Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h 0.000%
Price spread now: Phoenix against Bybit−0.336%7-day average +0.084% · you buy dearer than you sell
Net, funding: paid 7d − costs−$86as in the Funding arb table
Net, price: spread back to 7d avg − costs−$115as in the Price arb table
costs, in and out, $10k−$730.732% of the position
Funding, last 7 days−0.124%−$12 on $10k
+Price spread, last 4 days (all we have)+0.402%+$40 · spread now −0.336%, 7d avg +0.084%
=Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.420% cheaper against Bybit than usual: you would sell low and buy high (−$42 if the spread goes back to its 7-day average of +0.084%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit MORPHOUSDT | 2.6162 | 0.0100 | pay 0.0050% / 4h | 55m 03s | $8.2M | $9.2M | 25x |
| Short | Phoenix MORPHO | 2.6074 | 0 | get 0.0000% / 1h | 55m 03s | $43K | $370K | 5x |
Bybit MORPHOUSDT
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Bybit. 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
- −$21
- Price spread: −0.336% → +0.084%
- −$42
- Slippage, 4 orders
- −$55.17
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$136.17
- Costs to cover
- 0.732%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 3 min ago; Phoenix: live order book, 67 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 Bybit live order book, 3 min ago | 1.92 bp | 23.4 bp −$23 | 73.3 bp −$733 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 67 min ago | 1.14 bp | 13.1 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 | −0.1659% | 1h | 2.6118 | −0.170% | $81K | $128K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0935% | 1h | 2.6138 | −0.092% | $11K | $759 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0816% | 1h | 2.6110 | −0.199% | $858 | $9K | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0232% | 4h | 2.6112 | −0.191% | $32K | $142K | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0224% | 1h | 2.6172 | +0.038% | $75K | $42K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6126 | −0.138% | $640K | $240K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0155% | 4h | 2.6127 | −0.134% | $10K | $34K | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0112% | 1h | 2.6130 | −0.122% | $25K | $1.7M | 5x | as long as short |
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.6126 | −0.137% | $16 | — | 10x | as long as short |
| Phoenix MORPHOshort | 0.0000% | 1h | 2.6074 | −0.336% | $43K | $370K | 5x |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Polymarket Perps MORPHO-USD
Reya MORPHORUSDPERPShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MORPHO_USDT | +0.0012% | 4h | 2.6155 | −0.027% | $757K | $478K | 50x | as long as short |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +1.024% | $37 | $242K | 5.5x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6163 | +0.004% | $314K | $309K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6134 | −0.108% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6189 | +0.103% | $6.1M | $6.9M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6137 | −0.097% | $57K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6134 | −0.107% | $15.8M | $25.3M | 75x | as long as short |
| Bybit MORPHOUSDTlong | +0.0100% | 4h | 2.6162 | long leg | $8.2M | $9.2M | 25x | |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6160 | −0.008% | $3.2M | $4.3M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6126 | −0.138% | $5.8M | $788K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6154 | −0.031% | $594K | $251K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6143 | −0.073% | $2.8M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6139 | −0.088% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6166 | +0.014% | $623K | $847K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6135 | −0.103% | $21K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6120 | −0.160% | $100K | $350K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6159 | −0.012% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Injective MORPHO/USDC PERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]