Funding you earn now, next payment 01:00 UTC+0.0070%/8h= +7.6% APRnext payment +$0.09 per $10,000 · paid last 24h +0.063%
Price spread now: Hyperliquid against Phoenix+0.354%7-day average +0.005% · you sell dearer than you buy
Net, funding: paid 7d − costs−$33as in the Funding arb table
Net, price: spread back to 7d avg − costs−$21as in the Price arb table
costs, in and out, $10k−$560.558% of the position
Funding, last 7 days+0.225%+$23 on $10k
+Price spread, last 3 days (all we have)−0.182%−$18 · spread now +0.354%, 7d avg +0.005%
=Together, before fees+0.043%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hyperliquid is 0.349% dearer against Phoenix than usual: you sell high and buy low: +$35 more if the spread goes back to its 7-day average of +0.005%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MORPHO | 2.6277 | 0.0030 | pay 0.0004% / 1h | 52m 58s | $43K | $426K | 5x |
| Short | Hyperliquid MORPHO | 2.6370 | 0.0100 | get 0.0013% / 1h | 52m 58s | $6.2M | $6.9M | 5x |
Phoenix MORPHO
Hyperliquid MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid 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
- $14.67
- Price spread: +0.354% → +0.005%
- $34.89
- Slippage, 4 orders
- −$39.78
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$6.21
- Costs to cover
- 0.558%
- Break-even
- 10.0 days
Slippage from Phoenix: live order book, 14 min ago; Hyperliquid: 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 Phoenix live order book, 14 min ago | 1.12 bp | 12.9 bp −$13 | 52.3 bp −$523 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 9 min ago | 0.75 bp | 14.3 bp −$14 | 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 | −0.1907% | 1h | 2.6266 | −0.044% | $80K | $126K | 20x | as long as short |
| 01 Exchange MORPHOUSD | −0.0848% | 1h | 2.6264 | −0.049% | $863 | $10K | 5x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0585% | 1h | 2.6313 | +0.137% | $11K | $785 | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0232% | 1h | 2.6456 | +0.681% | $76K | $43K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6320 | +0.164% | $642K | $235K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0149% | 4h | 2.6301 | +0.091% | $10K | $34K | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0147% | 1h | 2.6308 | +0.118% | $24K | $1.7M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0134% | 4h | 2.6301 | +0.091% | $40K | $133K | 10x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6304 | +0.104% | $16 | — | 10x | as long as short |
| Gate MORPHO_USDT | +0.0012% | 4h | 2.6287 | +0.038% | $758K | $493K | 50x | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Reya MORPHORUSDPERP
Gate MORPHO_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phoenix MORPHOlong | +0.0030% | 1h | 2.6277 | long leg | $43K | $426K | 5x | |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +0.582% | $37 | $242K | 5.5x | as long as short |
| Variational Omni MORPHO | +0.0052% | 4h | 2.6316 | +0.148% | $627K | $925K | — | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6425 | +0.561% | $317K | $319K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6268 | −0.033% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHOshort | +0.0100% | 1h | 2.6370 | +0.354% | $6.2M | $6.9M | 5x | |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6324 | +0.179% | $58K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6345 | +0.258% | $15.9M | $25.2M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.6332 | +0.209% | $8.3M | $9.2M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6353 | +0.289% | $3.2M | $4.3M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6316 | +0.148% | $5.5M | $872K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6290 | +0.049% | $594K | $257K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6316 | +0.148% | $2.9M | $1.7M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6321 | +0.167% | — | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6305 | +0.107% | $22K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6296 | +0.072% | $100K | $362K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −0.4126% | 1h | 2.6323 | +0.176% | $1K | — | 100x | as long as short |
Injective MORPHO/USDC PERP
Variational Omni MORPHO
Lighter MORPHO
Paradex MORPHO-USD-PERP
Aster MORPHOUSDT
Binance MORPHOUSDT
Bybit MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]