Funding you earn now, next payment 23:00 UTC+0.0134%/8h= +14.7% APRpaid last 24h +0.029%
Price spread now: Phoenix against BloFin+0.291%7-day average +0.125% · you sell dearer than you buy
Net, funding: paid 7d − costs−$117as in the Funding arb table
Net, price: spread back to 7d avg − costs−$43as in the Price arb table
costs, in and out, $10k−$600.601% of the position
Funding, last 7 days−0.573%−$57 on $10k
+Price spread, last 3 days (all we have)−0.330%−$33 · spread now +0.291%, 7d avg +0.125%
=Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.166% dearer against BloFin than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.125%. Mind the row above: over the last 7 days funding on this pair cost −0.573%, so the current rate has only just turned in your favour.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | BloFin MORPHO-USDT | 2.6445 | −0.0195 | get 0.0097% / 4h | 33m 51s | $638K | $252K | 20x |
| Short | Phoenix MORPHO | 2.6522 | −0.0060 | pay 0.0008% / 1h | 33m 51s | $43K | $477K | 5x |
BloFin MORPHO-USDT
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against BloFin. 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
- $28.18
- Price spread: +0.291% → +0.125%
- $16.57
- Slippage, 4 orders
- −$41.06
- Fee BloFin: 6 bp × 2 orders
- −$12
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$15.31
- Costs to cover
- 0.601%
- Break-even
- 10.8 days
Slippage from BloFin: live order book, 43 min ago; Phoenix: live order book, 43 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 BloFin live order book, 43 min ago | 2.84 bp | 15.5 bp −$15 | 30.1 bp −$301 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 43 min ago | 1.13 bp | 13.0 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 | −0.1758% | 1h | 2.6445 | 0.000% | $82K | $140K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0921% | 1h | 2.6439 | −0.023% | $11K | $812 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0896% | 1h | 2.6360 | −0.321% | $866 | $12K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0546% | 1h | 2.6428 | −0.064% | $26K | $1.7M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0536% | 4h | 2.6479 | +0.129% | $29K | $134K | 10x | as long as short |
| Injective MORPHO/USDC PERP | −0.0405% | 1h | 2.6430 | −0.057% | $37 | $242K | 5.5x | as long as short |
| Bybit MORPHOUSDT | −0.0398% | 4h | 2.6450 | +0.019% | $8.4M | $9.2M | 25x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0360% | 1h | 2.6508 | +0.238% | $76K | $43K | 25x | as long as short |
| BloFin MORPHO-USDTlong | −0.0195% | 4h | 2.6445 | long leg | $638K | $252K | 20x | |
| Variational Omni MORPHO | −0.0145% | 4h | 2.6472 | +0.102% | $629K | $1.0M | — | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Injective MORPHO/USDC PERP
Bybit MORPHOUSDT
Coinbase International MORPHO-PERP-INTX
Variational Omni MORPHOShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_MORPHO_USDC | −0.0145% | 4h | 2.6432 | −0.049% | $10K | $34K | 10x | as long as short |
| Gate MORPHO_USDT | −0.0110% | 4h | 2.6471 | +0.098% | $769K | $532K | 50x | as long as short |
| Phoenix MORPHOshort | −0.0060% | 1h | 2.6522 | +0.291% | $43K | $477K | 5x | |
| Extended MORPHO-USD | −0.0008% | 1h | 2.6436 | −0.034% | $103K | $298K | 10x | as long as short |
| Binance MORPHOUSDT | −0.0005% | 4h | 2.6443 | −0.008% | $16.0M | $25.9M | 75x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6432 | −0.048% | $16 | — | 10x | as long as short |
| MEXC MORPHO_USDT | −0.0004% | 4h | 2.6440 | −0.019% | $5.5M | $948K | 100x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6480 | +0.132% | $315K | $331K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6422 | −0.087% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6514 | +0.261% | $6.2M | $7.0M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6472 | +0.101% | $58K | $31K | 20x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6446 | +0.004% | $3.2M | $4.4M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6473 | +0.106% | $593K | $270K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6463 | +0.068% | $2.9M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6448 | +0.011% | — | $1.5M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6440 | −0.019% | $22K | $4K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0154% / S −0.2700% | 1h | 2.6460 | +0.058% | $1K | — | 100x | as long as short |
Orderly PERP_MORPHO_USDC
Gate MORPHO_USDT
Extended MORPHO-USD
Binance MORPHOUSDT
Reya MORPHORUSDPERP
MEXC MORPHO_USDT
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]