Funding you earn now, next payment 05:00 UTC−0.0296%/8h= −32.4% APRnext payment −$0.37 per $10,000 · paid last 24h −0.049%
Price spread now: Phoenix against GMX−0.445%65s7-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 −$9 a day on $10k at the current rate, and Phoenix is 0.445% cheaper against GMX than usual: you would sell low and buy high (−$45 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 65 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 | GMX MORPHO/USD [ETH-USDC] | 2.6061 | L +0.0142% / S +0.0041% | pay 0.0018% / 1h | 14m 09s | $6K | — | 100x |
| Short | Phoenix MORPHO | 2.5945 | −0.0154 | pay 0.0019% / 1h | 14m 09s | $33K | $330K | 5x |
GMX MORPHO/USD [ETH-USDC]
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against GMX. 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
- −$62.1
- Price spread: −0.445% → 0.000%
- −$44.5
- Slippage, 4 orders
- no order book: not counted
- Fee GMX: 6 bp × 2 orders
- −$12
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$125.6
- Costs to cover
- 0.190%
- Break-even
- never at this rate
Slippage unknown: GMX: no order-book sample; Phoenix: live order book, 32 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 GMX no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 32 min ago | 1.16 bp | 13.2 bp −$13 | 44.6 bp −$446 | doesn't fit | doesn't fit |
GMX: 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 | −0.1551% | 1h | 2.6021 | −0.155% | $83K | $130K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1360% | 1h | 2.6042 | −0.073% | $11K | $2K | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0808% | 1h | 2.5993 | −0.261% | $854 | $9K | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0306% | 4h | 2.5912 | −0.571% | $33K | $134K | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0216% | 1h | 2.5789 | −1.044% | $73K | $39K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.5949 | −0.430% | $631K | $239K | 20x | as long as short |
| Phoenix MORPHOshort | −0.0154% | 1h | 2.5945 | −0.445% | $33K | $330K | 5x | |
| Orderly PERP_MORPHO_USDC | −0.0127% | 4h | 2.6042 | −0.073% | $10K | $34K | 10x | as long as short |
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.6045 | −0.060% | $16 | — | 10x | as long as short |
| Polymarket Perps MORPHO-USD | +0.0003% | 1h | 2.6040 | −0.081% | $25K | $1.5M | 5x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Reya MORPHORUSDPERP
Polymarket Perps MORPHO-USDShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +1.416% | $37 | $242K | 5.5x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6059 | −0.006% | $313K | $295K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6029 | −0.122% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6069 | +0.031% | $5.9M | $6.9M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6030 | −0.120% | $57K | $31K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6031 | −0.114% | $15.7M | $24.2M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.6051 | −0.038% | $8.0M | $8.5M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6071 | +0.038% | $3.2M | $4.1M | 20x | as long as short |
| Gate MORPHO_USDT | +0.0100% | 4h | 2.6032 | −0.111% | $760K | $499K | 50x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6030 | −0.119% | $6.3M | $911K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6042 | −0.073% | $599K | $247K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6042 | −0.073% | $2.8M | $1.6M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6032 | −0.111% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.5946 | −0.442% | $617K | $677K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6036 | −0.096% | $21K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6028 | −0.126% | $100K | $347K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC]long | L +0.0142% / S +0.0041% | 1h | 2.6061 | long leg | $6K | — | 100x |
Injective MORPHO/USDC PERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
Bybit MORPHOUSDT
OKX MORPHO-USDT-SWAP
Gate MORPHO_USDT
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD