Funding you earn now, next payment 01:00 UTC−0.0070%/8h= −7.6% APRnext payment −$0.09 per $10,000 · paid last 24h −0.063%
Price spread now: Phoenix against Hyperliquid−0.353%7-day average −0.005% · you buy dearer than you sell
Net, funding: paid 7d − costs−$78as in the Funding arb table
Net, price: spread back to 7d avg − costs−$91as in the Price arb table
costs, in and out, $10k−$560.558% of the position
Funding, last 7 days−0.225%−$23 on $10k
+Price spread, last 3 days (all we have)+0.181%+$18 · spread now −0.353%, 7d avg −0.005%
=Together, before fees−0.044%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.348% cheaper against Hyperliquid than usual: you would sell low and buy high (−$35 if the spread goes back to its 7-day average of −0.005%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid MORPHO | 2.6370 | 0.0100 | pay 0.0013% / 1h | 52m 59s | $6.2M | $6.9M | 5x |
| Short | Phoenix MORPHO | 2.6277 | 0.0030 | get 0.0004% / 1h | 52m 59s | $43K | $426K | 5x |
Hyperliquid MORPHO
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Hyperliquid. 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
- −$14.67
- Price spread: −0.353% → −0.005%
- −$34.77
- Slippage, 4 orders
- −$39.78
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$105.22
- Costs to cover
- 0.558%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 9 min ago; Phoenix: live order book, 14 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 Hyperliquid live order book, 9 min ago | 0.75 bp | 15.6 bp −$16 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 14 min ago | 1.12 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 | −0.1907% | 1h | 2.6266 | −0.396% | $80K | $126K | 20x | as long as short |
| 01 Exchange MORPHOUSD | −0.0848% | 1h | 2.6264 | −0.402% | $863 | $10K | 5x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0585% | 1h | 2.6313 | −0.216% | $11K | $785 | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0232% | 1h | 2.6456 | +0.326% | $76K | $43K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6320 | −0.190% | $642K | $235K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0149% | 4h | 2.6301 | −0.262% | $10K | $34K | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0147% | 1h | 2.6308 | −0.235% | $24K | $1.7M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0134% | 4h | 2.6301 | −0.262% | $40K | $133K | 10x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6304 | −0.250% | $16 | — | 10x | as long as short |
| Gate MORPHO_USDT | +0.0012% | 4h | 2.6287 | −0.315% | $758K | $493K | 50x | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Reya MORPHORUSDPERP
Gate MORPHO_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phoenix MORPHOshort | +0.0030% | 1h | 2.6277 | −0.353% | $43K | $426K | 5x | |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +0.228% | $37 | $242K | 5.5x | as long as short |
| Variational Omni MORPHO | +0.0052% | 4h | 2.6316 | −0.205% | $627K | $925K | — | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6425 | +0.207% | $317K | $319K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6268 | −0.386% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHOlong | +0.0100% | 1h | 2.6370 | long leg | $6.2M | $6.9M | 5x | |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6324 | −0.174% | $58K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6345 | −0.096% | $15.9M | $25.2M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.6332 | −0.144% | $8.3M | $9.2M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6353 | −0.064% | $3.2M | $4.3M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6316 | −0.205% | $5.5M | $872K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6290 | −0.303% | $594K | $257K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6316 | −0.205% | $2.9M | $1.7M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6321 | −0.186% | — | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6305 | −0.246% | $22K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6296 | −0.281% | $100K | $362K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −0.4126% | 1h | 2.6323 | −0.177% | $1K | — | 100x | as long as short |
Injective MORPHO/USDC PERP
Variational Omni MORPHO
Lighter MORPHO
Paradex MORPHO-USD-PERP
Aster MORPHOUSDT
Binance MORPHOUSDT
Bybit MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]