Funding you earn now, next payment 02:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.026%
Price spread now: GRVT against Phoenix+0.221%7-day average −0.162% · you sell dearer than you buy
Net, funding: paid 7d − costs−$90as in the Funding arb table
Net, price: spread back to 7d avg − costs−$32as in the Price arb table
costs, in and out, $10k−$700.699% of the position
Funding, last 7 days−0.198%−$20 on $10k
+Price spread, last 4 days (all we have)−0.252%−$25 · spread now +0.221%, 7d avg −0.162%
=Together, before fees−0.450%+ Points / potential airdropGRVT: Active · farm board−$45 on $10k · with fees, hour by hour
The price spread pays, funding is against you. GRVT is 0.383% dearer against Phoenix than usual: you sell high and buy low (spread +0.221% now, against its 7-day average of −0.162%): +$38 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 15 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MORPHO | 2.6207 | 0 | get 0.0000% / 1h | 45m 41s | $43K | $392K | 5x |
| Short | GRVT MORPHO_USDT_Perp | 2.6265 | −0.0084 | pay 0.0042% / 4h | 1h 45m | $32K | $142K | 10x |
Phoenix MORPHO
GRVT MORPHO_USDT_PerpFunding history
latest
Range statsloading…
Price spread between the two exchanges
GRVT 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
- −$17.64
- Price spread: +0.221% → −0.162%
- $38.29
- Slippage, 4 orders
- −$53.91
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee GRVT: 4.5 bp × 2 orders
- −$9
- Net
- −$49.26
- Costs to cover
- 0.699%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 16 min ago; GRVT: live order book, 16 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 Phoenix live order book, 16 min ago | 1.14 bp | 13.1 bp −$13 | 52.3 bp −$523 | doesn't fit | doesn't fit |
| Sell GRVT live order book, 16 min ago | 1.33 bp | 30.2 bp −$30 | doesn't fit | 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 | −0.1681% | 1h | 2.6071 | −0.519% | $81K | $128K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1127% | 1h | 2.6107 | −0.382% | $11K | $955 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0504% | 1h | 2.6036 | −0.652% | $856 | $9K | 5x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6064 | −0.546% | — | $242K | 20x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0192% | 1h | 2.6327 | +0.458% | $75K | $42K | 25x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0157% | 4h | 2.6094 | −0.431% | $10K | $34K | 10x | as long as short |
| GRVT MORPHO_USDT_Perpshort | −0.0084% | 4h | 2.6265 | +0.221% | $32K | $142K | 10x | |
| Polymarket Perps MORPHO-USD | −0.0076% | 1h | 2.6098 | −0.416% | $25K | $1.8M | 5x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6093 | −0.433% | $16 | — | 10x | as long as short |
| Phoenix MORPHOlong | 0.0000% | 1h | 2.6207 | long leg | $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
Reya MORPHORUSDPERPShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +0.851% | $37 | $242K | 5.5x | as long as short |
| Gate MORPHO_USDT | +0.0038% | 4h | 2.6078 | −0.492% | $752K | $503K | 50x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6124 | −0.315% | $313K | $308K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6113 | −0.360% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6128 | −0.301% | $6.1M | $7.0M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6115 | −0.351% | $57K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6092 | −0.439% | $15.7M | $25.7M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.6116 | −0.347% | $8.3M | $9.4M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6142 | −0.248% | $3.2M | $4.3M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6082 | −0.477% | $5.8M | $839K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6119 | −0.336% | $594K | $254K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6104 | −0.393% | $2.8M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6123 | −0.321% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6105 | −0.388% | $622K | $907K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6099 | −0.412% | $21K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6090 | −0.446% | $101K | $350K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6114 | −0.355% | $1K | — | 100x | as long as short |
Injective MORPHO/USDC PERP
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]