Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0023%/8h= −2.6% APRpaid last 24h −0.064%

Price spread now: MEXC against Phoenix+0.072%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 MEXC

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. MEXC is 0.072% dearer against Phoenix than usual: you sell high and buy low (spread +0.072% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix COPPER	6.8311	0.0023	pay 0.0003% / 1h	47m 27s	$45K	$23K	20x
Short	MEXC COPPER_USDT	6.8360	0	get 0.0000% / 4h	2h 47m	$26.8M	$4.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.072%Rate

Funding earned: −$4.92
Price spread: +0.072% → 0.000%: $7.17
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$4.75
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; MEXC: live order book, 1 min ago. 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 MEXC live order book, 1 min ago	0.73 bp	0.7 bp −$1	2.5 bp −$25	9.3 bp −$932	247.3 bp −$123.6K

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
Kraken Futures PF_XCUUSD	−0.0480%	1h	6.8334	+0.034%	$35K	$176K	20x	as long as short
tradeXYZ xyz:COPPER	−0.0004%	1h	6.8340	+0.042%	$10.6M	$4.9M	20x	as long as short
QFEX COPPER-USD	−0.0001%	1h	6.8360	+0.072%	$1.5M	$129K	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8377	+0.097%	$32K	$27K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8374	+0.093%	$9.2M	$33.0M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8320	+0.013%	$490K	$971K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.8150	−0.236%	$1.3M	$520K	100x	as long as short
MEXC COPPER_USDTshort	0.0000%	4h	6.8360	+0.072%	$26.8M	$4.6M	100x
Bitget COPPERUSDT	0.0000%	4h	6.8360	+0.072%	$2.5M	$1.7M	100x	as long as short
Variational Omni COPPER	0.0000%	4h	6.8313	+0.003%	$741K	$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	6.8320	+0.013%	$91K	$2.2M	25x	as long as short
SunX COPPER-USDT	0.0000%	4h	6.8330	+0.028%	—	$6.6M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8360	+0.072%	$61K	$24K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.8190	−0.177%	$4.2M	$79K	100x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8362	+0.075%	$178K	—	250x	as long as short
edgeX COPPERUSDC	+0.0013%	4h	6.8319	+0.012%	$95K	$319K	20x	as long as short
BloFin COPPER-USDT	+0.0014%	4h	6.8310	−0.001%	$88K	$138K	100x	as long as short
Phoenix COPPERlong	+0.0023%	1h	6.8311	long leg	$45K	$23K	20x
Lighter XCU	+0.0032%	1h	6.8441	+0.190%	$478K	$39K	20x	as long as short
Extended XCU-USD	+0.0032%	1h	6.8354	+0.063%	$275K	$2.5M	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8353	+0.061%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8330	+0.028%	$2K	$2K	5x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8305	−0.009%	$904	$3K	20x	as long as short
Ondo Perps COPPER-USD.P	+0.0050%	1h	6.8287	−0.035%	$57K	$55K	15x	as long as short
Pacifica COPPER	+0.0100%	1h	6.8339	+0.042%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8370	+0.086%	$279K	$35K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8420	+0.160%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8357	+0.068%	$312	—	10x	as long as short