Funding you earn now, next payment 21:00 UTC+0.0130%/8h= +14.2% APRnext payment +$0.16 per $10,000 · paid last 24h +0.032%
Price spread now: SoDEX against Phoenix−0.990%70s7-day average — · you buy dearer than you sell
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
=Together, before fees—needs both histories
Funding pays, the price is against you. SoDEX is 0.990% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.990% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$99 on $10k: about 25 days of funding at the current rate (+$4 a day). The two prices were read 70 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 | 2.6664 | −0.0030 | get 0.0004% / 1h | 49m 53s | $34K | $493K | 5x |
| Short | SoDEX MORPHO-USD | 2.6400 | 0.0100 | get 0.0013% / 1h | 49m 53s | $22K | $3K | 5x |
Phoenix MORPHO
SoDEX MORPHO-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
SoDEX 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
- $27.27
- Price spread: −0.990% → 0.000%
- −$99.01
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee SoDEX: 4 bp × 2 orders
- −$8
- Net
- −$86.74
- Costs to cover
- 0.150%
- Break-even
- 29.3 days
Slippage unknown: Phoenix: live order book, 37 min ago; SoDEX: 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, 37 min ago | 1.11 bp | 13.0 bp −$13 | 52.2 bp −$522 | doesn't fit | doesn't fit |
| Sell SoDEX no order-book sample | — | — | — | — | — |
SoDEX: 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 | −0.2068% | 1h | 2.6360 | −1.140% | $82K | $148K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1563% | 1h | 2.6429 | −0.881% | $11K | $911 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.1320% | 1h | 2.6530 | −0.503% | $872 | $12K | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0646% | 4h | 2.6664 | +0.001% | $41K | $151K | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0596% | 1h | 2.6584 | −0.300% | $25K | $1.9M | 5x | as long as short |
| Injective MORPHO/USDC PERP | −0.0385% | 1h | 2.6670 | +0.023% | $38K | $142K | 5.5x | as long as short |
| Bybit MORPHOUSDT | −0.0300% | 4h | 2.6460 | −0.765% | $8.6M | $10.1M | 25x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0296% | 1h | 2.6445 | −0.821% | $76K | $46K | 25x | as long as short |
| Gate MORPHO_USDT | −0.0252% | 4h | 2.6414 | −0.938% | $755K | $521K | 50x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6622 | −0.158% | $652K | $205K | 20x | 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
Bybit MORPHOUSDT
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 | −0.0194% | 4h | 2.6446 | −0.818% | $10K | $34K | 10x | as long as short |
| Phoenix MORPHOlong | −0.0030% | 1h | 2.6664 | long leg | $34K | $493K | 5x | |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6498 | −0.621% | $16 | — | 10x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6439 | −0.844% | $315K | $335K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6580 | −0.314% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6493 | −0.641% | $6.2M | $7.2M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6459 | −0.769% | $58K | $33K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6434 | −0.863% | $16.2M | $27.0M | 75x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6459 | −0.769% | $3.2M | $4.5M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6430 | −0.878% | $5.3M | $1.1M | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6429 | −0.881% | $596K | $266K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6434 | −0.863% | $2.9M | $2.0M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6448 | −0.810% | — | $1.5M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6630 | −0.127% | $647K | $1.4M | — | as long as short |
| SoDEX MORPHO-USDshort | +0.0100% | 1h | 2.6400 | −0.990% | $22K | $3K | 5x | |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6420 | −0.914% | $103K | $301K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6449 | −0.808% | $1K | — | 100x | as long as short |
Orderly PERP_MORPHO_USDC
Reya MORPHORUSDPERP
Lighter MORPHO
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
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]