Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.031%
Price spread now: Phoenix against KuCoin+0.027%7-day average +0.086% · you sell dearer than you buy
Net, funding: paid 7d − costs−$196as in the Funding arb table
Net, price: spread back to 7d avg − costs−$184as in the Price arb table
costs, in and out, $10k−$1791.785% of the position
Funding, last 7 days−0.179%−$18 on $10k
+Price spread, last 4 days (all we have)+0.166%+$17 · spread now +0.027%, 7d avg +0.086%
=Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.059% cheaper against KuCoin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.086%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | KuCoin MORPHOUSDTM | 2.6306 | 0.0100 | pay 0.0050% / 4h | 1h 15m | $597K | $252K | 50x |
| Short | Phoenix MORPHO | 2.6313 | 0 | get 0.0000% / 1h | 15m 34s | $43K | $392K | 5x |
KuCoin MORPHOUSDTM
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against KuCoin. 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
- −$21
- Price spread: +0.027% → +0.086%
- −$5.91
- Slippage, 4 orders
- −$159.53
- Fee KuCoin: 6 bp × 2 orders
- −$12
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$205.44
- Costs to cover
- 1.785%
- Break-even
- never at this rate
Slippage from KuCoin: live order book, 8 min ago; Phoenix: live order book, 46 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 KuCoin live order book, 8 min ago | 4.94 bp | 61.7 bp −$62 | 134.4 bp −$1,344 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 46 min ago | 1.14 bp | 13.1 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 | −0.1668% | 1h | 2.6288 | −0.070% | $82K | $127K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1117% | 1h | 2.6301 | −0.019% | $11K | $759 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0672% | 1h | 2.6230 | −0.289% | $862 | $9K | 5x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6299 | −0.027% | $602K | $243K | 20x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0192% | 1h | 2.6345 | +0.148% | $75K | $42K | 25x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0158% | 4h | 2.6296 | −0.038% | $10K | $34K | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0154% | 1h | 2.6286 | −0.076% | $25K | $1.7M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0146% | 4h | 2.6310 | +0.014% | $32K | $142K | 10x | as long as short |
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.6284 | −0.085% | $16 | — | 10x | as long as short |
| Phoenix MORPHOshort | 0.0000% | 1h | 2.6313 | +0.027% | $43K | $392K | 5x |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
BloFin MORPHO-USDT
Coinbase International MORPHO-PERP-INTX
Orderly PERP_MORPHO_USDC
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Reya MORPHORUSDPERPShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MORPHO_USDT | +0.0012% | 4h | 2.6275 | −0.118% | $756K | $504K | 50x | as long as short |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +0.471% | $37 | $242K | 5.5x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6278 | −0.106% | $315K | $308K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6257 | −0.188% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6331 | +0.095% | $6.2M | $6.9M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6258 | −0.181% | $58K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6274 | −0.122% | $15.8M | $25.4M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.6290 | −0.061% | $8.3M | $9.2M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6293 | −0.049% | $3.2M | $4.3M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6264 | −0.160% | $5.8M | $842K | 100x | as long as short |
| KuCoin MORPHOUSDTMlong | +0.0100% | 4h | 2.6306 | long leg | $597K | $252K | 50x | |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6284 | −0.084% | $2.8M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6278 | −0.106% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6310 | +0.015% | $627K | $848K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6304 | −0.008% | $22K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6257 | −0.188% | $101K | $350K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6324 | +0.069% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Injective MORPHO/USDC PERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
Bybit MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
Bitget MORPHOUSDT
BingX MORPHO-USDT
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]