Funding you earn now, next payment 22:00 UTC−0.0106%/8h= −11.7% APRnext payment −$0.13 per $10,000 · paid last 24h −0.031%
Price spread now: Phoenix against Extended+0.116%7-day average +0.176% · you sell dearer than you buy
Net, funding: paid 7d − costs−$88as in the Funding arb table
Net, price: spread back to 7d avg − costs−$76as in the Price arb table
costs, in and out, $10k−$700.704% of the position
Funding, last 7 days−0.178%−$18 on $10k
+Price spread, last 3 days (all we have)+0.026%+$3 · spread now +0.116%, 7d avg +0.176%
=Together, before fees−0.152%+ Points / potential airdropExtended: Active · farm board−$15 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.060% cheaper against Extended than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.176%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Extended MORPHO-USD | 2.6416 | 0.0016 | pay 0.0002% / 1h | 1m 15s | $103K | $301K | 10x |
| Short | Phoenix MORPHO | 2.6447 | −0.0090 | pay 0.0011% / 1h | 1m 15s | $43K | $484K | 5x |
Extended MORPHO-USD
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Extended. 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
- −$22.36
- Price spread: +0.116% → +0.176%
- −$6
- Slippage, 4 orders
- −$58.37
- Fee Extended: 2.5 bp × 2 orders
- −$5
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$98.73
- Costs to cover
- 0.704%
- Break-even
- never at this rate
Slippage from Extended: live order book, 16 min ago; Phoenix: live order book, 16 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 Extended live order book, 16 min ago | 2.46 bp | 22.1 bp −$22 | 231.3 bp −$2,313 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 16 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 | −0.1859% | 1h | 2.6398 | −0.069% | $81K | $148K | 20x | as long as short |
| 01 Exchange MORPHOUSD | −0.1160% | 1h | 2.6375 | −0.156% | $867 | $12K | 5x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1149% | 1h | 2.6420 | +0.014% | $11K | $812 | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0674% | 1h | 2.6424 | +0.029% | $24K | $1.7M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0576% | 4h | 2.6390 | −0.100% | $29K | $134K | 10x | as long as short |
| Bybit MORPHOUSDT | −0.0404% | 4h | 2.6460 | +0.165% | $8.4M | $9.3M | 25x | as long as short |
| Injective MORPHO/USDC PERP | −0.0337% | 1h | 2.6430 | +0.052% | $37 | $242K | 5.5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0312% | 1h | 2.6434 | +0.067% | $76K | $43K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0224% | 4h | 2.6400 | −0.062% | $639K | $249K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0145% | 4h | 2.6421 | +0.018% | $10K | $34K | 10x | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Bybit MORPHOUSDT
Injective MORPHO/USDC PERP
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDCShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MORPHO_USDT | −0.0118% | 4h | 2.6438 | +0.082% | $768K | $534K | 50x | as long as short |
| Phoenix MORPHOshort | −0.0090% | 1h | 2.6447 | +0.116% | $43K | $484K | 5x | |
| Variational Omni MORPHO | −0.0080% | 4h | 2.6401 | −0.056% | $627K | $1.2M | — | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6420 | +0.015% | $16 | — | 10x | as long as short |
| Extended MORPHO-USDlong | +0.0016% | 1h | 2.6416 | long leg | $103K | $301K | 10x | |
| Binance MORPHOUSDT | +0.0016% | 4h | 2.6424 | +0.029% | $16.1M | $25.8M | 75x | as long as short |
| MEXC MORPHO_USDT | +0.0016% | 4h | 2.6442 | +0.097% | $5.4M | $1.1M | 100x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6464 | +0.179% | $315K | $334K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6423 | +0.027% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6487 | +0.268% | $6.2M | $7.1M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6428 | +0.045% | $58K | $31K | 20x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6467 | +0.192% | $3.2M | $4.4M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6439 | +0.086% | $591K | $269K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6458 | +0.158% | $2.9M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6467 | +0.192% | — | $1.5M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6420 | +0.014% | $22K | $4K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −0.3373% | 1h | 2.6452 | +0.134% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Variational Omni MORPHO
Reya MORPHORUSDPERP
Binance MORPHOUSDT
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]