Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.13 per $10,000 · paid last 24h −0.062%
Price spread now: Phoenix against Hyperliquid−0.512%7-day average −0.008% · you buy dearer than you sell
Net, funding: paid 7d − costs−$81as in the Funding arb table
Net, price: spread back to 7d avg − costs−$109as in the Price arb table
costs, in and out, $10k−$580.584% of the position
Funding, last 7 days−0.225%−$22 on $10k
+Price spread, last 4 days (all we have)+0.526%+$53 · spread now −0.512%, 7d avg −0.008%
=Together, before fees+0.301%+ Points / potential airdropHyperliquid: Season 2 · farm board+$30 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.505% cheaper against Hyperliquid than usual: you would sell low and buy high (−$50 if the spread goes back to its 7-day average of −0.008%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid MORPHO | 2.6231 | 0.0100 | pay 0.0013% / 1h | 42m 42s | $6.1M | $7.0M | 5x |
| Short | Phoenix MORPHO | 2.6097 | 0 | get 0.0000% / 1h | 42m 42s | $43K | $392K | 5x |
Hyperliquid MORPHO
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Hyperliquid. 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
- −$21
- Price spread: −0.512% → −0.008%
- −$50.46
- Slippage, 4 orders
- −$42.42
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$129.88
- Costs to cover
- 0.584%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 9 min ago; Phoenix: live order book, 19 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 Hyperliquid live order book, 9 min ago | 1.90 bp | 14.3 bp −$14 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 19 min ago | 1.14 bp | 13.1 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 | −0.1676% | 1h | 2.6153 | −0.300% | $81K | $128K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0933% | 1h | 2.6180 | −0.196% | $11K | $955 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0552% | 1h | 2.6194 | −0.143% | $861 | $9K | 5x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6158 | −0.280% | $639K | $243K | 20x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0192% | 1h | 2.6327 | +0.364% | $75K | $42K | 25x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0157% | 4h | 2.6166 | −0.249% | $10K | $34K | 10x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0120% | 4h | 2.6077 | −0.589% | $32K | $142K | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0074% | 1h | 2.6156 | −0.287% | $25K | $1.8M | 5x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6149 | −0.313% | $16 | — | 10x | as long as short |
| Phoenix MORPHOshort | 0.0000% | 1h | 2.6097 | −0.512% | $43K | $392K | 5x |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
BloFin MORPHO-USDT
Coinbase International MORPHO-PERP-INTX
Orderly PERP_MORPHO_USDC
GRVT MORPHO_USDT_Perp
Polymarket Perps MORPHO-USD
Reya MORPHORUSDPERPShow 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 | +0.757% | $37 | $242K | 5.5x | as long as short |
| Gate MORPHO_USDT | +0.0046% | 4h | 2.6198 | −0.127% | $755K | $503K | 50x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6221 | −0.040% | $314K | $308K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6227 | −0.018% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHOlong | +0.0100% | 1h | 2.6231 | long leg | $6.1M | $7.0M | 5x | |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6162 | −0.264% | $57K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6202 | −0.114% | $15.8M | $25.7M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.6213 | −0.070% | $8.3M | $9.5M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6220 | −0.043% | $3.2M | $4.4M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6197 | −0.131% | $5.8M | $840K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6205 | −0.101% | $596K | $254K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6203 | −0.108% | $2.8M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6200 | −0.120% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6105 | −0.480% | $622K | $907K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6174 | −0.219% | $21K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6194 | −0.141% | $101K | $350K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6182 | −0.187% | $1K | — | 100x | as long as short |
Injective MORPHO/USDC PERP
Gate MORPHO_USDT
Lighter MORPHO
Paradex MORPHO-USD-PERP
Aster MORPHOUSDT
Binance MORPHOUSDT
Bybit MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]