Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0047%/8h= −5.1% APRpaid last 24h −0.023%

Price spread now: HTX against Phoenix+0.045%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on HTX

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

The price spread pays, funding is against you. HTX is 0.045% dearer against Phoenix than usual: you sell high and buy low (spread +0.045% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix COPPER	6.8269	0.0047	pay 0.0006% / 1h	42m 57s	$45K	$23K	20x
Short	HTX COPPER-USDT	6.8300	0	get 0.0000% / 4h	3h 42m	$61K	$24K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Phoenix. 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 PhoenixbpFee HTXbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$9.84
Price spread: +0.045% → 0.000%: $4.54
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$24.3
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; HTX: 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 Phoenix no order-book sample	—	—	—	—	—
Sell HTX no order-book sample	—	—	—	—	—

Phoenix and HTX: 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
Kraken Futures PF_XCUUSD	−0.0404%	1h	6.8207	−0.091%	$34K	$176K	20x	as long as short
tradeXYZ xyz:COPPER	−0.0077%	1h	6.8230	−0.057%	$10.5M	$4.8M	20x	as long as short
QFEX COPPER-USD	−0.0003%	1h	6.8250	−0.028%	$1.5M	$129K	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8264	−0.007%	$32K	$27K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8250	−0.028%	$9.1M	$33.0M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8245	−0.035%	$481K	$961K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8060	−0.306%	$1.3M	$497K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8260	−0.013%	$25.9M	$4.3M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8240	−0.042%	$2.5M	$1.7M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8273	+0.006%	$743K	$1.4M	—	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8269	0.000%	$97K	$2.2M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8250	−0.028%	—	$6.6M	20x	as long as short
HTX COPPER-USDTshort	0.0000%	4h	6.8300	+0.045%	$61K	$24K	75x
Phemex COPPERUSDT	0.0000%	4h	6.8150	−0.174%	$4.2M	$78K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8250	−0.029%	$178K	—	250x	as long as short
BloFin COPPER-USDT	+0.0014%	4h	6.8280	+0.016%	$88K	$135K	100x	as long as short
edgeX COPPERUSDC	+0.0020%	4h	6.8281	+0.018%	$95K	$320K	20x	as long as short
Lighter XCU	+0.0032%	1h	6.8355	+0.126%	$477K	$40K	20x	as long as short
Extended XCU-USD	+0.0032%	1h	6.8251	−0.026%	$266K	$2.6M	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8252	−0.025%	—	$82K	25x	as long as short
Phoenix COPPERlong	+0.0047%	1h	6.8269	long leg	$45K	$23K	20x
Paradex XCU-USD-PERP	+0.0050%	8h	6.8237	−0.046%	$2K	$2K	5x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8235	−0.050%	$904	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8302	+0.048%	$57K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8263	−0.008%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8260	−0.013%	$291K	$32K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8310	+0.060%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8239	−0.044%	$312	—	10x	as long as short