Funding you earn now, next payment 01:00 UTC−0.0262%/8h= −28.7% APRnext payment −$0.33 per $10,000 · paid last 24h +0.060%
Price spread now: Coinbase International against Phoenix+0.335%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.355%+$36 on $10k
+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. Coinbase International is 0.335% dearer against Phoenix than usual: you sell high and buy low (spread +0.335% now, against zero (this spread has no 7-day history yet)): +$33 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 4.3 days. Mind the row above: over the last 7 days funding on this pair paid +0.355%, so the current rate has only just turned against you.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MORPHO | 2.6291 | 0.0030 | pay 0.0004% / 1h | 10m 46s | $43K | $426K | 5x |
| Short | Coinbase International MORPHO-PERP-INTX | 2.6379 | −0.0232 | pay 0.0029% / 1h | 10m 46s | $76K | $42K | 25x |
Phoenix MORPHO
Coinbase International MORPHO-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Phoenix. 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
- −$55.05
- Price spread: +0.335% → 0.000%
- $33.47
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$38.58
- Costs to cover
- 0.170%
- Break-even
- from the start
Slippage unknown: Phoenix: live order book, 56 min ago; Coinbase International: no order-book sample. 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 Phoenix live order book, 56 min ago | 1.12 bp | 12.9 bp −$13 | 52.3 bp −$523 | doesn't fit | doesn't fit |
| Sell Coinbase International no order-book sample | — | — | — | — | — |
Coinbase International: 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 26 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 | −0.1908% | 1h | 2.6254 | −0.139% | $80K | $128K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0587% | 1h | 2.6270 | −0.080% | $11K | $785 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0440% | 1h | 2.6242 | −0.186% | $862 | $9K | 5x | as long as short |
| Coinbase International MORPHO-PERP-INTXshort | −0.0232% | 1h | 2.6379 | +0.335% | $76K | $42K | 25x | |
| Orderly PERP_MORPHO_USDC | −0.0151% | 4h | 2.6261 | −0.114% | $10K | $34K | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0106% | 1h | 2.6254 | −0.141% | $28K | $1.8M | 5x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6247 | −0.167% | $16 | — | 10x | as long as short |
| GRVT MORPHO_USDT_Perp | +0.0012% | 4h | 2.6265 | −0.100% | $32K | $142K | 10x | as long as short |
| Phoenix MORPHOlong | +0.0030% | 1h | 2.6291 | long leg | $43K | $426K | 5x | |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +0.529% | $37 | $242K | 5.5x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Orderly PERP_MORPHO_USDC
Polymarket Perps MORPHO-USD
Reya MORPHORUSDPERP
GRVT MORPHO_USDT_Perp
Injective MORPHO/USDC PERPShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MORPHO_USDT | +0.0072% | 4h | 2.6273 | −0.068% | $765K | $507K | 50x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6294 | +0.011% | $315K | $319K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6240 | −0.194% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6307 | +0.061% | $6.2M | $7.0M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6274 | −0.064% | $57K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6246 | −0.172% | $15.9M | $25.4M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.6257 | −0.129% | $8.3M | $9.3M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6250 | −0.156% | $3.2M | $4.3M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6250 | −0.156% | $5.6M | $918K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6287 | −0.015% | $597K | $252K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6265 | −0.099% | $2.9M | $1.7M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6257 | −0.129% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6255 | −0.135% | $626K | $912K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6270 | −0.080% | $22K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6245 | −0.174% | $101K | $355K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6276 | −0.057% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
Bybit 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]