Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h −0.044%

Price spread now: Variational Omni against Phoenix+0.049%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.049% dearer against Phoenix than usual: you sell high and buy low (spread +0.049% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix COPPER	6.8474	0.0093	pay 0.0012% / 1h	48m 56s	$44K	$18K	20x
Short	Variational Omni COPPER	6.8508	0	get 0.0000% / 4h	1h 48m	$775K	$538K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.049%Rate

Funding earned: −$19.62
Price spread: +0.049% → 0.000%: $4.9
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$21.72
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Variational Omni: RFQ quote, 43 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 Variational Omni RFQ quote, 43 min ago	2.97 bp	doesn't fit	9.7 bp −$97	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 exchanges

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 XCU-USDT	−0.0002%	8h	6.8423	−0.074%	$49K	$302K	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8481	+0.010%	$35K	$31K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8478	+0.007%	$9.0M	$32.0M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8420	−0.079%	$508K	$801K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8330	−0.210%	$1.3M	$181K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8470	−0.006%	$26.3M	$5.5M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8450	−0.035%	$3.6M	$1.9M	100x	as long as short
Variational Omni COPPERshort	0.0000%	4h	6.8508	+0.049%	$775K	$538K	—
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8514	+0.059%	$92K	$2.3M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8480	+0.009%	—	$4.8M	20x	as long as short

Show all 28 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX COPPER-USDT	0.0000%	4h	6.8540	+0.096%	$61K	$71K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.8380	−0.137%	$4.2M	$82K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8461	−0.019%	$178K	—	250x	as long as short
edgeX COPPERUSDC	+0.0007%	4h	6.8492	+0.026%	$95K	$320K	20x	as long as short
QFEX COPPER-USD	+0.0011%	1h	6.8450	−0.035%	$1.5M	$150K	20x	as long as short
Lighter XCU	+0.0032%	1h	6.8563	+0.130%	$480K	$25K	20x	as long as short
Extended XCU-USD	+0.0032%	1h	6.8431	−0.063%	$271K	$1.7M	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8445	−0.042%	—	$36K	25x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.8453	−0.031%	$10.8M	$3.8M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8448	−0.038%	$906	$6K	20x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8447	−0.039%	$2K	$825	5x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8531	+0.083%	$59K	$52K	15x	as long as short
Phoenix COPPERlong	+0.0093%	1h	6.8474	long leg	$44K	$18K	20x
Pacifica COPPER	+0.0100%	1h	6.8454	−0.029%	$24K	$13K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8480	+0.009%	$267K	$39K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8540	+0.096%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8461	−0.019%	$313	—	10x	as long as short
Kraken Futures PF_XCUUSD	+0.0337%	1h	6.8466	−0.012%	$34K	$180K	20x	as long as short