Funding you earn now, next payment 01:00 UTC−0.0566%/8h= −62.0% APRnext payment −$0.71 per $10,000 · paid last 24h −0.165%
Price spread now: 01 Exchange against Phoenix−0.160%7-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
Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and 01 Exchange is 0.160% cheaper against Phoenix than usual: you would sell low and buy high (−$16 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MORPHO | 2.6271 | 0.0030 | pay 0.0004% / 1h | 32m 57s | $43K | $426K | 5x |
| Short | 01 Exchange MORPHOUSD | 2.6229 | −0.0536 | pay 0.0067% / 1h | 32m 57s | $862 | $11K | 5x |
Phoenix MORPHO
01 Exchange MORPHOUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
01 Exchange 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
- −$118.89
- Price spread: −0.160% → 0.000%
- −$15.99
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee 01 Exchange: 3.5 bp × 2 orders
- −$7
- Net
- −$148.88
- Costs to cover
- 0.140%
- Break-even
- never at this rate
Slippage unknown: Phoenix: live order book, 34 min ago; 01 Exchange: 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, 34 min ago | 1.12 bp | 12.9 bp −$13 | 52.3 bp −$523 | doesn't fit | doesn't fit |
| Sell 01 Exchange no order-book sample | — | — | — | — | — |
01 Exchange: 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 26 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 | −0.1911% | 1h | 2.6217 | −0.204% | $80K | $128K | 20x | as long as short |
| 01 Exchange MORPHOUSDshort | −0.0536% | 1h | 2.6229 | −0.160% | $862 | $11K | 5x | |
| Deribit MORPHO_USDC-PERPETUAL | −0.0474% | 1h | 2.6238 | −0.126% | $11K | $785 | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0232% | 1h | 2.6299 | +0.107% | $75K | $42K | 25x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0149% | 4h | 2.6228 | −0.164% | $10K | $34K | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0148% | 1h | 2.6236 | −0.133% | $25K | $1.8M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0072% | 4h | 2.6212 | −0.226% | $32K | $142K | 10x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6244 | −0.101% | $16 | — | 10x | as long as short |
| Phoenix MORPHOlong | +0.0030% | 1h | 2.6271 | long leg | $43K | $426K | 5x | |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +0.605% | $37 | $242K | 5.5x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
Coinbase International MORPHO-PERP-INTX
Orderly PERP_MORPHO_USDC
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Reya MORPHORUSDPERP
Injective MORPHO/USDC PERPShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MORPHO_USDT | +0.0046% | 4h | 2.6261 | −0.038% | $767K | $504K | 50x | as long as short |
| Variational Omni MORPHO | +0.0070% | 4h | 2.6236 | −0.133% | $624K | $920K | — | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6247 | −0.092% | $314K | $319K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6258 | −0.050% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6271 | 0.000% | $6.2M | $7.0M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6244 | −0.101% | $57K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6234 | −0.139% | $15.8M | $25.3M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.6253 | −0.069% | $8.3M | $9.3M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6260 | −0.042% | $3.2M | $4.3M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6239 | −0.122% | $5.5M | $885K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6252 | −0.072% | $596K | $255K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6249 | −0.084% | $2.9M | $1.7M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6248 | −0.088% | — | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6230 | −0.156% | $22K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6234 | −0.140% | $101K | $360K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6250 | −0.079% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Variational Omni MORPHO
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
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]