Funding you earn now, next payment 22:00 UTC−0.0190%/8h= −20.9% APRpaid last 24h −0.032%
Price spread now: Phoenix against BingX−0.049%109s7-day average +0.121% · you buy dearer than you sell
Net, funding: paid 7d − costs−$79as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$600.599% of the position
Funding, last 7 days−0.188%−$19 on $10k
+Price spread, last 3 days (all we have)+0.051%+$5 · spread now −0.049%, 7d avg +0.121%
=Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.170% cheaper against BingX than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.121%). Swap the legs. The two prices were read 109 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | BingX MORPHO-USDT | 2.6481 | 0.0100 | pay 0.0050% / 4h | 1h 41m | — | $1.5M | — |
| Short | Phoenix MORPHO | 2.6468 | −0.0090 | pay 0.0011% / 1h | 41m 32s | $34K | $484K | 5x |
BingX MORPHO-USDT
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against BingX. 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
- −$40
- Price spread: −0.049% → +0.121%
- −$17.01
- Slippage, 4 orders
- −$42.94
- Fee BingX: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$116.95
- Costs to cover
- 0.599%
- Break-even
- never at this rate
Slippage from BingX: live order book, 5 min ago; Phoenix: live order book, 41 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 BingX live order book, 5 min ago | 2.08 bp | 15.6 bp −$16 | 31.9 bp −$319 | 315.7 bp −$31.6K | 730.1 bp −$365.0K |
| Sell Phoenix live order book, 41 min ago | 1.13 bp | 12.9 bp −$13 | 44.6 bp −$446 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_MORPHOUSD | −0.1855% | 1h | 2.6458 | −0.086% | $83K | $150K | 20x | as long as short |
| 01 Exchange MORPHOUSD | −0.1152% | 1h | 2.6412 | −0.261% | $868 | $13K | 5x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1147% | 1h | 2.6457 | −0.091% | $11K | $911 | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0608% | 1h | 2.6463 | −0.068% | $26K | $1.7M | 5x | as long as short |
| Bybit MORPHOUSDT | −0.0588% | 4h | 2.6500 | +0.072% | $8.5M | $9.5M | 25x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0572% | 4h | 2.6428 | −0.200% | $29K | $146K | 10x | as long as short |
| Injective MORPHO/USDC PERP | −0.0337% | 1h | 2.6430 | −0.193% | $37 | $242K | 5.5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0312% | 1h | 2.6427 | −0.204% | $76K | $43K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0178% | 4h | 2.6433 | −0.181% | $642K | $244K | 20x | as long as short |
| Gate MORPHO_USDT | −0.0160% | 4h | 2.6479 | −0.008% | $771K | $530K | 50x | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
Polymarket Perps MORPHO-USD
Bybit MORPHOUSDT
GRVT MORPHO_USDT_Perp
Injective MORPHO/USDC PERP
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Gate MORPHO_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_MORPHO_USDC | −0.0155% | 4h | 2.6451 | −0.113% | $10K | $34K | 10x | as long as short |
| Phoenix MORPHOshort | −0.0090% | 1h | 2.6468 | −0.049% | $34K | $484K | 5x | |
| Variational Omni MORPHO | −0.0014% | 4h | 2.6447 | −0.127% | $628K | $1.2M | — | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6466 | −0.056% | $16 | — | 10x | as long as short |
| Binance MORPHOUSDT | +0.0086% | 4h | 2.6474 | −0.028% | $16.1M | $26.0M | 75x | as long as short |
| Extended MORPHO-USD | +0.0088% | 1h | 2.6469 | −0.044% | $103K | $301K | 10x | as long as short |
| MEXC MORPHO_USDT | +0.0088% | 4h | 2.6478 | −0.011% | $5.2M | $1.1M | 100x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6519 | +0.144% | $315K | $333K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6476 | −0.019% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6536 | +0.208% | $6.2M | $7.1M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6501 | +0.077% | $58K | $33K | 20x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6476 | −0.019% | $3.2M | $4.4M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6489 | +0.030% | $619K | $263K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6482 | +0.004% | $2.9M | $1.9M | 75x | as long as short |
| BingX MORPHO-USDTlong | +0.0100% | 4h | 2.6481 | long leg | — | $1.5M | — | |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6454 | −0.102% | $22K | $3K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6500 | +0.073% | $1K | — | 100x | as long as short |
Orderly PERP_MORPHO_USDC
Variational Omni MORPHO
Reya MORPHORUSDPERP
Binance MORPHOUSDT
Extended MORPHO-USD
MEXC MORPHO_USDT
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
OKX MORPHO-USDT-SWAP
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]