MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+12.8226%/8h= +14040.8% APRnext payment +$160.28 per $10,000 · paid last 24h +4.226%

Price spread now: GMX against Phoenix−0.148%65s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. GMX is 0.148% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.148% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about under an hour of funding at the current rate (+$3,847 a day). The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MORPHO	2.6655	−0.0030	get 0.0004% / 1h	16m 14s	$34K	$493K	5x
Short	GMX MORPHO/USD [ETH-USDC]	2.6615	L +0.0188% / S −12.8197%	get 1.6025% / 1h	16m 14s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 PhoenixbpFee GMXbpOrdersPrice spread, now −0.148%Rate

Funding earned: $26,927.56
Price spread: −0.148% → 0.000%: −$14.82
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GMX: 6 bp × 2 orders: −$12
Net: $26,893.73
Costs to cover: 0.190%
Break-even: 0.0 days

Slippage unknown: Phoenix: live order book, 6 min ago; GMX: 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, 6 min ago	1.13 bp	12.9 bp −$13	52.2 bp −$522	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.2050%	1h	2.6589	−0.249%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1440%	1h	2.6588	−0.251%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0840%	1h	2.6537	−0.443%	$872	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0392%	1h	2.6584	−0.266%	$26K	$1.8M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6610	−0.169%	$37	$198K	5.5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0334%	4h	2.6613	−0.158%	$30K	$154K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	−0.143%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6592	−0.236%	$644K	$223K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0170%	4h	2.6586	−0.259%	$10K	$34K	10x	as long as short
Bybit MORPHOUSDT	−0.0102%	4h	2.6591	−0.240%	$8.6M	$9.9M	25x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0096%	4h	2.6596	−0.221%	$770K	$527K	50x	as long as short
Phoenix MORPHOlong	−0.0030%	1h	2.6655	long leg	$34K	$493K	5x
Reya MORPHORUSDPERP	−0.0004%	1h	2.6595	−0.224%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6631	−0.089%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6575	−0.299%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6638	−0.064%	$6.3M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6596	−0.220%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6572	−0.310%	$16.3M	$26.7M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6608	−0.176%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6579	−0.285%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6600	−0.206%	$623K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6585	−0.263%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6612	−0.161%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6639	−0.062%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6591	−0.240%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6576	−0.295%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]short	L +0.0188% / S −12.8197%	1h	2.6615	−0.148%	$1K	—	100x