Funding you earn now, next payment 21:00 UTC−0.0126%/8h= −13.8% APRnext payment −$0.16 per $10,000 · paid last 24h −0.032%
Price spread now: Phoenix against Lighter+0.254%7-day average −0.095% · you sell dearer than you buy
Net, funding: paid 7d − costs−$88as in the Funding arb table
Net, price: spread back to 7d avg − costs−$28as in the Price arb table
costs, in and out, $10k−$630.626% of the position
Funding, last 7 days−0.255%−$26 on $10k
+Price spread, last 3 days (all we have)−0.571%−$57 · spread now +0.254%, 7d avg −0.095%
=Together, before fees−0.827%+ Points / potential airdropLighter: Season 3 · farm board−$83 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Phoenix is 0.349% dearer against Lighter than usual: you sell high and buy low (spread +0.254% now, against its 7-day average of −0.095%): +$35 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 9.2 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter MORPHO | 2.6572 | 0.0096 | pay 0.0012% / 1h | 13m 08s | $317K | $336K | 5x |
| Short | Phoenix MORPHO | 2.6639 | −0.0030 | pay 0.0004% / 1h | 13m 08s | $34K | $493K | 5x |
Lighter MORPHO
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Lighter. 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
- −$26.43
- Price spread: +0.254% → −0.095%
- $34.92
- Slippage, 4 orders
- −$55.62
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$54.13
- Costs to cover
- 0.626%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 1 min ago; Phoenix: live order book, 9 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 Lighter live order book, 1 min ago | 14.65 bp | 19.9 bp −$20 | 169.4 bp −$1,694 | doesn't fit | doesn't fit |
| 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 |
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 | −0.345% | $83K | $148K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1556% | 1h | 2.6524 | −0.179% | $11K | $911 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0864% | 1h | 2.6474 | −0.367% | $870 | $12K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0411% | 1h | 2.6528 | −0.164% | $26K | $1.8M | 5x | as long as short |
| Injective MORPHO/USDC PERP | −0.0385% | 1h | 2.6610 | +0.145% | $37 | $198K | 5.5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0344% | 4h | 2.6601 | +0.112% | $30K | $154K | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0296% | 1h | 2.6617 | +0.171% | $77K | $46K | 25x | as long as short |
| Bybit MORPHOUSDT | −0.0209% | 4h | 2.6527 | −0.167% | $8.6M | $9.9M | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6528 | −0.164% | $646K | $222K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0169% | 4h | 2.6537 | −0.130% | $10K | $34K | 10x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Polymarket Perps MORPHO-USD
Injective MORPHO/USDC PERP
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
Bybit MORPHOUSDT
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDCShow 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 | −0.073% | $774K | $548K | 50x | as long as short |
| Phoenix MORPHOshort | −0.0030% | 1h | 2.6639 | +0.254% | $34K | $493K | 5x | |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6530 | −0.157% | $16 | — | 10x | as long as short |
| Lighter MORPHOlong | +0.0096% | 1h | 2.6572 | long leg | $317K | $336K | 5x | |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6525 | −0.175% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6567 | −0.017% | $6.2M | $7.2M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6558 | −0.051% | $58K | $33K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6508 | −0.240% | $16.2M | $26.7M | 75x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6505 | −0.250% | $3.2M | $4.4M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6518 | −0.201% | $5.5M | $1.2M | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6594 | +0.085% | $623K | $269K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6576 | +0.017% | $2.9M | $1.9M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6535 | −0.137% | — | $1.5M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6594 | +0.084% | $647K | $1.2M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6515 | −0.213% | $22K | $3K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6514 | −0.215% | $103K | $301K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6569 | −0.011% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Reya MORPHORUSDPERP
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]