COPPER

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0704%/8h= +77.1% APRnext payment +$0.88 per $10,000 · paid last 24h +0.022%

Price spread now: Extended against Lighter−0.187%7-day average −0.125% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$340.336% of the position

Long on Lighter Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.316%+$32 on $10k

Price spread, last 4 days (all we have)+0.162%+$16 · spread now −0.187%, 7d avg −0.125%

Together, before fees+0.478%+ Points / potential airdropLighter: Season 3 · Extended: Active · farm board+$48 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.062% cheaper against Lighter than usual: you would sell low and buy high (spread −0.187% now, against its 7-day average of −0.125%). If the spread goes back, that is −$6 on $10k: about 7 hours of funding at the current rate (+$21 a day). At the pace of the last 7 days (+0.316% in total) that is about 33 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.316% in total (about 16.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.88 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XCU	6.8366	0.0032	pay 0.0004% / 1h	38m 14s	$477K	$40K	20x
Short	Extended XCU-USD	6.8238	0.0736	get 0.0092% / 1h	38m 14s	$242K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Lighter. 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 LighterbpFee ExtendedbpOrdersPrice spread, now −0.187%Rate

Funding earned: $147.84
Price spread: −0.187% → −0.125%: −$6.21
Slippage, 4 orders: −$28.6
Fee Lighter: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $108.02
Costs to cover: 0.336%
Break-even: 1.9 days

Slippage from Lighter: live order book, 12 min ago; Extended: live order book, 6 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 Lighter live order book, 12 min ago	2.48 bp	11.3 bp −$11	32.2 bp −$322	doesn't fit	doesn't fit
Sell Extended live order book, 6 min ago	0.66 bp	3.5 bp −$3	63.9 bp −$639	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	−0.0034%	4h	6.8270	−0.140%	$88K	$144K	100x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8257	−0.159%	$32K	$27K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8259	−0.157%	$9.0M	$32.5M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8239	−0.186%	$473K	$955K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8100	−0.389%	$1.3M	$495K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8250	−0.170%	$26.0M	$4.2M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8260	−0.155%	$1.7M	$986K	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8272	−0.137%	$743K	$1.4M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8300	−0.097%	$91K	$2.1M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8260	−0.155%	—	$6.6M	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	6.8270	−0.140%	$61K	$24K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.8150	−0.316%	$4.2M	$76K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8230	−0.199%	$178K	—	250x	as long as short
QFEX COPPER-USD	+0.0009%	1h	6.8240	−0.184%	$1.5M	$129K	20x	as long as short
edgeX COPPERUSDC	+0.0020%	4h	6.8330	−0.052%	$95K	$317K	20x	as long as short
Lighter XCUlong	+0.0032%	1h	6.8366	long leg	$477K	$40K	20x
Vest HG-PERP	+0.0046%	1h	6.8237	−0.189%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8241	−0.182%	$2K	$2K	5x	as long as short
tradeXYZ xyz:COPPER	+0.0050%	1h	6.8233	−0.195%	$10.5M	$4.8M	20x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8230	−0.199%	$904	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8297	−0.101%	$57K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8265	−0.148%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8210	−0.228%	$258K	$21K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8330	−0.053%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8247	−0.174%	$312	—	10x	as long as short
Phoenix COPPER	+0.0164%	1h	6.8274	−0.135%	$45K	$23K	20x	as long as short
Kraken Futures PF_XCUUSD	+0.0291%	1h	6.8223	−0.209%	$35K	$176K	20x	as long as short
Extended XCU-USDshort	+0.0736%	1h	6.8238	−0.187%	$242K	$2.8M	20x