Funding you earn now, next payment 21:00 UTC+0.0126%/8h= +13.8% APRnext payment +$0.16 per $10,000 · paid last 24h +0.032%
Price spread now: Lighter against Phoenix−0.089%74s7-day average +0.095% · you buy dearer than you sell
Net, funding: paid 7d − costs−$26as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$510.512% of the position
Funding, last 7 days+0.255%+$26 on $10k
+Price spread, last 3 days (all we have)+0.406%+$41 · spread now −0.089%, 7d avg +0.095%
=Together, before fees+0.661%+ Points / potential airdropLighter: Season 3 · farm board+$66 on $10k · with fees, hour by hour
Funding pays, the price is against you. Lighter is 0.184% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.089% now, against its 7-day average of +0.095%). If the spread goes back, that is −$18 on $10k: about 4.9 days of funding at the current rate (+$4 a day). The two prices were read 74 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 08s | $34K | $493K | 5x |
| Short | Lighter MORPHO | 2.6631 | 0.0096 | get 0.0012% / 1h | 16m 08s | $317K | $336K | 5x |
Phoenix MORPHO
Lighter MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter 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
- $26.43
- Price spread: −0.089% → +0.095%
- −$18.41
- Slippage, 4 orders
- −$44.16
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$43.14
- Costs to cover
- 0.512%
- Break-even
- 18.4 days
Slippage from Phoenix: live order book, 6 min ago; Lighter: live order book, 67 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, 6 min ago | 1.13 bp | 12.9 bp −$13 | 52.2 bp −$522 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 67 min ago | 7.10 bp | 7.1 bp −$7 | 138.0 bp −$1,380 | 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 | −0.2050% | 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 |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Polymarket Perps MORPHO-USD
Injective MORPHO/USDC PERP
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Bybit MORPHOUSDTShow 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 MORPHOshort | +0.0096% | 1h | 2.6631 | −0.089% | $317K | $336K | 5x | |
| 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] | L +0.0188% / S −12.8197% | 1h | 2.6615 | −0.148% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Reya MORPHORUSDPERP
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance 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]