Funding you earn now, next payment 05:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.013%
Price spread now: Phemex against SoDEX−0.081%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 3 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 −$2 a day on $10k at the current rate, and Phemex is 0.081% cheaper against SoDEX than usual: you would sell low and buy high (−$8 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 | SoDEX COPPER-USD | 6.8205 | 0.0050 | pay 0.0006% / 1h | 40m 16s | $903 | $3K | 20x |
| Short | Phemex COPPERUSDT | 6.8150 | 0 | get 0.0000% / 4h | 3h 40m | $4.2M | $78K | 100x |
SoDEX COPPER-USD
Phemex COPPERUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against SoDEX. 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
- −$10.5
- Price spread: −0.081% → 0.000%
- −$8.06
- Slippage, 4 orders
- no order book: not counted
- Fee SoDEX: 4 bp × 2 orders
- −$8
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$38.56
- Costs to cover
- 0.200%
- Break-even
- never at this rate
Slippage unknown: SoDEX: no order-book sample; 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 SoDEX no order-book sample | — | — | — | — | — |
| Sell Phemex live order book, 4 min ago | 1.47 bp | 53.8 bp −$54 | doesn't fit | doesn't fit | doesn't fit |
SoDEX: 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_XCUUSD | −0.0404% | 1h | 6.8194 | −0.016% | $34K | $176K | 20x | as long as short |
| tradeXYZ xyz:COPPER | −0.0064% | 1h | 6.8209 | +0.006% | $10.5M | $4.9M | 20x | as long as short |
| QFEX COPPER-USD | −0.0003% | 1h | 6.8230 | +0.037% | $1.5M | $129K | 20x | as long as short |
| Aster XCUUSDT | 0.0000% | 4h | 6.8246 | +0.060% | $32K | $27K | 50x | as long as short |
| Binance COPPERUSDT | 0.0000% | 4h | 6.8230 | +0.037% | $9.1M | $33.0M | 100x | as long as short |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.8239 | +0.050% | $481K | $961K | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.8060 | −0.213% | $1.3M | $498K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.8230 | +0.037% | $25.4M | $4.3M | 100x | as long as short |
| Bitget COPPERUSDT | 0.0000% | 4h | 6.8240 | +0.051% | $2.5M | $1.7M | 100x | as long as short |
| Variational Omni COPPER | 0.0000% | 4h | 6.8213 | +0.012% | $742K | $1.4M | — | as long as short |
Kraken Futures PF_XCUUSD
tradeXYZ xyz:COPPER
QFEX COPPER-USD
Aster XCUUSDT
Binance COPPERUSDT
OKX XCU-USDT-SWAP
Gate XCU_USDT
MEXC COPPER_USDT
Bitget COPPERUSDT
Variational Omni COPPERShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT COPPER_USDT_Perp | 0.0000% | 4h | 6.8269 | +0.094% | $97K | $2.2M | 25x | as long as short |
| SunX COPPER-USDT | 0.0000% | 4h | 6.8230 | +0.037% | — | $6.6M | 20x | as long as short |
| HTX COPPER-USDT | 0.0000% | 4h | 6.8240 | +0.051% | $61K | $24K | 75x | as long as short |
| Phemex COPPERUSDTshort | 0.0000% | 4h | 6.8150 | −0.081% | $4.2M | $78K | 100x | |
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.8231 | +0.038% | $178K | — | 250x | as long as short |
| edgeX COPPERUSDC | +0.0012% | 4h | 6.8243 | +0.056% | $95K | $317K | 20x | as long as short |
| BloFin COPPER-USDT | +0.0015% | 4h | 6.8220 | +0.022% | $88K | $135K | 100x | as long as short |
| Lighter XCU | +0.0032% | 1h | 6.8333 | +0.188% | $477K | $40K | 20x | as long as short |
| Extended XCU-USD | +0.0032% | 1h | 6.8236 | +0.046% | $265K | $2.7M | 20x | as long as short |
| Vest HG-PERP | +0.0046% | 1h | 6.8229 | +0.035% | — | $82K | 25x | as long as short |
| Phoenix COPPER | +0.0047% | 1h | 6.8257 | +0.076% | $45K | $23K | 20x | as long as short |
| Paradex XCU-USD-PERP | +0.0050% | 8h | 6.8219 | +0.021% | $2K | $2K | 5x | as long as short |
| SoDEX COPPER-USDlong | +0.0050% | 1h | 6.8205 | long leg | $903 | $3K | 20x | |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.8187 | −0.026% | $57K | $55K | 15x | as long as short |
| Pacifica COPPER | +0.0100% | 1h | 6.8231 | +0.038% | $23K | $14K | 10x | as long as short |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.8260 | +0.081% | $291K | $32K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythos | +0.0100% | 8h | 6.8310 | +0.154% | $3K | — | 10x | as long as short |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.8220 | +0.022% | $312 | — | 10x | as long as short |
GRVT COPPER_USDT_Perp
SunX COPPER-USDT
HTX COPPER-USDT
gTrade (Gains Network) HG/USD
edgeX COPPERUSDC
BloFin COPPER-USDT
Lighter XCU
Extended XCU-USD
Vest HG-PERP
Phoenix COPPER
Paradex XCU-USD-PERP
Ondo Perps COPPER-USD.P
Pacifica COPPER
KuCoin COPPERUSDTM
Orderly PERP_COPPER_USDC_mythos
Aevo COPPER-PERP