Funding you earn now, next payment 06:00 UTC−0.0169%/8h= −18.5% APRpaid last 24h −0.033%
Price spread now: Phoenix against Binance+0.143%7-day average +0.153% · you sell dearer than you buy
Net, funding: paid 7d − costs−$77as in the Funding arb table
Net, price: spread back to 7d avg − costs−$60as in the Price arb table
costs, in and out, $10k−$590.593% of the position
Funding, last 7 days−0.174%−$17 on $10k
+Price spread, last 4 days (all we have)−0.128%−$13 · spread now +0.143%, 7d avg +0.153%
=The price spread sits at its 7-day average of +0.153%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Binance MORPHOUSDT | 2.5985 | 0.0077 | pay 0.0039% / 4h | 1h 09m | $15.7M | $24.4M | 75x |
| Short | Phoenix MORPHO | 2.6022 | −0.0092 | pay 0.0012% / 1h | 9m 01s | $33K | $339K | 5x |
Binance MORPHOUSDT
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Binance. 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
- −$35.57
- Price spread: +0.143% → +0.153%
- −$1.01
- Slippage, 4 orders
- −$42.29
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$95.87
- Costs to cover
- 0.593%
- Break-even
- never at this rate
Slippage from Binance: live order book, 2 min ago; Phoenix: live order book, 32 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 Binance live order book, 2 min ago | 0.96 bp | 18.8 bp −$19 | 42.8 bp −$428 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 32 min ago | 1.15 bp | 13.2 bp −$13 | 44.7 bp −$447 | doesn't fit | doesn't fit |
MORPHO on 27 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit MORPHO_USDC-PERPETUAL | −0.1401% | 1h | 2.6001 | +0.062% | $11K | $2K | 10x | as long as short |
| Kraken Futures PF_MORPHOUSD | −0.1372% | 1h | 2.6004 | +0.074% | $84K | $135K | 20x | as long as short |
| 01 Exchange MORPHOUSD | −0.1160% | 1h | 2.5896 | −0.342% | $851 | $9K | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0478% | 4h | 2.5987 | +0.009% | $30K | $134K | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0432% | 1h | 2.5855 | −0.499% | $72K | $38K | 25x | as long as short |
| Bybit MORPHOUSDT | −0.0317% | 4h | 2.6010 | +0.097% | $7.9M | $8.6M | 25x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0312% | 1h | 2.6009 | +0.093% | $28K | $1.4M | 5x | as long as short |
| BloFin MORPHO-USDT | −0.0236% | 4h | 2.5983 | −0.007% | $637K | $241K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0154% | 4h | 2.6001 | +0.062% | $10K | $34K | 10x | as long as short |
| Phoenix MORPHOshort | −0.0092% | 1h | 2.6022 | +0.143% | $33K | $339K | 5x |
Deribit MORPHO_USDC-PERPETUAL
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
Bybit MORPHOUSDT
Polymarket Perps MORPHO-USD
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDCShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni MORPHO | −0.0050% | 4h | 2.5995 | +0.040% | $619K | $677K | — | as long as short |
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.6002 | +0.068% | $16 | — | 10x | as long as short |
| Gate MORPHO_USDT | +0.0032% | 4h | 2.6023 | +0.147% | $763K | $512K | 50x | as long as short |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +1.713% | $37 | $242K | 5.5x | as long as short |
| MEXC MORPHO_USDT | +0.0076% | 4h | 2.5989 | +0.016% | $6.3M | $904K | 100x | as long as short |
| Binance MORPHOUSDTlong | +0.0077% | 4h | 2.5985 | long leg | $15.7M | $24.4M | 75x | |
| Extended MORPHO-USD | +0.0080% | 1h | 2.5984 | −0.001% | $99K | $345K | 10x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6037 | +0.201% | $313K | $294K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.5962 | −0.089% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6045 | +0.232% | $5.9M | $7.0M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6024 | +0.152% | $58K | $33K | 20x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6010 | +0.097% | $3.2M | $4.2M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6038 | +0.205% | $590K | $260K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.5996 | +0.043% | $2.8M | $1.6M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6008 | +0.089% | — | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6004 | +0.074% | $21K | $4K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6029 | +0.172% | $1K | — | 100x | as long as short |
Variational Omni MORPHO
Reya MORPHORUSDPERP
Gate MORPHO_USDT
Injective MORPHO/USDC PERP
MEXC MORPHO_USDT
Extended MORPHO-USD
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
OKX MORPHO-USDT-SWAP
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]