Funding you earn now, next payment 20:00 UTC−0.0012%/8h= −1.3% APRnext payment −$0.01 per $10,000 · paid last 24h −0.003%
Price spread now: Phoenix against Lighter−0.090%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
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—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories
Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Phoenix is 0.090% cheaper against Lighter than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter XCU | 6.7943 | 0.0224 | pay 0.0028% / 1h | 31m 02s | $476K | $46K | 20x |
| Short | Phoenix COPPER | 6.7882 | 0.0212 | get 0.0027% / 1h | 31m 02s | $45K | $30K | 20x |
Lighter XCU
Phoenix COPPERFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- −$2.49
- Price spread: −0.090% → 0.000%
- −$8.98
- Slippage, 4 orders
- no order book: not counted
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$18.47
- Costs to cover
- 0.070%
- Break-even
- never at this rate
Slippage unknown: Lighter: live order book, 13 min ago; Phoenix: 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 Lighter live order book, 13 min ago | 2.28 bp | 13.9 bp −$14 | 36.2 bp −$362 | doesn't fit | doesn't fit |
| Sell Phoenix no order-book sample | — | — | — | — | — |
Phoenix: 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 | |
|---|---|---|---|---|---|---|---|---|
| edgeX COPPERUSDC | −0.0005% | 4h | 6.7865 | −0.115% | $93K | $318K | 20x | as long as short |
| Aster XCUUSDT | 0.0000% | 4h | 6.7878 | −0.096% | $32K | $52K | 50x | as long as short |
| Binance COPPERUSDT | 0.0000% | 4h | 6.7878 | −0.096% | $8.9M | $34.8M | 100x | as long as short |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.7823 | −0.177% | $469K | $1.2M | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.7770 | −0.255% | $1.3M | $522K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.7870 | −0.107% | $25.6M | $4.1M | 100x | as long as short |
| Variational Omni COPPER | 0.0000% | 4h | 6.7866 | −0.113% | $748K | $1.6M | — | as long as short |
| SunX COPPER-USDT | 0.0000% | 4h | 6.7870 | −0.107% | — | $7.9M | 20x | as long as short |
| HTX COPPER-USDT | 0.0000% | 4h | 6.7900 | −0.063% | $60K | $28K | 75x | as long as short |
| Phemex COPPERUSDT | 0.0000% | 4h | 6.7870 | −0.107% | $4.2M | $81K | 100x | as long as short |
edgeX COPPERUSDC
Aster XCUUSDT
Binance COPPERUSDT
OKX XCU-USDT-SWAP
Gate XCU_USDT
MEXC COPPER_USDT
Variational Omni COPPER
SunX COPPER-USDT
HTX COPPER-USDT
Phemex COPPERUSDTShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.7805 | −0.204% | $176K | — | 25x | as long as short |
| BloFin XCU-USDT | +0.0004% | 8h | 6.7825 | −0.174% | $44K | $263K | 20x | as long as short |
| Extended XCU-USD | +0.0032% | 1h | 6.7813 | −0.192% | $236K | $2.9M | 20x | as long as short |
| QFEX COPPER-USD | +0.0042% | 1h | 6.7870 | −0.107% | $1.5M | $138K | 20x | as long as short |
| Vest HG-PERP | +0.0046% | 1h | 6.7801 | −0.209% | — | $82K | 25x | as long as short |
| SoDEX COPPER-USD | +0.0050% | 1h | 6.7841 | −0.150% | $898 | $3K | 20x | as long as short |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.7795 | −0.218% | $62K | $24K | 15x | as long as short |
| Paradex XCU-USD-PERP | +0.0052% | 8h | 6.7849 | −0.139% | $1K | $3K | 5x | as long as short |
| Pacifica COPPER | +0.0100% | 1h | 6.7868 | −0.110% | $25K | $13K | 10x | as long as short |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.7840 | −0.152% | $258K | $25K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythos | +0.0100% | 8h | 6.7930 | −0.019% | $3K | — | 10x | as long as short |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.7867 | −0.112% | $310 | — | 10x | as long as short |
| Bitget COPPERUSDT | +0.0134% | 4h | 6.7860 | −0.122% | $1.7M | $1.1M | 100x | as long as short |
| tradeXYZ xyz:COPPER | +0.0157% | 1h | 6.7843 | −0.147% | $10.4M | $5.9M | 20x | as long as short |
| Phoenix COPPERshort | +0.0212% | 1h | 6.7882 | −0.090% | $45K | $30K | 20x | |
| Lighter XCUlong | +0.0224% | 1h | 6.7943 | long leg | $476K | $46K | 20x | |
| GRVT COPPER_USDT_Perp | +0.0296% | 4h | 6.7880 | −0.093% | $87K | $2.1M | 25x | as long as short |
| Kraken Futures PF_XCUUSD | +0.0573% | 1h | 6.7885 | −0.085% | $26K | $177K | 20x | as long as short |
gTrade (Gains Network) HG/USD
BloFin XCU-USDT
Extended XCU-USD
QFEX COPPER-USD
Vest HG-PERP
SoDEX COPPER-USD
Ondo Perps COPPER-USD.P
Paradex XCU-USD-PERP
Pacifica COPPER
KuCoin COPPERUSDTM
Orderly PERP_COPPER_USDC_mythos
Aevo COPPER-PERP
Bitget COPPERUSDT
tradeXYZ xyz:COPPER
GRVT COPPER_USDT_Perp
Kraken Futures PF_XCUUSD