Funding you earn now, next payment 02:00 UTC+0.1015%/8h= +111.2% APRpaid last 24h +0.139%
Price spread now: Phemex against Kraken Futures−0.031%7-day average +0.017% · you buy dearer than you sell
Net, funding: paid 7d − costs+$211as in the Funding arb table
Net, price: spread back to 7d avg − costs−$185as in the Price arb table
costs, in and out, $10k−$1811.805% of the position
Funding, last 7 days+3.919%+$392 on $10k
+Price spread, last 3 days (all we have)−0.069%−$7 · spread now −0.031%, 7d avg +0.017%
=Funding pays, the price is against you. Phemex is 0.048% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.031% now, against its 7-day average of +0.017%). If the spread goes back, that is −$5 on $10k: about 4 hours of funding at the current rate (+$30 a day).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_XCUUSD | 6.7921 | −0.1015 | get 0.0127% / 1h | 36m 37s | $32K | $176K | 20x |
| Short | Phemex COPPERUSDT | 6.7900 | 0 | get 0.0000% / 4h | 2h 36m | $4.2M | $74K | 100x |
Kraken Futures PF_XCUUSD
Phemex COPPERUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $213.21
- Price spread: −0.031% → +0.017%
- −$4.8
- Slippage, 4 orders
- −$158.51
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- $27.89
- Costs to cover
- 1.805%
- Break-even
- 6.1 days
Slippage from Kraken Futures: live order book, 31 min ago; Phemex: live order book, 2 min ago.
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, 31 min ago | 11.67 bp | 29.1 bp −$29 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 2 min ago | 0.74 bp | 61.6 bp −$62 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_XCUUSDlong | −0.1015% | 1h | 6.7921 | long leg | $32K | $176K | 20x | |
| tradeXYZ xyz:COPPER | −0.0139% | 1h | 6.7889 | −0.047% | $10.4M | $4.8M | 20x | as long as short |
| BloFin COPPER-USDT | −0.0051% | 4h | 6.8050 | +0.190% | $88K | $144K | 100x | as long as short |
| Aster XCUUSDT | 0.0000% | 4h | 6.7949 | +0.041% | $32K | $35K | 50x | as long as short |
| Binance COPPERUSDT | 0.0000% | 4h | 6.7950 | +0.043% | $9.1M | $32.3M | 100x | as long as short |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.7933 | +0.018% | $472K | $939K | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.7800 | −0.178% | $1.3M | $478K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.7940 | +0.028% | $26.0M | $5.0M | 100x | as long as short |
| Bitget COPPERUSDT | 0.0000% | 4h | 6.7960 | +0.057% | $1.7M | $1.0M | 100x | as long as short |
| Variational Omni COPPER | 0.0000% | 4h | 6.7974 | +0.079% | $741K | $1.4M | — | as long as short |
tradeXYZ xyz:COPPER
BloFin COPPER-USDT
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 | 6.8012 | +0.134% | $95K | $2.1M | 25x | as long as short |
| SunX COPPER-USDT | 0.0000% | 4h | 6.7950 | +0.043% | — | $6.9M | 20x | as long as short |
| HTX COPPER-USDT | 0.0000% | 4h | 6.7980 | +0.087% | $61K | $26K | 75x | as long as short |
| Phemex COPPERUSDTshort | 0.0000% | 4h | 6.7900 | −0.031% | $4.2M | $74K | 100x | |
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.7924 | +0.005% | $176K | — | 250x | as long as short |
| QFEX COPPER-USD | +0.0006% | 1h | 6.7950 | +0.043% | $1.5M | $129K | 20x | as long as short |
| edgeX COPPERUSDC | +0.0016% | 4h | 6.7986 | +0.096% | $94K | $317K | 20x | as long as short |
| Phoenix COPPER | +0.0035% | 1h | 6.7970 | +0.072% | $45K | $30K | 20x | as long as short |
| Lighter XCU | +0.0040% | 1h | 6.8049 | +0.188% | $476K | $39K | 20x | as long as short |
| Vest HG-PERP | +0.0046% | 1h | 6.7932 | +0.016% | — | $82K | 25x | as long as short |
| Paradex XCU-USD-PERP | +0.0050% | 8h | 6.7946 | +0.037% | $1K | $2K | 5x | as long as short |
| SoDEX COPPER-USD | +0.0050% | 1h | 6.7918 | −0.005% | $899 | $3K | 20x | as long as short |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.7902 | −0.028% | $56K | $55K | 15x | as long as short |
| Pacifica COPPER | +0.0100% | 1h | 6.7937 | +0.023% | $23K | $14K | 10x | as long as short |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.7960 | +0.057% | $258K | $25K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythos | +0.0100% | 8h | 6.8000 | +0.116% | $3K | — | 10x | as long as short |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.7929 | +0.012% | $311 | — | 10x | as long as short |
| Extended XCU-USD | +0.0416% | 1h | 6.7932 | +0.015% | $230K | $2.9M | 20x | as long as short |
GRVT COPPER_USDT_Perp
SunX COPPER-USDT
HTX COPPER-USDT
gTrade (Gains Network) HG/USD
QFEX COPPER-USD
edgeX COPPERUSDC
Phoenix COPPER
Lighter XCU
Vest HG-PERP
Paradex XCU-USD-PERP
SoDEX COPPER-USD
Ondo Perps COPPER-USD.P
Pacifica COPPER
KuCoin COPPERUSDTM
Orderly PERP_COPPER_USDC_mythos
Aevo COPPER-PERP
Extended XCU-USD