Funding you earn now, next payment 12:00 UTC−0.0010%/8h= −1.0% APRnext payment −$0.05 per $10,000 · paid last 24h −0.012%
Price spread now: BloFin against Phemex+0.118%7-day average +0.038% · you sell dearer than you buy
Net, funding: paid 7d − costs−$164as in the Funding arb table
Net, price: spread back to 7d avg − costs−$132as in the Price arb table
costs, in and out, $10k−$1401.397% of the position
Funding, last 7 days−0.244%−$24 on $10k
+Price spread, last 4 days (all we have)+0.136%+$14 · spread now +0.118%, 7d avg +0.038%
=The price spread pays, funding is against you. BloFin is 0.080% dearer against Phemex than usual: you sell high and buy low (spread +0.118% now, against its 7-day average of +0.038%): +$8 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 28 days. At the pace of the last 7 days (−0.244% in total) that is about 2.3 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex COPPERUSDT | 6.8010 | 0 | get 0.0000% / 4h | 3h 37m | $4.2M | $83K | 100x |
| Short | BloFin COPPER-USDT | 6.8090 | −0.0010 | pay 0.0005% / 4h | 3h 37m | $88K | $149K | 100x |
Phemex COPPERUSDT
BloFin COPPER-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BloFin against Phemex. 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
- −$2.01
- Price spread: +0.118% → +0.038%
- $7.98
- Slippage, 4 orders
- −$115.7
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee BloFin: 6 bp × 2 orders
- −$12
- Net
- −$133.74
- Costs to cover
- 1.397%
- Break-even
- never at this rate
Slippage from Phemex: live order book, 2 min ago; BloFin: live order book, 19 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 Phemex live order book, 2 min ago | 1.47 bp | 59.0 bp −$59 | doesn't fit | doesn't fit | doesn't fit |
| Sell BloFin live order book, 19 min ago | 0.73 bp | 6.7 bp −$7 | 9.1 bp −$91 | 42.2 bp −$4,222 | 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 | |
|---|---|---|---|---|---|---|---|---|
| tradeXYZ xyz:COPPER | −0.0014% | 1h | 6.7971 | −0.057% | $10.7M | $4.3M | 20x | as long as short |
| BloFin COPPER-USDTshort | −0.0010% | 4h | 6.8090 | +0.118% | $88K | $149K | 100x | |
| Aster XCUUSDT | 0.0000% | 4h | 6.8017 | +0.010% | $32K | $28K | 50x | as long as short |
| Binance COPPERUSDT | 0.0000% | 4h | 6.8020 | +0.015% | $9.0M | $33.7M | 100x | as long as short |
| OKX XCU-USDT-SWAP | 0.0000% | 8h | 6.7971 | −0.057% | $494K | $1.0M | 50x | as long as short |
| Gate XCU_USDT | 0.0000% | 8h | 6.7910 | −0.147% | $1.3M | $508K | 100x | as long as short |
| MEXC COPPER_USDT | 0.0000% | 4h | 6.8020 | +0.015% | $26.4M | $5.7M | 100x | as long as short |
| Bitget COPPERUSDT | 0.0000% | 4h | 6.8020 | +0.015% | $2.9M | $1.6M | 100x | as long as short |
| Variational Omni COPPER | 0.0000% | 4h | 6.8104 | +0.138% | $760K | $1.4M | — | as long as short |
| GRVT COPPER_USDT_Perp | 0.0000% | 4h | 6.8120 | +0.162% | $93K | $2.4M | 25x | as long as short |
tradeXYZ xyz:COPPER
Aster XCUUSDT
Binance COPPERUSDT
OKX XCU-USDT-SWAP
Gate XCU_USDT
MEXC COPPER_USDT
Bitget COPPERUSDT
Variational Omni COPPER
GRVT COPPER_USDT_PerpShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX COPPER-USDT | 0.0000% | 4h | 6.8050 | +0.059% | — | $5.9M | 20x | as long as short |
| HTX COPPER-USDT | 0.0000% | 4h | 6.8120 | +0.162% | $61K | $24K | 75x | as long as short |
| Phemex COPPERUSDTlong | 0.0000% | 4h | 6.8010 | long leg | $4.2M | $83K | 100x | |
| gTrade (Gains Network) HG/USD | L +0.0002% / S −0.0001% | 1h | 6.7974 | −0.053% | $177K | — | 250x | as long as short |
| edgeX COPPERUSDC | +0.0009% | 4h | 6.8102 | +0.136% | $94K | $319K | 20x | as long as short |
| QFEX COPPER-USD | +0.0018% | 1h | 6.8040 | +0.044% | $1.5M | $140K | 20x | as long as short |
| Extended XCU-USD | +0.0032% | 1h | 6.7975 | −0.051% | $273K | $1.9M | 20x | as long as short |
| Vest HG-PERP | +0.0046% | 1h | 6.7993 | −0.025% | — | $82K | 25x | as long as short |
| SoDEX COPPER-USD | +0.0050% | 1h | 6.7972 | −0.056% | $900 | $6K | 20x | as long as short |
| Paradex XCU-USD-PERP | +0.0050% | 8h | 6.8022 | +0.017% | $1K | $1K | 5x | as long as short |
| Ondo Perps COPPER-USD.P | +0.0050% | 1h | 6.8014 | +0.006% | $57K | $53K | 15x | as long as short |
| Lighter XCU | +0.0072% | 1h | 6.8097 | +0.128% | $477K | $27K | 20x | as long as short |
| Kraken Futures PF_XCUUSD | +0.0076% | 1h | 6.8016 | +0.009% | $34K | $178K | 20x | as long as short |
| Pacifica COPPER | +0.0100% | 1h | 6.8043 | +0.049% | $23K | $14K | 10x | as long as short |
| KuCoin COPPERUSDTM | +0.0100% | 4h | 6.7990 | −0.029% | $265K | $39K | 50x | as long as short |
| Orderly PERP_COPPER_USDC_mythos | +0.0100% | 8h | 6.8070 | +0.088% | $3K | — | 10x | as long as short |
| Aevo COPPER-PERP | +0.0104% | 1h | 6.8004 | −0.009% | $311 | — | 10x | as long as short |
| Phoenix COPPER | +0.0129% | 1h | 6.8036 | +0.038% | $45K | $22K | 20x | as long as short |
SunX COPPER-USDT
HTX COPPER-USDT
gTrade (Gains Network) HG/USD
edgeX COPPERUSDC
QFEX COPPER-USD
Extended XCU-USD
Vest HG-PERP
SoDEX COPPER-USD
Paradex XCU-USD-PERP
Ondo Perps COPPER-USD.P
Lighter XCU
Kraken Futures PF_XCUUSD
Pacifica COPPER
KuCoin COPPERUSDTM
Orderly PERP_COPPER_USDC_mythos
Aevo COPPER-PERP
Phoenix COPPER