MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0539%/8h= −59.0% APRnext payment −$0.67 per $10,000 · paid last 24h −0.019%

Price spread now: Polymarket Perps against Phoenix+0.076%7-day average −0.089% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$410.412% of the position

Long on Phoenix Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.035%−$4 on $10k

Price spread, last 3 days (all we have)−0.019%−$2 · spread now +0.076%, 7d avg −0.089%

Together, before fees−0.054%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.165% dearer against Phoenix than usual: you sell high and buy low (spread +0.076% now, against its 7-day average of −0.089%): +$16 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 24 hours. At the pace of the last 7 days (−0.035% in total) that is about 33 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.035% in total (about -1.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.67 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MORPHO	2.6479	−0.0030	get 0.0004% / 1h	41m 21s	$34K	$493K	5x
Short	Polymarket Perps MORPHO-USD	2.6499	−0.0568	pay 0.0071% / 1h	41m 21s	$26K	$1.9M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee Polymarket PerpsbpOrdersPrice spread, now +0.076%Rate

Funding earned: −$113.1
Price spread: +0.076% → −0.089%: $16.46
Slippage, 4 orders: −$26.15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$137.79
Costs to cover: 0.412%
Break-even: never at this rate

Slippage from Phoenix: live order book, 46 min ago; Polymarket Perps: live order book, 2 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, 46 min ago	1.11 bp	13.0 bp −$13	52.2 bp −$522	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 2 min ago	2.64 bp	7.7 bp −$8	8.8 bp −$88	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	−0.2058%	1h	2.6486	+0.026%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1143%	1h	2.6525	+0.174%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.1064%	1h	2.6474	−0.019%	$870	$12K	5x	as long as short
Polymarket Perps MORPHO-USDshort	−0.0568%	1h	2.6499	+0.076%	$26K	$1.9M	5x
GRVT MORPHO_USDT_Perp	−0.0550%	4h	2.6452	−0.103%	$29K	$162K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.072%	$37	$161K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6527	+0.181%	$76K	$46K	25x	as long as short
Bybit MORPHOUSDT	−0.0202%	4h	2.6513	+0.128%	$8.6M	$10.1M	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6496	+0.064%	$652K	$221K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0183%	4h	2.6505	+0.098%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0148%	4h	2.6509	+0.113%	$760K	$523K	50x	as long as short
Phoenix MORPHOlong	−0.0030%	1h	2.6479	long leg	$34K	$493K	5x
Reya MORPHORUSDPERP	−0.0004%	1h	2.6506	+0.104%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6572	+0.352%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6507	+0.104%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6550	+0.268%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6530	+0.193%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6494	+0.057%	$16.2M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6524	+0.170%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6494	+0.057%	$5.3M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6519	+0.151%	$622K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6524	+0.170%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6526	+0.177%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6515	+0.136%	$643K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6511	+0.121%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6491	+0.046%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6526	+0.179%	$1K	—	100x	as long as short