Funding you earn now, next payment 02:00 UTC−0.0005%/8h= −0.5% APRnext payment −$0.01 per $10,000 · paid last 24h 0.000%
Price spread now: Reya against Phoenix+0.051%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Reya is 0.051% dearer against Phoenix than usual: you sell high and buy low, +$5 on $10k if it goes back to zero (this spread has no 7-day history yet).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MORPHO | 2.6313 | 0 | get 0.0000% / 1h | 17m 05s | $43K | $392K | 5x |
| Short | Reya MORPHORUSDPERP | 2.6327 | −0.0005 | pay 0.0001% / 1h | 17m 05s | $16 | — | 10x |
Phoenix MORPHO
Reya MORPHORUSDPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Reya 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
- −$0.95
- Price spread: +0.051% → 0.000%
- $5.14
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Reya: 3 bp × 2 orders
- −$6
- Net
- −$8.8
- Costs to cover
- 0.130%
- Break-even
- never at this rate
Slippage unknown: Phoenix: live order book, 45 min ago; Reya: 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, 45 min ago | 1.14 bp | 13.1 bp −$13 | 52.3 bp −$523 | doesn't fit | doesn't fit |
| Sell Reya no order-book sample | — | — | — | — | — |
Reya: 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 | −0.1668% | 1h | 2.6288 | −0.097% | $82K | $127K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1003% | 1h | 2.6310 | −0.011% | $11K | $759 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0664% | 1h | 2.6285 | −0.106% | $864 | $9K | 5x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6299 | −0.053% | $602K | $243K | 20x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0192% | 1h | 2.6345 | +0.122% | $75K | $42K | 25x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0157% | 4h | 2.6307 | −0.023% | $10K | $34K | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0147% | 1h | 2.6330 | +0.065% | $25K | $1.7M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0138% | 4h | 2.6271 | −0.160% | $32K | $142K | 10x | as long as short |
| Reya MORPHORUSDPERPshort | −0.0005% | 1h | 2.6327 | +0.051% | $16 | — | 10x | |
| Phoenix MORPHOlong | 0.0000% | 1h | 2.6313 | long leg | $43K | $392K | 5x |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
BloFin MORPHO-USDT
Coinbase International MORPHO-PERP-INTX
Orderly PERP_MORPHO_USDC
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +0.445% | $37 | $242K | 5.5x | as long as short |
| Gate MORPHO_USDT | +0.0038% | 4h | 2.6321 | +0.030% | $758K | $504K | 50x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6337 | +0.091% | $316K | $308K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6315 | +0.007% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6368 | +0.209% | $6.2M | $6.9M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6325 | +0.044% | $58K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6303 | −0.040% | $15.9M | $25.4M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.6337 | +0.091% | $8.3M | $9.2M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6339 | +0.099% | $3.2M | $4.3M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6309 | −0.015% | $5.8M | $842K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6346 | +0.125% | $598K | $251K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6321 | +0.030% | $2.8M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6327 | +0.053% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6345 | +0.122% | $628K | $848K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6310 | −0.011% | $22K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6308 | −0.021% | $101K | $350K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6342 | +0.110% | $1K | — | 100x | as long as short |
Injective MORPHO/USDC PERP
Gate MORPHO_USDT
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
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]