Funding you earn now, next payment 20:00 UTC+0.0263%/8h= +28.8% APRpaid last 24h +0.032%
Price spread now: Phoenix against Orderly−0.004%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 5 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
The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$8 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Orderly PERP_MORPHO_USDC | 2.6879 | −0.0204 | get 0.0102% / 4h | 3h 21m | $10K | $34K | 10x |
| Short | Phoenix MORPHO | 2.6878 | 0.0059 | get 0.0007% / 1h | 21m 09s | $35K | $471K | 5x |
Orderly PERP_MORPHO_USDC
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Orderly. 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
- $55.3
- Price spread: −0.004% → 0.000%
- −$0.37
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $41.93
- Costs to cover
- 0.130%
- Break-even
- 1.7 days
Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 26 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 Orderly no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 26 min ago | 1.12 bp | 13.1 bp −$13 | 44.5 bp −$445 | doesn't fit | doesn't fit |
Orderly: 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 | −0.1762% | 1h | 2.6847 | −0.120% | $84K | $152K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1198% | 1h | 2.6887 | +0.030% | $10K | $721 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0728% | 1h | 2.6839 | −0.149% | $882 | $12K | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0490% | 4h | 2.6833 | −0.171% | $41K | $151K | 10x | as long as short |
| Injective MORPHO/USDC PERP | −0.0425% | 1h | 2.7020 | +0.525% | $38 | $123K | 5.5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0249% | 1h | 2.6888 | +0.033% | $25K | $2.0M | 5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0240% | 1h | 2.6802 | −0.286% | $77K | $46K | 25x | as long as short |
| Orderly PERP_MORPHO_USDClong | −0.0204% | 4h | 2.6879 | long leg | $10K | $34K | 10x | |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6879 | 0.000% | $660K | $217K | 20x | as long as short |
| Gate MORPHO_USDT | −0.0118% | 4h | 2.6879 | 0.000% | $770K | $534K | 50x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
GRVT MORPHO_USDT_Perp
Injective MORPHO/USDC PERP
Polymarket Perps MORPHO-USD
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Gate MORPHO_USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit MORPHOUSDT | −0.0100% | 4h | 2.6900 | +0.078% | $8.9M | $10.2M | 25x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6898 | +0.072% | $16 | — | 10x | as long as short |
| Phoenix MORPHOshort | +0.0059% | 1h | 2.6878 | −0.004% | $35K | $471K | 5x | |
| Lighter MORPHO | +0.0096% | 1h | 2.6939 | +0.222% | $320K | $357K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6875 | −0.016% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6951 | +0.268% | $6.4M | $7.1M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6870 | −0.032% | $59K | $33K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6874 | −0.019% | $16.5M | $26.9M | 75x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6911 | +0.119% | $3.2M | $4.6M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6874 | −0.019% | $5.3M | $1.1M | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6908 | +0.108% | $606K | $273K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6888 | +0.033% | $2.9M | $2.0M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6887 | +0.030% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6965 | +0.321% | $655K | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6888 | +0.033% | $23K | $3K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6881 | +0.009% | $104K | $305K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0193% / S −16.5420% | 1h | 2.6909 | +0.113% | $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
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]