Funding you earn now, next payment 00:00 UTC−0.0565%/8h= −61.9% APRnext payment −$0.71 per $10,000 · paid last 24h −0.178%
Price spread now: Kraken Futures against Phoenix−0.223%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
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
Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Kraken Futures is 0.223% cheaper against Phoenix than usual: you would sell low and buy high (−$22 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 | Phoenix COPPER | 6.8095 | 0.0118 | pay 0.0015% / 1h | 47m 17s | $45K | $30K | 20x |
| Short | Kraken Futures PF_XCUUSD | 6.7943 | −0.0448 | pay 0.0056% / 1h | 47m 17s | $28K | $174K | 20x |
Phoenix COPPER
Kraken Futures PF_XCUUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$118.74
- Price spread: −0.223% → 0.000%
- −$22.31
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$158.05
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Kraken Futures: live order book, 25 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Kraken Futures live order book, 25 min ago | 0.29 bp | 25.0 bp −$25 | doesn't fit | doesn't fit | doesn't fit |
Phoenix: 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_XCUUSDshort | −0.0448% | 1h | 6.7943 | −0.223% | $28K | $174K | 20x | |
| edgeX COPPERUSDC | −0.0016% | 4h | 6.8104 | +0.013% | $94K | $319K | 20x | as long as short |
| Aster XCUUSDT | 0.0000% | 4h | 6.8086 | −0.013% | $32K | $36K | 50x | as long as short |
| Binance COPPERUSDT | 0.0000% | 4h | 6.8080 | −0.022% | $9.0M | $34.1M | 100x | as long as short |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.8059 | −0.053% | $470K | $990K | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.7950 | −0.213% | $1.3M | $491K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.8080 | −0.022% | $26.8M | $4.9M | 100x | as long as short |
| Bitget COPPERUSDT | 0.0000% | 4h | 6.8100 | +0.007% | $1.7M | $1.0M | 100x | as long as short |
| Variational Omni COPPER | 0.0000% | 4h | 6.8094 | −0.001% | $741K | $1.6M | — | as long as short |
| GRVT COPPER_USDT_Perp | 0.0000% | 4h | 6.8130 | +0.051% | $94K | $2.1M | 25x | as long as short |
edgeX COPPERUSDC
Aster XCUUSDT
Binance COPPERUSDT
OKX XCU-USDT-SWAP
Gate XCU_USDT
MEXC COPPER_USDT
Bitget COPPERUSDT
Variational Omni COPPER
GRVT COPPER_USDT_PerpShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX COPPER-USDT | 0.0000% | 4h | 6.8090 | −0.007% | — | $7.4M | 20x | as long as short |
| HTX COPPER-USDT | 0.0000% | 4h | 6.8130 | +0.051% | $60K | $27K | 75x | as long as short |
| Phemex COPPERUSDT | 0.0000% | 4h | 6.7910 | −0.272% | $4.2M | $78K | 100x | as long as short |
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.8056 | −0.058% | $177K | — | 250x | as long as short |
| QFEX COPPER-USD | +0.0004% | 1h | 6.8070 | −0.037% | $1.5M | $139K | 20x | as long as short |
| BloFin COPPER-USDT | +0.0009% | 4h | 6.8090 | −0.007% | $87K | $150K | 100x | as long as short |
| Vest HG-PERP | +0.0046% | 1h | 6.8053 | −0.062% | — | $82K | 25x | as long as short |
| Paradex XCU-USD-PERP | +0.0050% | 8h | 6.8079 | −0.023% | $1K | $3K | 5x | as long as short |
| tradeXYZ xyz:COPPER | +0.0050% | 1h | 6.8059 | −0.053% | $10.4M | $5.1M | 20x | as long as short |
| SoDEX COPPER-USD | +0.0050% | 1h | 6.8055 | −0.059% | $901 | $3K | 20x | as long as short |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.8059 | −0.053% | $57K | $55K | 15x | as long as short |
| Lighter XCU | +0.0056% | 1h | 6.8191 | +0.141% | $477K | $45K | 20x | as long as short |
| Pacifica COPPER | +0.0100% | 1h | 6.8058 | −0.054% | $23K | $14K | 10x | as long as short |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.8050 | −0.066% | $258K | $25K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythos | +0.0100% | 8h | 6.8150 | +0.081% | $3K | — | 10x | as long as short |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.8073 | −0.033% | $311 | — | 10x | as long as short |
| Phoenix COPPERlong | +0.0118% | 1h | 6.8095 | long leg | $45K | $30K | 20x | |
| Extended XCU-USD | +0.0392% | 1h | 6.8055 | −0.058% | $229K | $2.9M | 20x | as long as short |
SunX COPPER-USDT
HTX COPPER-USDT
Phemex COPPERUSDT
gTrade (Gains Network) HG/USD
QFEX COPPER-USD
BloFin COPPER-USDT
Vest HG-PERP
Paradex XCU-USD-PERP
tradeXYZ xyz:COPPER
SoDEX COPPER-USD
Ondo Perps COPPER-USD.P
Lighter XCU
Pacifica COPPER
KuCoin COPPERUSDTM
Orderly PERP_COPPER_USDC_mythos
Aevo COPPER-PERP
Extended XCU-USD