Funding you earn now, next payment 21:00 UTC−0.0130%/8h= −14.2% APRpaid last 24h −0.032%
Price spread now: Phoenix against Variational Omni+0.062%7-day average +0.121% · 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)−0.022%−$2 on $10k
+Price spread, last 3 days (all we have)−0.094%−$9 · spread now +0.062%, 7d avg +0.121%
=Together, before fees−0.116%+ Points / potential airdropVariational Omni: Active · farm board−$12 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.060% cheaper against Variational Omni than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.121%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Variational Omni MORPHO | 2.6639 | 0.0100 | pay 0.0050% / 4h | 2h 19m | $647K | $1.4M | — |
| Short | Phoenix MORPHO | 2.6655 | −0.0030 | pay 0.0004% / 1h | 19m 22s | $34K | $493K | 5x |
Variational Omni MORPHO
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Variational Omni. 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: +0.062% → +0.121%
- −$5.96
- Slippage, 4 orders
- no order book: not counted
- Fee Variational Omni: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$40.23
- Costs to cover
- 0.070%
- Break-even
- never at this rate
Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Phoenix: live order book, 3 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 Variational Omni RFQ quote, 5 min ago | 6.49 bp | doesn't fit | 107.0 bp −$1,070 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 3 min ago | 1.13 bp | 12.9 bp −$13 | 44.6 bp −$446 | 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 | −0.2052% | 1h | 2.6561 | −0.290% | $83K | $148K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1326% | 1h | 2.6616 | −0.085% | $11K | $911 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0840% | 1h | 2.6587 | −0.193% | $874 | $12K | 5x | as long as short |
| Injective MORPHO/USDC PERP | −0.0385% | 1h | 2.6460 | −0.670% | $37 | $161K | 5.5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0381% | 1h | 2.6620 | −0.070% | $26K | $1.8M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0350% | 4h | 2.6583 | −0.209% | $30K | $154K | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0296% | 1h | 2.6617 | −0.081% | $77K | $46K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6618 | −0.077% | $646K | $223K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0170% | 4h | 2.6618 | −0.077% | $10K | $34K | 10x | as long as short |
| Gate MORPHO_USDT | −0.0060% | 4h | 2.6616 | −0.085% | $763K | $523K | 50x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Injective MORPHO/USDC PERP
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Gate MORPHO_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit MORPHOUSDT | −0.0036% | 4h | 2.6630 | −0.032% | $8.7M | $10.1M | 25x | as long as short |
| Phoenix MORPHOshort | −0.0030% | 1h | 2.6655 | +0.062% | $34K | $493K | 5x | |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6636 | −0.009% | $16 | — | 10x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6658 | +0.071% | $318K | $336K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6610 | −0.107% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6676 | +0.141% | $6.3M | $7.2M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6627 | −0.044% | $58K | $33K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6619 | −0.073% | $16.3M | $26.8M | 75x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6640 | +0.005% | $3.2M | $4.5M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6613 | −0.096% | $5.5M | $1.2M | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6625 | −0.051% | $624K | $271K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6629 | −0.036% | $2.9M | $2.0M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6649 | +0.039% | — | $1.5M | — | as long as short |
| Variational Omni MORPHOlong | +0.0100% | 4h | 2.6639 | long leg | $647K | $1.4M | — | |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6617 | −0.081% | $22K | $3K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6610 | −0.108% | $103K | $301K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6651 | +0.048% | $1K | — | 100x | as long as short |
Bybit MORPHOUSDT
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
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]