Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0088%/8h= +9.7% APRpaid last 24h +0.039%

Price spread now: KuCoin against Phoenix−0.068%48s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on KuCoin

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. KuCoin is 0.068% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.068% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 2.6 days of funding at the current rate (+$3 a day). The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix COPPER	6.8126	0.0012	pay 0.0001% / 1h	46m 38s	$45K	$23K	20x
Short	KuCoin COPPERUSDTM	6.8080	0.0100	get 0.0050% / 4h	1h 46m	$258K	$21K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Phoenix. 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 PhoenixbpFee KuCoinbpOrdersPrice spread, now −0.068%Rate

Funding earned: $18.53
Price spread: −0.068% → 0.000%: −$6.75
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$7.22
Costs to cover: 0.190%
Break-even: 9.7 days

Slippage unknown: Phoenix: no order-book sample; KuCoin: live order book, 49 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 KuCoin live order book, 49 min ago	13.23 bp	59.2 bp −$59	601.3 bp −$6,013	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
QFEX COPPER-USD	0.0000%	1h	6.8080	−0.068%	$1.5M	$129K	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8093	−0.049%	$32K	$21K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8092	−0.049%	$9.0M	$32.4M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8068	−0.085%	$472K	$938K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.7960	−0.244%	$1.3M	$478K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8080	−0.068%	$26.0M	$4.2M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8100	−0.038%	$1.7M	$999K	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8132	+0.008%	$742K	$1.4M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8154	+0.042%	$95K	$2.0M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8130	+0.006%	—	$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	6.8180	+0.079%	$61K	$24K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.7980	−0.214%	$4.2M	$75K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8100	−0.038%	$178K	—	250x	as long as short
Phoenix COPPERlong	+0.0012%	1h	6.8126	long leg	$45K	$23K	20x
edgeX COPPERUSDC	+0.0015%	4h	6.8146	+0.030%	$94K	$319K	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8101	−0.037%	—	$82K	25x	as long as short
BloFin COPPER-USDT	+0.0049%	4h	6.8150	+0.035%	—	$143K	100x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8062	−0.094%	$1K	$2K	5x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.8059	−0.098%	$10.4M	$4.8M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8106	−0.029%	$902	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8095	−0.046%	$57K	$55K	15x	as long as short
Lighter XCU	+0.0080%	1h	6.8180	+0.079%	$477K	$39K	20x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8060	−0.097%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTMshort	+0.0100%	4h	6.8080	−0.068%	$258K	$21K	50x
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8200	+0.109%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8129	+0.004%	$311	—	10x	as long as short
Kraken Futures PF_XCUUSD	+0.0195%	1h	6.8133	+0.011%	$32K	$176K	20x	as long as short
Extended XCU-USD	+0.0520%	1h	6.8057	−0.101%	$224K	$2.8M	20x	as long as short