Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0035%/8h= +3.9% APRpaid last 24h +0.023%

Price spread now: Phoenix against OKX−0.041%86s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

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—needs both histories

Funding pays, the price is against you. Phoenix is 0.041% cheaper against OKX than usual: you would sell low and buy high (spread −0.041% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 3.9 days of funding at the current rate (+$1 a day). The two prices were read 86 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XCU-USDT-SWAP	6.8029	0	get 0.0000% / 8h	6h 17m	$472K	$931K	50x
Short	Phoenix COPPER	6.8001	0.0035	get 0.0004% / 1h	17m 57s	$45K	$30K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now −0.041%Rate

Funding earned: $7.4
Price spread: −0.041% → 0.000%: −$4.12
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$13.72
Costs to cover: 0.170%
Break-even: 20.0 days

Slippage unknown: OKX: live order book, 38 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 OKX live order book, 38 min ago	0.81 bp	15.5 bp −$15	30.7 bp −$307	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 27 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	−0.1014%	1h	6.8020	−0.013%	$32K	$176K	20x	as long as short
tradeXYZ xyz:COPPER	−0.0130%	1h	6.8000	−0.043%	$10.4M	$4.8M	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8057	+0.042%	$32K	$35K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8040	+0.016%	$9.0M	$32.1M	100x	as long as short
OKX XCU-USDT-SWAPlong	0.0000%	8h	6.8029	long leg	$472K	$931K	50x
Gate XCU_USDT	0.0000%	8h	6.7890	−0.204%	$1.3M	$478K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8030	+0.001%	$26.0M	$5.0M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8050	+0.031%	$1.7M	$1.0M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8012	−0.024%	$741K	$1.4M	—	as long as short
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8000	−0.043%	$88K	$2.0M	25x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX COPPER-USDT	0.0000%	4h	6.8020	−0.013%	—	$6.8M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8070	+0.060%	$61K	$26K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.7970	−0.087%	$4.2M	$74K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8044	+0.022%	$177K	—	250x	as long as short
QFEX COPPER-USD	+0.0006%	1h	6.8020	−0.013%	$1.5M	$129K	20x	as long as short
edgeX COPPERUSDC	+0.0019%	4h	6.7998	−0.046%	$94K	$318K	20x	as long as short
Lighter XCU	+0.0032%	1h	6.8144	+0.169%	$477K	$39K	20x	as long as short
Phoenix COPPERshort	+0.0035%	1h	6.8001	−0.041%	$45K	$30K	20x
Vest HG-PERP	+0.0046%	1h	6.8031	+0.003%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8044	+0.022%	$1K	$2K	5x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8017	−0.018%	$901	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8020	−0.013%	$56K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8036	+0.011%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8050	+0.031%	$258K	$23K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8090	+0.090%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8027	−0.002%	$311	—	10x	as long as short
Extended XCU-USD	+0.0328%	1h	6.8029	−0.001%	$232K	$2.9M	20x	as long as short