Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0230%/8h= +25.2% APRpaid last 24h −0.068%

Price spread now: Kraken Futures against Orderly−0.091%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 Kraken Futures

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—needs both histories

Funding pays, the price is against you. Kraken Futures is 0.091% cheaper against Orderly than usual: you would sell low and buy high (spread −0.091% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 32 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_COPPER_USDC_mythos	6.8370	0.0100	pay 0.0100% / 8h	6h 54m	$3K	—	10x
Short	Kraken Futures PF_XCUUSD	6.8308	0.0330	get 0.0041% / 1h	54m 11s	$34K	$178K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.091%Rate

Funding earned: $48.29
Price spread: −0.091% → 0.000%: −$9.1
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $23.19
Costs to cover: 0.160%
Break-even: 3.6 days

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 38 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 Kraken Futures live order book, 38 min ago	6.98 bp	28.4 bp −$28	doesn't fit	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
Aster XCUUSDT	0.0000%	4h	6.8320	−0.073%	$32K	$28K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8310	−0.088%	$9.0M	$33.4M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8272	−0.143%	$498K	$889K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8170	−0.293%	$1.3M	$183K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8300	−0.102%	$26.0M	$5.5M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8320	−0.073%	$2.9M	$1.6M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8382	+0.017%	$765K	$1.3M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8399	+0.042%	$91K	$2.4M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8310	−0.088%	—	$5.4M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8420	+0.073%	$61K	$54K	75x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex COPPERUSDT	0.0000%	4h	6.8230	−0.205%	$4.2M	$82K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8323	−0.069%	$178K	—	250x	as long as short
edgeX COPPERUSDC	+0.0007%	4h	6.8379	+0.013%	$95K	$318K	20x	as long as short
BloFin COPPER-USDT	+0.0019%	4h	6.8320	−0.073%	$88K	$153K	100x	as long as short
QFEX COPPER-USD	+0.0020%	1h	6.8300	−0.102%	$1.5M	$144K	20x	as long as short
Extended XCU-USD	+0.0032%	1h	6.8263	−0.156%	$273K	$1.7M	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8267	−0.151%	—	$36K	25x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.8260	−0.161%	$10.8M	$4.1M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8260	−0.161%	$904	$6K	20x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8261	−0.160%	$2K	$1K	5x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8350	−0.029%	$57K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8259	−0.162%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8280	−0.132%	$266K	$39K	50x	as long as short
Orderly PERP_COPPER_USDC_mythoslong	+0.0100%	8h	6.8370	long leg	$3K	—	10x
Aevo COPPER-PERP	+0.0104%	1h	6.8298	−0.106%	$312	—	10x	as long as short
Phoenix COPPER	+0.0129%	1h	6.8365	−0.007%	$45K	$17K	20x	as long as short
Lighter XCU	+0.0144%	1h	6.8412	+0.061%	$479K	$23K	20x	as long as short
Kraken Futures PF_XCUUSDshort	+0.0330%	1h	6.8308	−0.091%	$34K	$178K	20x