MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0136%/8h= +14.9% APRnext payment +$0.17 per $10,000 · paid last 24h +0.045%

Price spread now: Phoenix against Polymarket Perps+0.141%7-day average +0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$410.406% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 4 days (all we have)−0.049%−$5 · spread now +0.141%, 7d avg +0.086%

Together, before fees+0.010%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.055% dearer against Polymarket Perps than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.086%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps MORPHO-USD	2.6254	−0.0106	get 0.0013% / 1h	10m 45s	$28K	$1.8M	5x
Short	Phoenix MORPHO	2.6291	0.0030	get 0.0004% / 1h	10m 45s	$43K	$426K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 Polymarket PerpsbpFee PhoenixbpOrdersPrice spread, now +0.141%Rate

Funding earned: $28.54
Price spread: +0.141% → +0.086%: $5.49
Slippage, 4 orders: −$25.6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$6.57
Costs to cover: 0.406%
Break-even: 8.6 days

Slippage from Polymarket Perps: live order book, 3 min ago; Phoenix: live order book, 56 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 Polymarket Perps live order book, 3 min ago	2.10 bp	8.3 bp −$8	8.5 bp −$85	doesn't fit	doesn't fit
Sell Phoenix live order book, 56 min ago	1.12 bp	12.9 bp −$13	44.6 bp −$446	doesn't fit	doesn't fit

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	−0.1908%	1h	2.6254	+0.002%	$80K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0587%	1h	2.6270	+0.061%	$11K	$785	10x	as long as short
01 Exchange MORPHOUSD	−0.0440%	1h	2.6242	−0.046%	$862	$9K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0232%	1h	2.6379	+0.476%	$76K	$42K	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0151%	4h	2.6261	+0.027%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USDlong	−0.0106%	1h	2.6254	long leg	$28K	$1.8M	5x
Reya MORPHORUSDPERP	−0.0004%	1h	2.6247	−0.027%	$16	—	10x	as long as short
GRVT MORPHO_USDT_Perp	+0.0012%	4h	2.6265	+0.041%	$32K	$142K	10x	as long as short
Phoenix MORPHOshort	+0.0030%	1h	2.6291	+0.141%	$43K	$426K	5x
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.670%	$37	$242K	5.5x	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	+0.0072%	4h	2.6273	+0.072%	$765K	$507K	50x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6294	+0.152%	$315K	$319K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6240	−0.053%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6307	+0.202%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6274	+0.077%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6246	−0.031%	$15.9M	$25.4M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6257	+0.011%	$8.3M	$9.3M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6250	−0.015%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6250	−0.015%	$5.6M	$918K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6287	+0.126%	$597K	$252K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6265	+0.042%	$2.9M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6257	+0.011%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6255	+0.005%	$626K	$912K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6270	+0.061%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6245	−0.034%	$101K	$355K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6276	+0.084%	$1K	—	100x	as long as short