Funding you earn now, next payment 01:00 UTC+0.0003%/8h= +0.3% APRnext payment +$0.00 per $10,000 · paid last 24h −0.013%
Price spread now: Injective against Phoenix+0.755%7-day average +0.909% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+1.183%+$118 on $10k
+Price spread, last 3 days (all we have)−1.698%−$170 · spread now +0.755%, 7d avg +0.909%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Injective is 0.154% cheaper against Phoenix than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of +0.909%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MORPHO | 2.6232 | 0.0030 | pay 0.0004% / 1h | 33m 38s | $43K | $426K | 5x |
| Short | Injective MORPHO/USDC PERP | 2.6430 | 0.0033 | get 0.0004% / 1h | 33m 38s | $37 | $242K | 5.5x |
Phoenix MORPHO
Injective MORPHO/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
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How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $0.67
- Price spread: +0.755% → +0.909%
- −$15.41
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$21.76
- Costs to cover
- 0.070%
- Break-even
- 234.3 days
Slippage unknown: Phoenix: live order book, 34 min ago; Injective: 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, 34 min ago | 1.12 bp | 12.9 bp −$13 | 52.3 bp −$523 | doesn't fit | doesn't fit |
| Sell Injective no order-book sample | — | — | — | — | — |
Injective: 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 | −0.1915% | 1h | 2.6162 | −0.265% | $80K | $128K | 20x | as long as short |
| 01 Exchange MORPHOUSD | −0.0536% | 1h | 2.6229 | −0.011% | $862 | $11K | 5x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0512% | 1h | 2.6232 | 0.000% | $11K | $785 | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0232% | 1h | 2.6220 | −0.046% | $75K | $42K | 25x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0159% | 1h | 2.6233 | +0.004% | $29K | $1.8M | 5x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0148% | 4h | 2.6223 | −0.034% | $10K | $34K | 10x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0114% | 4h | 2.6197 | −0.135% | $32K | $142K | 10x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6245 | +0.050% | $16 | — | 10x | as long as short |
| Phoenix MORPHOlong | +0.0030% | 1h | 2.6232 | long leg | $43K | $426K | 5x | |
| Injective MORPHO/USDC PERPshort | +0.0033% | 1h | 2.6430 | +0.755% | $37 | $242K | 5.5x |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
Coinbase International MORPHO-PERP-INTX
Polymarket Perps MORPHO-USD
Orderly PERP_MORPHO_USDC
GRVT MORPHO_USDT_Perp
Reya MORPHORUSDPERPShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MORPHO_USDT | +0.0046% | 4h | 2.6264 | +0.122% | $767K | $504K | 50x | as long as short |
| Variational Omni MORPHO | +0.0070% | 4h | 2.6236 | +0.015% | $624K | $920K | — | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6284 | +0.198% | $315K | $319K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6258 | +0.098% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6286 | +0.206% | $6.2M | $7.0M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6264 | +0.123% | $57K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6227 | −0.019% | $15.8M | $25.3M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.6266 | +0.130% | $8.3M | $9.3M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6250 | +0.069% | $3.2M | $4.3M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6242 | +0.038% | $5.5M | $885K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6266 | +0.130% | $596K | $255K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6249 | +0.065% | $2.9M | $1.7M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6248 | +0.061% | — | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6234 | +0.008% | $22K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6236 | +0.014% | $101K | $360K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6245 | +0.051% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Variational Omni MORPHO
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
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]