: you would sell low and buy high (−$16 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_COPPER_USDC_mythos	6.8190	0.0100	pay 0.0100% / 8h	1h 40m	$3K	—	10x
Short	gTrade (Gains Network) HG/USD	6.8081	L +0.0002% / S −0.0001%	get 0.0000% / 1h	40m 04s	$177K	—	250x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Orderly. 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 OrderlybpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.160%Rate

Funding earned: −$20.7
Price spread: −0.160% → 0.000%: −$15.96
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$52.65
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; gTrade (Gains Network): virtual book (oracle venue), 34 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell gTrade (Gains Network) virtual book (oracle venue), 34 min ago	130.01 bp	213.7 bp −$214	1617.5 bp −$16.2K	doesn't fit	doesn't fit

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
BloFin COPPER-USDT	−0.0052%	4h	6.8130	−0.088%	$88K	$139K	100x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8127	−0.092%	$32K	$27K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8130	−0.088%	$9.2M	$33.6M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8093	−0.142%	$497K	$970K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8000	−0.279%	$1.3M	$521K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8130	−0.088%	$26.3M	$4.9M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8120	−0.103%	$2.9M	$2.0M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8133	−0.083%	$735K	$1.4M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8150	−0.059%	$90K	$2.3M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8130	−0.088%	—	$6.4M	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	6.8190	0.000%	$61K	$24K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.8120	−0.103%	$4.2M	$82K	100x	as long as short
gTrade (Gains Network) HG/USDshort	L +0.0002% / S −0.0001%	1h	6.8081	−0.160%	$177K	—	250x
QFEX COPPER-USD	+0.0003%	1h	6.8120	−0.103%	$1.5M	$130K	20x	as long as short
tradeXYZ xyz:COPPER	+0.0004%	1h	6.8068	−0.179%	$10.6M	$5.0M	20x	as long as short
edgeX COPPERUSDC	+0.0020%	4h	6.8130	−0.088%	$94K	$320K	20x	as long as short
Extended XCU-USD	+0.0032%	1h	6.8089	−0.147%	$276K	$2.3M	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8087	−0.151%	—	$82K	25x	as long as short
Phoenix COPPER	+0.0047%	1h	6.8100	−0.132%	$45K	$22K	20x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8117	−0.107%	$1K	$2K	5x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8070	−0.176%	$4K	$5K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8161	−0.043%	$57K	$55K	15x	as long as short
Lighter XCU	+0.0056%	1h	6.8212	+0.032%	$477K	$42K	20x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8106	−0.123%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8110	−0.117%	$278K	$37K	50x	as long as short
Orderly PERP_COPPER_USDC_mythoslong	+0.0100%	8h	6.8190	long leg	$3K	—	10x
Aevo COPPER-PERP	+0.0104%	1h	6.8121	−0.101%	$311	—	10x	as long as short
Kraken Futures PF_XCUUSD	+0.0108%	1h	6.8113	−0.114%	$34K	$176K	20x	as long as short