Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.022%

Price spread now: Gate against Lighter−0.356%7-day average −0.248% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$122as in the Price arb table

costs, in and out, $10k−$1111.108% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.216%+$22 on $10k

Price spread, last 4 days (all we have)+0.154%+$15 · spread now −0.356%, 7d avg −0.248%

Together, before fees+0.370%+ Points / potential airdropLighter: Season 3 · farm board+$37 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Gate is 0.108% cheaper against Lighter than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.248%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.216%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XCU	6.8213	0.0032	pay 0.0004% / 1h	3m 18s	$477K	$45K	20x
Short	Gate XCU_USDT	6.7970	0	get 0.0000% / 8h	7h 03m	$1.3M	$492K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.356%Rate

Funding earned: −$6.72
Price spread: −0.356% → −0.248%: −$10.78
Slippage, 4 orders: −$95.85
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$128.34
Costs to cover: 1.108%
Break-even: never at this rate

Slippage from Lighter: live order book, 62 min ago; Gate: live order book, 4 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, 62 min ago	2.86 bp	10.9 bp −$11	30.8 bp −$308	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	1.47 bp	49.9 bp −$50	237.4 bp −$2,374	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_XCUUSD	−0.0447%	1h	6.8091	−0.179%	$32K	$179K	20x	as long as short
tradeXYZ xyz:COPPER	−0.0036%	1h	6.8048	−0.242%	$10.4M	$5.0M	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8114	−0.145%	$32K	$35K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8110	−0.151%	$9.1M	$33.1M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8073	−0.205%	$471K	$978K	50x	as long as short
Gate XCU_USDTshort	0.0000%	8h	6.7970	−0.356%	$1.3M	$492K	100x
MEXC COPPER_USDT	0.0000%	4h	6.8110	−0.151%	$27.0M	$4.9M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8130	−0.122%	$1.7M	$1.0M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8122	−0.133%	$742K	$1.5M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8146	−0.098%	$97K	$2.1M	25x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX COPPER-USDT	0.0000%	4h	6.8120	−0.136%	—	$7.1M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8160	−0.078%	$61K	$25K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.7930	−0.415%	$4.2M	$76K	100x	as long as short
edgeX COPPERUSDC	+0.0002%	4h	6.8125	−0.129%	$94K	$318K	20x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8081	−0.194%	$177K	—	250x	as long as short
BloFin COPPER-USDT	+0.0002%	4h	6.8080	−0.195%	$87K	$149K	100x	as long as short
QFEX COPPER-USD	+0.0004%	1h	6.8100	−0.166%	$1.5M	$130K	20x	as long as short
Lighter XCUlong	+0.0032%	1h	6.8213	long leg	$477K	$45K	20x
Vest HG-PERP	+0.0046%	1h	6.8078	−0.198%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8106	−0.156%	$1K	$2K	5x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8084	−0.189%	$902	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8071	−0.208%	$57K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8087	−0.185%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8100	−0.166%	$258K	$25K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8170	−0.063%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8102	−0.163%	$311	—	10x	as long as short
Phoenix COPPER	+0.0118%	1h	6.8111	−0.150%	$45K	$30K	20x	as long as short
Extended XCU-USD	+0.0376%	1h	6.8079	−0.196%	$234K	$2.9M	20x	as long as short