Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0017%/8h= −1.8% APRpaid last 24h −0.001%

Price spread now: Phemex against QFEX−0.161%7-day average −0.020% · you buy dearer than you sell

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

Long on QFEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.019%+$2 on $10k

Price spread, last 4 days (all we have)+0.059%+$6 · spread now −0.161%, 7d avg −0.020%

Together, before fees+0.078%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Phemex is 0.141% cheaper against QFEX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX COPPER-USD	6.8300	0.0017	pay 0.0002% / 1h	9m 41s	$1.5M	$137K	20x
Short	Phemex COPPERUSDT	6.8190	0	get 0.0000% / 4h	9m 41s	$4.2M	$83K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against QFEX. 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 QFEXbpFee PhemexbpOrdersPrice spread, now −0.161%Rate

Funding earned: −$3.48
Price spread: −0.161% → −0.020%: −$14.14
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$39.61
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: QFEX: live order book, 2 min ago; Phemex: live order book, 4 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 QFEX live order book, 2 min ago	1.46 bp	7.9 bp −$8	11.3 bp −$113	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.47 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

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	−0.0032%	4h	6.8320	+0.029%	$89K	$149K	100x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8306	+0.009%	$32K	$28K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8297	−0.005%	$9.0M	$33.5M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8240	−0.088%	$496K	$975K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8140	−0.234%	$1.3M	$529K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8300	0.000%	$26.7M	$5.3M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8280	−0.029%	$2.9M	$1.6M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8286	−0.020%	$766K	$1.4M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8320	+0.029%	$94K	$2.4M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8300	0.000%	—	$6.1M	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	6.8330	+0.044%	$61K	$24K	75x	as long as short
Phemex COPPERUSDTshort	0.0000%	4h	6.8190	−0.161%	$4.2M	$83K	100x
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8290	−0.014%	$178K	—	250x	as long as short
edgeX COPPERUSDC	+0.0003%	4h	6.8215	−0.124%	$95K	$320K	20x	as long as short
QFEX COPPER-USDlong	+0.0017%	1h	6.8300	long leg	$1.5M	$137K	20x
Extended XCU-USD	+0.0032%	1h	6.8270	−0.043%	$274K	$2.0M	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8288	−0.018%	—	$82K	25x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.8244	−0.082%	$10.6M	$5.0M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8267	−0.048%	$4K	$5K	20x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8272	−0.041%	$2K	$1K	5x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8333	+0.048%	$57K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8275	−0.037%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8280	−0.029%	$278K	$36K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8370	+0.102%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8304	+0.006%	$312	—	10x	as long as short
Phoenix COPPER	+0.0106%	1h	6.8275	−0.037%	$45K	$22K	20x	as long as short
Lighter XCU	+0.0160%	1h	6.8385	+0.124%	$479K	$27K	20x	as long as short
Kraken Futures PF_XCUUSD	+0.0358%	1h	6.8263	−0.055%	$34K	$178K	20x	as long as short