Funding you earn now, next payment 22:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h +0.032%
Price spread now: Variational Omni against Phoenix−0.077%99s7-day average −0.121% · 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)+0.023%+$2 on $10k
+Price spread, last 3 days (all we have)+0.099%+$10 · spread now −0.077%, 7d avg −0.121%
=Together, before fees+0.122%+ Points / potential airdropVariational Omni: Active · farm board+$12 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Variational Omni is 0.043% dearer against Phoenix than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.121%. The two prices were read 99 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 | 2.6468 | −0.0090 | get 0.0011% / 1h | 41m 44s | $34K | $484K | 5x |
| Short | Variational Omni MORPHO | 2.6447 | −0.0014 | pay 0.0007% / 4h | 1h 41m | $628K | $1.2M | — |
Phoenix MORPHO
Variational Omni MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Variational Omni 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
- $16
- Price spread: −0.077% → −0.121%
- $4.31
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Variational Omni: 0 bp × 2 orders
- $0
- Net
- $13.31
- Costs to cover
- 0.070%
- Break-even
- 1.2 days
Slippage unknown: Phoenix: live order book, 41 min ago; Variational Omni: RFQ quote, 2 min ago. 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, 41 min ago | 1.13 bp | 12.9 bp −$13 | 52.2 bp −$522 | doesn't fit | doesn't fit |
| Sell Variational Omni RFQ quote, 2 min ago | 6.49 bp | doesn't fit | 66.2 bp −$662 | 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 | −0.1855% | 1h | 2.6458 | −0.037% | $83K | $150K | 20x | as long as short |
| 01 Exchange MORPHOUSD | −0.1152% | 1h | 2.6408 | −0.227% | $868 | $13K | 5x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1147% | 1h | 2.6457 | −0.042% | $11K | $911 | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0608% | 1h | 2.6463 | −0.019% | $26K | $1.7M | 5x | as long as short |
| Bybit MORPHOUSDT | −0.0588% | 4h | 2.6500 | +0.121% | $8.5M | $9.5M | 25x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0572% | 4h | 2.6428 | −0.151% | $29K | $146K | 10x | as long as short |
| Injective MORPHO/USDC PERP | −0.0337% | 1h | 2.6430 | −0.144% | $37 | $242K | 5.5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0312% | 1h | 2.6427 | −0.155% | $76K | $43K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0178% | 4h | 2.6433 | −0.132% | $642K | $244K | 20x | as long as short |
| Gate MORPHO_USDT | −0.0166% | 4h | 2.6479 | +0.042% | $771K | $530K | 50x | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
Polymarket Perps MORPHO-USD
Bybit MORPHOUSDT
GRVT MORPHO_USDT_Perp
Injective MORPHO/USDC PERP
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Gate MORPHO_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_MORPHO_USDC | −0.0155% | 4h | 2.6451 | −0.064% | $10K | $34K | 10x | as long as short |
| Phoenix MORPHOlong | −0.0090% | 1h | 2.6468 | long leg | $34K | $484K | 5x | |
| Variational Omni MORPHOshort | −0.0014% | 4h | 2.6447 | −0.077% | $628K | $1.2M | — | |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6466 | −0.007% | $16 | — | 10x | as long as short |
| Binance MORPHOUSDT | +0.0086% | 4h | 2.6475 | +0.025% | $16.1M | $26.1M | 75x | as long as short |
| Extended MORPHO-USD | +0.0088% | 1h | 2.6457 | −0.040% | $103K | $301K | 10x | as long as short |
| MEXC MORPHO_USDT | +0.0088% | 4h | 2.6478 | +0.038% | $5.2M | $1.1M | 100x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6519 | +0.193% | $315K | $333K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6451 | −0.063% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6536 | +0.257% | $6.2M | $7.1M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6503 | +0.133% | $58K | $33K | 20x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6483 | +0.057% | $3.2M | $4.4M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6480 | +0.045% | $619K | $263K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6480 | +0.045% | $2.9M | $1.9M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6482 | +0.053% | — | $1.5M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6454 | −0.053% | $22K | $3K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6500 | +0.123% | $1K | — | 100x | as long as short |
Orderly PERP_MORPHO_USDC
Reya MORPHORUSDPERP
Binance MORPHOUSDT
Extended MORPHO-USD
MEXC MORPHO_USDT
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
OKX MORPHO-USDT-SWAP
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]