Funding you earn now, next payment 20:00 UTC+0.0041%/8h= +4.4% APRpaid last 24h +0.032%
Price spread now: Paradex against Phoenix−0.131%46s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Funding pays, the price is against you. Paradex is 0.131% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.131% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 11 days of funding at the current rate (+$1 a day). The two prices were read 46 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 | 2.6653 | 0.0059 | pay 0.0007% / 1h | 54m 27s | $34K | $493K | 5x |
| Short | Paradex MORPHO-USD-PERP | 2.6618 | 0.0100 | get 0.0100% / 8h | 2h 54m | $5K | $3 | 5x |
Phoenix MORPHO
Paradex MORPHO-USD-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Paradex 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: −0.131% → 0.000%
- −$13.05
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Paradex: 2 bp × 2 orders
- −$4
- Net
- −$15.54
- Costs to cover
- 0.110%
- Break-even
- 19.8 days
Slippage unknown: Phoenix: live order book, 33 min ago; Paradex: 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, 33 min ago | 1.11 bp | 13.0 bp −$13 | 52.2 bp −$522 | doesn't fit | doesn't fit |
| Sell Paradex no order-book sample | — | — | — | — | — |
Paradex: 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 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 | −0.2046% | 1h | 2.6648 | −0.018% | $84K | $147K | 20x | as long as short |
| 01 Exchange MORPHOUSD | −0.1400% | 1h | 2.6554 | −0.371% | $873 | $12K | 5x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1359% | 1h | 2.6676 | +0.086% | $10K | $623 | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0664% | 1h | 2.6607 | −0.173% | $25K | $2.0M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0608% | 4h | 2.6672 | +0.072% | $41K | $151K | 10x | as long as short |
| Bybit MORPHOUSDT | −0.0396% | 4h | 2.6616 | −0.139% | $8.8M | $10.0M | 25x | as long as short |
| Injective MORPHO/USDC PERP | −0.0385% | 1h | 2.7020 | +1.377% | $38 | $123K | 5.5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0296% | 1h | 2.6813 | +0.600% | $77K | $46K | 25x | as long as short |
| Gate MORPHO_USDT | −0.0256% | 4h | 2.6660 | +0.026% | $761K | $517K | 50x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6643 | −0.038% | $653K | $205K | 20x | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Bybit MORPHOUSDT
Injective MORPHO/USDC PERP
Coinbase International MORPHO-PERP-INTX
Gate MORPHO_USDT
BloFin MORPHO-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_MORPHO_USDC | −0.0198% | 4h | 2.6668 | +0.056% | $10K | $34K | 10x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6615 | −0.142% | $16 | — | 10x | as long as short |
| Phoenix MORPHOlong | +0.0059% | 1h | 2.6653 | long leg | $34K | $493K | 5x | |
| Lighter MORPHO | +0.0096% | 1h | 2.6686 | +0.123% | $318K | $335K | 5x | as long as short |
| Paradex MORPHO-USD-PERPshort | +0.0100% | 8h | 2.6618 | −0.131% | $5K | $3 | 5x | |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6655 | +0.008% | $6.3M | $7.1M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6691 | +0.141% | $58K | $33K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6606 | −0.176% | $16.3M | $26.8M | 75x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6620 | −0.124% | $3.2M | $4.5M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6624 | −0.109% | $5.4M | $1.1M | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6664 | +0.041% | $600K | $268K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6609 | −0.165% | $2.9M | $2.0M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6616 | −0.139% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6700 | +0.176% | $649K | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6678 | +0.094% | $22K | $3K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6600 | −0.200% | $103K | $301K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0193% / S −16.5420% | 1h | 2.6705 | +0.194% | $1K | — | 100x | as long as short |
Orderly PERP_MORPHO_USDC
Reya MORPHORUSDPERP
Lighter MORPHO
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]