Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0191%/8h= −20.9% APRpaid last 24h +0.136%

Price spread now: Orderly against Kraken Futures+0.167%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures Short on Orderly

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

The price spread pays, funding is against you. Orderly is 0.167% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.167% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XCUUSD	6.8166	0.0291	pay 0.0036% / 1h	35m 36s	$34K	$176K	20x
Short	Orderly PERP_COPPER_USDC_mythos	6.8280	0.0100	get 0.0100% / 8h	4h 35m	$3K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Kraken Futures. 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 Kraken FuturesbpFee OrderlybpOrdersPrice spread, now +0.167%Rate

Funding earned: −$40.09
Price spread: +0.167% → 0.000%: $16.69
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$39.4
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 22 min ago; Orderly: no order-book sample. 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 Kraken Futures live order book, 22 min ago	4.32 bp	24.8 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Aster XCUUSDT	0.0000%	4h	6.8207	+0.060%	$32K	$27K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8206	+0.059%	$9.0M	$32.5M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8179	+0.019%	$473K	$954K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8080	−0.127%	$1.3M	$495K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8200	+0.050%	$26.0M	$4.2M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8210	+0.064%	$1.7M	$986K	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8203	+0.054%	$742K	$1.4M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8252	+0.126%	$91K	$2.1M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8220	+0.079%	—	$6.6M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8270	+0.152%	$61K	$24K	75x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex COPPERUSDT	0.0000%	4h	6.8150	−0.024%	$4.2M	$76K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8196	+0.044%	$178K	—	250x	as long as short
edgeX COPPERUSDC	+0.0005%	4h	6.8232	+0.097%	$95K	$318K	20x	as long as short
QFEX COPPER-USD	+0.0009%	1h	6.8200	+0.050%	$1.5M	$129K	20x	as long as short
BloFin COPPER-USDT	+0.0032%	4h	6.8240	+0.108%	$88K	$144K	100x	as long as short
Lighter XCU	+0.0032%	1h	6.8321	+0.227%	$477K	$40K	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8188	+0.032%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8189	+0.033%	$2K	$2K	5x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.8185	+0.027%	$10.5M	$4.8M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8188	+0.032%	$903	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8146	−0.030%	$57K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8210	+0.065%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8200	+0.050%	$258K	$21K	50x	as long as short
Orderly PERP_COPPER_USDC_mythosshort	+0.0100%	8h	6.8280	+0.167%	$3K	—	10x
Aevo COPPER-PERP	+0.0104%	1h	6.8203	+0.054%	$312	—	10x	as long as short
Phoenix COPPER	+0.0164%	1h	6.8232	+0.096%	$45K	$23K	20x	as long as short
Kraken Futures PF_XCUUSDlong	+0.0291%	1h	6.8166	long leg	$34K	$176K	20x
Extended XCU-USD	+0.0720%	1h	6.8197	+0.045%	$263K	$2.8M	20x	as long as short