Phemex Offers Unusual COPPER-USDT Contract with 100x Leverage

COPPER-USDT is a perpetual futures contract that tracks the price of COMEX copper on Phemex, allowing traders to take exposure to the metal without actually buying it. The contract lists for up to 100x leverage and can be margined with USDT.

The contract's pricing differs from other markets, as it quotes in dollars per pound, whereas most of the rest of the world quotes copper in dollars per tonne. This results in wildly different-looking numbers, with a $6.67 price representing roughly $14,711 per tonne.

The COPPER-USDT index tracks the .COPPERUSDT index, which is separate from any single exchange print. The Phemex daily bar closed at 6.673 on September 4, 2026, roughly 1.2% to 1.4% above the COMEX cash market.

The contract's maximum leverage of 100x is unusual compared to other contracts on Phemex, with most equity and index contracts capped at 50x or below. The venue has not published a rationale for these tiers, leaving traders to treat the ceiling as a fact about the contract rather than a recommendation.