MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0033%/8h= −3.6% APRnext payment −$0.04 per $10,000 · paid last 24h +0.017%

Price spread now: Phoenix against Injective−1.347%7-day average −0.904% · you buy dearer than you sell

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

Long on Injective Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−1.144%−$114 on $10k

Price spread, last 4 days (all we have)+0.090%+$9 · spread now −1.347%, 7d avg −0.904%

Together, before fees−1.054%−$105 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.442% cheaper against Injective than usual: you would sell low and buy high (−$44 if the spread goes back to its 7-day average of −0.904%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MORPHO/USDC PERP	2.6430	0.0033	pay 0.0004% / 1h	55m 06s	$37	$242K	5.5x
Short	Phoenix MORPHO	2.6074	0	get 0.0000% / 1h	55m 06s	$43K	$370K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee PhoenixbpOrdersPrice spread, now −1.347%Rate

Funding earned: −$7
Price spread: −1.347% → −0.904%: −$44.25
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$58.27
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Phoenix: live order book, 67 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 Injective no order-book sample	—	—	—	—	—
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

Injective: 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	−0.1659%	1h	2.6118	−1.182%	$81K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0935%	1h	2.6138	−1.105%	$11K	$759	10x	as long as short
01 Exchange MORPHOUSD	−0.0816%	1h	2.6110	−1.211%	$858	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0232%	4h	2.6112	−1.203%	$32K	$142K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0224%	1h	2.6172	−0.976%	$75K	$42K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6126	−1.150%	$640K	$240K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0155%	4h	2.6127	−1.146%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0112%	1h	2.6130	−1.135%	$25K	$1.7M	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6126	−1.150%	$16	—	10x	as long as short
Phoenix MORPHOshort	0.0000%	1h	2.6074	−1.347%	$43K	$370K	5x

Show 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	−1.040%	$757K	$478K	50x	as long as short
Injective MORPHO/USDC PERPlong	+0.0033%	1h	2.6430	long leg	$37	$242K	5.5x
Lighter MORPHO	+0.0096%	1h	2.6163	−1.010%	$314K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6134	−1.121%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6189	−0.912%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6137	−1.110%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6134	−1.120%	$15.8M	$25.3M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6162	−1.014%	$8.2M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6160	−1.022%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6126	−1.150%	$5.8M	$788K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6154	−1.044%	$594K	$251K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6143	−1.086%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6139	−1.101%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6166	−1.000%	$623K	$847K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6135	−1.116%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6120	−1.173%	$100K	$350K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6159	−1.026%	$1K	—	100x	as long as short