Funding you earn now, next payment 20:00 UTC+0.0041%/8h= +4.4% APRpaid last 24h +0.033%
Price spread now: MEXC against Phoenix−0.462%77s7-day average −0.150% · you buy dearer than you sell
Net, funding: paid 7d − costs−$22as 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−$390.390% of the position
Funding, last 7 days+0.172%+$17 on $10k
+Price spread, last 3 days (all we have)+0.309%+$31 · spread now −0.462%, 7d avg −0.150%
=Funding pays, the price is against you. MEXC is 0.312% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.462% now, against its 7-day average of −0.150%). If the spread goes back, that is −$31 on $10k: about 26 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.172% in total) that is about 13 days. The two prices were read 77 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 | 2.6824 | 0.0059 | pay 0.0007% / 1h | 58m 06s | $34K | $470K | 5x |
| Short | MEXC MORPHO_USDT | 2.6700 | 0.0100 | get 0.0050% / 4h | 2h 58m | $5.4M | $1.1M | 100x |
Phoenix MORPHO
MEXC MORPHO_USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
MEXC 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
- $8.52
- Price spread: −0.462% → −0.150%
- −$31.2
- Slippage, 4 orders
- −$27.99
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee MEXC: 2 bp × 2 orders
- −$4
- Net
- −$61.67
- Costs to cover
- 0.390%
- Break-even
- 57.7 days
Slippage from Phoenix: live order book, 29 min ago; MEXC: live order book, 4 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, 29 min ago | 1.11 bp | 13.0 bp −$13 | 52.2 bp −$522 | doesn't fit | doesn't fit |
| Sell MEXC live order book, 4 min ago | 0.93 bp | 6.5 bp −$7 | 39.3 bp −$393 | 199.0 bp −$19.9K | 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 | −0.2043% | 1h | 2.6680 | −0.537% | $84K | $152K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1358% | 1h | 2.6703 | −0.451% | $10K | $623 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.1096% | 1h | 2.6676 | −0.552% | $877 | $12K | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0514% | 4h | 2.6774 | −0.187% | $41K | $151K | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0514% | 1h | 2.6743 | −0.302% | $25K | $2.0M | 5x | as long as short |
| Injective MORPHO/USDC PERP | −0.0385% | 1h | 2.7020 | +0.731% | $38 | $123K | 5.5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0296% | 1h | 2.6813 | −0.041% | $77K | $46K | 25x | as long as short |
| Bybit MORPHOUSDT | −0.0278% | 4h | 2.6718 | −0.395% | $8.8M | $10.2M | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6776 | −0.179% | $654K | $206K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0200% | 4h | 2.6707 | −0.436% | $10K | $34K | 10x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
GRVT MORPHO_USDT_Perp
Polymarket Perps MORPHO-USD
Injective MORPHO/USDC PERP
Coinbase International MORPHO-PERP-INTX
Bybit MORPHOUSDT
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDCShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MORPHO_USDT | −0.0182% | 4h | 2.6748 | −0.283% | $764K | $517K | 50x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6743 | −0.301% | $16 | — | 10x | as long as short |
| Phoenix MORPHOlong | +0.0059% | 1h | 2.6824 | long leg | $34K | $470K | 5x | |
| Lighter MORPHO | +0.0096% | 1h | 2.6786 | −0.142% | $319K | $335K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6740 | −0.315% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6737 | −0.324% | $6.4M | $7.1M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6762 | −0.231% | $58K | $33K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6674 | −0.560% | $16.4M | $26.8M | 75x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6706 | −0.440% | $3.2M | $4.6M | 20x | as long as short |
| MEXC MORPHO_USDTshort | +0.0100% | 4h | 2.6700 | −0.462% | $5.4M | $1.1M | 100x | |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6762 | −0.231% | $603K | $270K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6737 | −0.324% | $2.9M | $2.0M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6715 | −0.406% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6815 | −0.032% | $651K | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6701 | −0.459% | $22K | $3K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6707 | −0.435% | $104K | $301K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0193% / S −16.5420% | 1h | 2.6761 | −0.236% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Reya MORPHORUSDPERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
OKX MORPHO-USDT-SWAP
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]