Funding you earn now, next payment 23:00 UTC+0.0124%/8h= +13.6% APRnext payment +$0.16 per $10,000 · paid last 24h +0.030%
Price spread now: Extended against Phoenix−0.207%88s7-day average −0.173% · you buy dearer than you sell
Net, funding: paid 7d − costs−$53as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$710.707% of the position
Funding, last 7 days+0.178%+$18 on $10k
+Price spread, last 3 days (all we have)+0.177%+$18 · spread now −0.207%, 7d avg −0.173%
=Together, before fees+0.355%+ Points / potential airdropExtended: Active · farm board+$36 on $10k · with fees, hour by hour
Funding pays, the price is against you. Extended is 0.034% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.207% now, against its 7-day average of −0.173%). If the spread goes back, that is −$3 on $10k: about 22 hours of funding at the current rate (+$4 a day). The two prices were read 88 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 | Phoenix MORPHO | 2.6547 | −0.0060 | get 0.0008% / 1h | 57m 57s | $43K | $471K | 5x |
| Short | Extended MORPHO-USD | 2.6492 | 0.0064 | get 0.0008% / 1h | 57m 57s | $103K | $295K | 10x |
Phoenix MORPHO
Extended MORPHO-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Extended against Phoenix. 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
- $26.13
- Price spread: −0.207% → −0.173%
- −$3.35
- Slippage, 4 orders
- −$58.66
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Extended: 2.5 bp × 2 orders
- −$5
- Net
- −$47.87
- Costs to cover
- 0.707%
- Break-even
- 19.8 days
Slippage from Phoenix: live order book, 14 min ago; Extended: live order book, 14 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 Phoenix live order book, 14 min ago | 1.13 bp | 13.0 bp −$13 | 52.2 bp −$522 | doesn't fit | doesn't fit |
| Sell Extended live order book, 14 min ago | 2.45 bp | 22.3 bp −$22 | 189.5 bp −$1,895 | 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 | −0.1836% | 1h | 2.6477 | −0.262% | $81K | $139K | 20x | as long as short |
| Bybit MORPHOUSDT | −0.1560% | 4h | 2.6516 | −0.117% | $8.4M | $9.3M | 25x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1068% | 1h | 2.6514 | −0.124% | $11K | $788 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0960% | 1h | 2.6463 | −0.316% | $870 | $12K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0677% | 1h | 2.6506 | −0.154% | $28K | $1.7M | 5x | as long as short |
| Gate MORPHO_USDT | −0.0528% | 4h | 2.6520 | −0.102% | $768K | $515K | 50x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0444% | 4h | 2.6547 | −0.001% | $41K | $146K | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0280% | 1h | 2.6558 | +0.041% | $76K | $43K | 25x | as long as short |
| Variational Omni MORPHO | −0.0209% | 4h | 2.6531 | −0.059% | $631K | $1.0M | — | as long as short |
| BloFin MORPHO-USDT | −0.0204% | 4h | 2.6519 | −0.105% | $638K | $239K | 20x | as long as short |
Kraken Futures PF_MORPHOUSD
Bybit MORPHOUSDT
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Polymarket Perps MORPHO-USD
Gate MORPHO_USDT
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
Variational Omni MORPHO
BloFin MORPHO-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_MORPHO_USDC | −0.0146% | 4h | 2.6507 | −0.151% | $10K | $34K | 10x | as long as short |
| Phoenix MORPHOlong | −0.0060% | 1h | 2.6547 | long leg | $43K | $471K | 5x | |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6510 | −0.139% | $16 | — | 10x | as long as short |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | −0.441% | $37 | $242K | 5.5x | as long as short |
| MEXC MORPHO_USDT | +0.0062% | 4h | 2.6498 | −0.185% | $5.5M | $899K | 100x | as long as short |
| Extended MORPHO-USDshort | +0.0064% | 1h | 2.6492 | −0.207% | $103K | $295K | 10x | |
| Binance MORPHOUSDT | +0.0064% | 4h | 2.6498 | −0.185% | $16.1M | $26.0M | 75x | as long as short |
| Aster MORPHOUSDT | +0.0069% | 4h | 2.6541 | −0.021% | $58K | $30K | 20x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6570 | +0.088% | $316K | $324K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6502 | −0.170% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6576 | +0.109% | $6.3M | $7.0M | 5x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6508 | −0.147% | $3.2M | $4.5M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6547 | 0.000% | $595K | $267K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6528 | −0.072% | $2.9M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6522 | −0.094% | — | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6502 | −0.170% | $22K | $4K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0158% / S −0.3418% | 1h | 2.6543 | −0.016% | $1K | — | 100x | as long as short |
Orderly PERP_MORPHO_USDC
Reya MORPHORUSDPERP
Injective MORPHO/USDC PERP
MEXC MORPHO_USDT
Binance MORPHOUSDT
Aster MORPHOUSDT
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
OKX MORPHO-USDT-SWAP
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]