Funding you earn now, next payment 21:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.055%
Price spread now: Phoenix against Gate+0.116%47s7-day average +0.161% · you sell dearer than you buy
Net, funding: paid 7d − costs−$116as 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−$1191.189% of the position
Funding, last 7 days+0.030%+$3 on $10k
+Price spread, last 3 days (all we have)+0.030%+$3 · spread now +0.116%, 7d avg +0.161%
=Funding pays, the price is against you. Phoenix is 0.045% cheaper against Gate than usual: you would sell low and buy high (spread +0.116% now, against its 7-day average of +0.161%). If the spread goes back, that is −$4 on $10k: about 3.7 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.030% in total) that is about 10 days. The two prices were read 47 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 | Gate MORPHO_USDT | 2.6624 | −0.0070 | get 0.0035% / 4h | 2h 18m | $763K | $523K | 50x |
| Short | Phoenix MORPHO | 2.6655 | −0.0030 | pay 0.0004% / 1h | 18m 28s | $34K | $493K | 5x |
Gate MORPHO_USDT
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Gate. 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
- $8.43
- Price spread: +0.116% → +0.161%
- −$4.46
- Slippage, 4 orders
- −$96.9
- Fee Gate: 7.5 bp × 2 orders
- −$15
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$114.93
- Costs to cover
- 1.189%
- Break-even
- 102.4 days
Slippage from Gate: live order book, 3 min ago; Phoenix: live order book, 4 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 Gate live order book, 3 min ago | 7.33 bp | 44.6 bp −$45 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 4 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 | −0.2051% | 1h | 2.6574 | −0.189% | $83K | $148K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1287% | 1h | 2.6626 | +0.008% | $11K | $911 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0840% | 1h | 2.6585 | −0.146% | $874 | $12K | 5x | as long as short |
| Injective MORPHO/USDC PERP | −0.0385% | 1h | 2.6610 | −0.053% | $37 | $198K | 5.5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0383% | 1h | 2.6621 | −0.011% | $26K | $1.8M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0350% | 4h | 2.6583 | −0.155% | $30K | $154K | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0296% | 1h | 2.6617 | −0.026% | $77K | $46K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6620 | −0.015% | $645K | $223K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0170% | 4h | 2.6618 | −0.023% | $10K | $34K | 10x | as long as short |
| Gate MORPHO_USDTlong | −0.0070% | 4h | 2.6624 | long leg | $763K | $523K | 50x |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Injective MORPHO/USDC PERP
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_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 | |
|---|---|---|---|---|---|---|---|---|
| Bybit MORPHOUSDT | −0.0048% | 4h | 2.6630 | +0.023% | $8.7M | $10.0M | 25x | as long as short |
| Phoenix MORPHOshort | −0.0030% | 1h | 2.6655 | +0.116% | $34K | $493K | 5x | |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6626 | +0.009% | $16 | — | 10x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6659 | +0.133% | $318K | $336K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6614 | −0.036% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6674 | +0.188% | $6.3M | $7.2M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6633 | +0.033% | $58K | $33K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6614 | −0.038% | $16.3M | $26.8M | 75x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6652 | +0.105% | $3.2M | $4.5M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6607 | −0.064% | $5.5M | $1.2M | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6626 | +0.008% | $624K | $271K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6617 | −0.026% | $2.9M | $2.0M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6638 | +0.053% | — | $1.5M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6639 | +0.055% | $647K | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6617 | −0.026% | $22K | $3K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6606 | −0.067% | $103K | $301K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6651 | +0.102% | $1K | — | 100x | as long as short |
Bybit MORPHOUSDT
Reya MORPHORUSDPERP
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]