Funding arb · Price arb /

COPPER

RWAall COPPER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.053%

Price spread now: Ondo Perps against Variational Omni−0.062%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · Ondo Perps: Active · farm boardneeds both histories

Funding pays, the price is against you. Ondo Perps is 0.062% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.062% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 4.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni COPPER	6.8122	0	get 0.0000% / 4h	3h 04m	$742K	$1.5M	—
Short	Ondo Perps COPPER-USD.P	6.8080	0.0050	get 0.0006% / 1h	4m 25s	$57K	$55K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Variational Omni. 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 Variational OmnibpFee Ondo PerpsbpOrdersPrice spread, now −0.062%Rate

Funding earned: $10.58
Price spread: −0.062% → 0.000%: −$6.22
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$0.64
Costs to cover: 0.050%
Break-even: 7.4 days

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Ondo Perps: 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 Variational Omni RFQ quote, 5 min ago	2.97 bp	doesn't fit	12.5 bp −$125	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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	−0.0447%	1h	6.8125	+0.004%	$32K	$179K	20x	as long as short
tradeXYZ xyz:COPPER	−0.0034%	1h	6.8060	−0.092%	$10.4M	$5.0M	20x	as long as short
Aster XCUUSDT	0.0000%	4h	6.8120	−0.004%	$32K	$35K	50x	as long as short
Binance COPPERUSDT	0.0000%	4h	6.8120	−0.004%	$9.1M	$33.1M	100x	as long as short
OKX XCU-USDT-SWAP	0.0000%	8h	6.8086	−0.053%	$471K	$978K	50x	as long as short
Gate XCU_USDT	0.0000%	8h	6.7980	−0.209%	$1.3M	$492K	100x	as long as short
MEXC COPPER_USDT	0.0000%	4h	6.8120	−0.004%	$27.0M	$4.9M	100x	as long as short
Bitget COPPERUSDT	0.0000%	4h	6.8150	+0.041%	$1.7M	$1.0M	100x	as long as short
Variational Omni COPPERlong	0.0000%	4h	6.8122	long leg	$742K	$1.5M	—
GRVT COPPER_USDT_Perp	0.0000%	4h	6.8132	+0.014%	$97K	$2.1M	25x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX COPPER-USDT	0.0000%	4h	6.8140	+0.026%	—	$7.1M	20x	as long as short
HTX COPPER-USDT	0.0000%	4h	6.8160	+0.055%	$61K	$25K	75x	as long as short
Phemex COPPERUSDT	0.0000%	4h	6.7950	−0.253%	$4.2M	$76K	100x	as long as short
edgeX COPPERUSDC	+0.0002%	4h	6.8125	+0.004%	$94K	$318K	20x	as long as short
gTrade (Gains Network) HG/USD	L +0.0002% / S −0.0001%	1h	6.8091	−0.045%	$177K	—	250x	as long as short
BloFin COPPER-USDT	+0.0002%	4h	6.8080	−0.062%	$87K	$149K	100x	as long as short
QFEX COPPER-USD	+0.0004%	1h	6.8110	−0.018%	$1.5M	$130K	20x	as long as short
Lighter XCU	+0.0032%	1h	6.8218	+0.140%	$477K	$45K	20x	as long as short
Vest HG-PERP	+0.0046%	1h	6.8088	−0.050%	—	$82K	25x	as long as short
Paradex XCU-USD-PERP	+0.0050%	8h	6.8115	−0.010%	$1K	$2K	5x	as long as short
SoDEX COPPER-USD	+0.0050%	1h	6.8100	−0.033%	$902	$3K	20x	as long as short
Ondo Perps COPPER-USD.Pshort	+0.0050%	1h	6.8080	−0.062%	$57K	$55K	15x
Pacifica COPPER	+0.0100%	1h	6.8097	−0.037%	$23K	$14K	10x	as long as short
KuCoin COPPERUSDTM	+0.0100%	4h	6.8110	−0.018%	$258K	$25K	50x	as long as short
Orderly PERP_COPPER_USDC_mythos	+0.0100%	8h	6.8180	+0.085%	$3K	—	10x	as long as short
Aevo COPPER-PERP	+0.0104%	1h	6.8118	−0.006%	$311	—	10x	as long as short
Phoenix COPPER	+0.0118%	1h	6.8111	−0.017%	$45K	$30K	20x	as long as short
Extended XCU-USD	+0.0360%	1h	6.8089	−0.049%	$229K	$2.9M	20x	as long as short