Funding you earn now, next payment 06:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.022%
Price spread now: Phemex against Lighter−0.123%7-day average −0.211% · you buy dearer than you sell
Net, funding: paid 7d − costs−$119as in the Funding arb table
Net, price: spread back to 7d avg − costs−$132as in the Price arb table
costs, in and out, $10k−$1411.406% of the position
Funding, last 7 days+0.215%+$22 on $10k
+Price spread, last 4 days (all we have)−0.132%−$13 · spread now −0.123%, 7d avg −0.211%
=Together, before fees+0.083%+ Points / potential airdropLighter: Season 3 · farm board+$8 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Phemex is 0.088% dearer against Lighter than usual: you sell high and buy low (spread −0.123% now, against its 7-day average of −0.211%): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 9.2 days. Mind the row above: over the last 7 days funding on this pair paid +0.215%, 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 | 6.8294 | 0.0032 | pay 0.0004% / 1h | 10m 55s | $477K | $40K | 20x |
| Short | Phemex COPPERUSDT | 6.8210 | 0 | get 0.0000% / 4h | 2h 10m | $4.2M | $81K | 100x |
Lighter XCU
Phemex COPPERUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Lighter. 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
- −$6.72
- Price spread: −0.123% → −0.211%
- $8.85
- Slippage, 4 orders
- −$128.57
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$138.44
- Costs to cover
- 1.406%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 29 min ago; Phemex: live order book, 3 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, 29 min ago | 3.59 bp | 21.5 bp −$21 | 36.3 bp −$363 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 3 min ago | 0.73 bp | 59.0 bp −$59 | 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_XCUUSD | −0.0481% | 1h | 6.8209 | −0.125% | $34K | $176K | 20x | as long as short |
| tradeXYZ xyz:COPPER | −0.0007% | 1h | 6.8191 | −0.151% | $10.6M | $5.0M | 20x | as long as short |
| QFEX COPPER-USD | −0.0001% | 1h | 6.8200 | −0.138% | $1.5M | $130K | 20x | as long as short |
| Aster XCUUSDT | 0.0000% | 4h | 6.8226 | −0.100% | $32K | $27K | 50x | as long as short |
| Binance COPPERUSDT | 0.0000% | 4h | 6.8239 | −0.080% | $9.2M | $33.4M | 100x | as long as short |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.8176 | −0.173% | $498K | $973K | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.8060 | −0.343% | $1.3M | $531K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.8240 | −0.079% | $26.4M | $4.9M | 100x | as long as short |
| Bitget COPPERUSDT | 0.0000% | 4h | 6.8210 | −0.123% | $2.9M | $2.0M | 100x | as long as short |
| Variational Omni COPPER | 0.0000% | 4h | 6.8084 | −0.308% | $739K | $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 | 6.8119 | −0.257% | $94K | $2.3M | 25x | as long as short |
| SunX COPPER-USDT | 0.0000% | 4h | 6.8220 | −0.108% | — | $6.5M | 20x | as long as short |
| HTX COPPER-USDT | 0.0000% | 4h | 6.8250 | −0.064% | $61K | $24K | 75x | as long as short |
| Phemex COPPERUSDTshort | 0.0000% | 4h | 6.8210 | −0.123% | $4.2M | $81K | 100x | |
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.8191 | −0.150% | $178K | — | 250x | as long as short |
| edgeX COPPERUSDC | +0.0007% | 4h | 6.8161 | −0.195% | $94K | $317K | 20x | as long as short |
| Phoenix COPPER | +0.0023% | 1h | 6.8137 | −0.230% | $45K | $23K | 20x | as long as short |
| BloFin COPPER-USDT | +0.0025% | 4h | 6.8210 | −0.123% | $88K | $139K | 100x | as long as short |
| Lighter XCUlong | +0.0032% | 1h | 6.8294 | long leg | $477K | $40K | 20x | |
| Extended XCU-USD | +0.0032% | 1h | 6.8202 | −0.134% | $276K | $2.4M | 20x | as long as short |
| Vest HG-PERP | +0.0046% | 1h | 6.8189 | −0.154% | — | $82K | 25x | as long as short |
| Paradex XCU-USD-PERP | +0.0050% | 8h | 6.8206 | −0.128% | $2K | $2K | 5x | as long as short |
| SoDEX COPPER-USD | +0.0050% | 1h | 6.8191 | −0.151% | $903 | $3K | 20x | as long as short |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.8245 | −0.072% | $57K | $55K | 15x | as long as short |
| Pacifica COPPER | +0.0100% | 1h | 6.8212 | −0.120% | $23K | $14K | 10x | as long as short |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.8220 | −0.108% | $278K | $35K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythos | +0.0100% | 8h | 6.8270 | −0.035% | $3K | — | 10x | as long as short |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.8210 | −0.123% | $312 | — | 10x | as long as short |
GRVT COPPER_USDT_Perp
SunX COPPER-USDT
HTX COPPER-USDT
gTrade (Gains Network) HG/USD
edgeX COPPERUSDC
Phoenix COPPER
BloFin COPPER-USDT
Extended XCU-USD
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