MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0218%/8h= −23.9% APRnext payment −$0.27 per $10,000 · paid last 24h −0.042%

Price spread now: Phoenix against GMX+0.265%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Phoenix is 0.265% dearer against GMX than usual: you sell high and buy low (spread +0.265% now, against zero (this spread has no 7-day history yet)): +$26 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 4.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX MORPHO/USD [ETH-USDC]	2.6569	L +0.0188% / S −12.8197%	pay 0.0024% / 1h	13m 01s	$1K	—	100x
Short	Phoenix MORPHO	2.6639	−0.0030	pay 0.0004% / 1h	13m 01s	$34K	$493K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee GMXbpFee PhoenixbpOrdersPrice spread, now +0.265%Rate

Funding earned: −$45.77
Price spread: +0.265% → 0.000%: $26.46
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$38.3
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Phoenix: live order book, 9 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 9 min ago	1.13 bp	12.9 bp −$13	44.6 bp −$446	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.2059%	1h	2.6480	−0.334%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1556%	1h	2.6524	−0.168%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0864%	1h	2.6474	−0.356%	$870	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0411%	1h	2.6528	−0.153%	$26K	$1.8M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6610	+0.155%	$37	$198K	5.5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0344%	4h	2.6601	+0.122%	$30K	$154K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	+0.182%	$77K	$46K	25x	as long as short
Bybit MORPHOUSDT	−0.0209%	4h	2.6527	−0.157%	$8.6M	$9.9M	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6528	−0.153%	$646K	$222K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0169%	4h	2.6537	−0.119%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0110%	4h	2.6552	−0.063%	$774K	$548K	50x	as long as short
Phoenix MORPHOshort	−0.0030%	1h	2.6639	+0.265%	$34K	$493K	5x
Reya MORPHORUSDPERP	−0.0004%	1h	2.6530	−0.146%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6572	+0.011%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6525	−0.164%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6567	−0.006%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6558	−0.040%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6508	−0.229%	$16.2M	$26.7M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6505	−0.240%	$3.2M	$4.4M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6518	−0.191%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6594	+0.095%	$623K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6576	+0.028%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6535	−0.127%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6594	+0.095%	$647K	$1.2M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6515	−0.202%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6514	−0.205%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]long	L +0.0188% / S −12.8197%	1h	2.6569	long leg	$1K	—	100x