MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+122.7360%/8h= +134395.9% APRnext payment +$1534.20 per $10,000 · paid last 24h +38.351%

Price spread now: GMX against Phoenix−0.045%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding pays, the price is against you. GMX is 0.045% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.045% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about under an hour of funding at the current rate (+$36.8K a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MORPHO	2.5644	−0.0062	get 0.0008% / 1h	50m 50s	$33K	$278K	5x
Short	GMX MORPHO/USD [ETH-USDC]	2.5632	L +0.0320% / S −122.7297%	get 15.3412% / 1h	50m 50s	$9K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee GMXbpOrdersPrice spread, now −0.045%Rate

Funding earned: $257,745.55
Price spread: −0.045% → 0.000%: −$4.55
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GMX: 6 bp × 2 orders: −$12
Net: $257,722
Costs to cover: 0.190%
Break-even: 0.0 days

Slippage unknown: Phoenix: live order book, 54 min ago; GMX: no order-book sample. 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 Phoenix live order book, 54 min ago	1.15 bp	13.2 bp −$13	52.3 bp −$523	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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 exchanges

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
Coinbase International MORPHO-PERP-INTX	−0.1768%	1h	2.5622	−0.086%	$50K	$54K	25x	as long as short
Kraken Futures PF_MORPHOUSD	−0.0609%	1h	2.5626	−0.071%	$85K	$153K	20x	as long as short
01 Exchange MORPHOUSD	−0.0456%	1h	2.5601	−0.168%	$22K	$30K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0296%	1h	2.5615	−0.113%	$10K	$3K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0270%	4h	2.5621	−0.089%	$30K	$122K	10x	as long as short
Orderly PERP_MORPHO_USDC	−0.0235%	4h	2.5615	−0.113%	$10K	$11K	10x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.5601	−0.168%	$627K	$228K	20x	as long as short
Bybit MORPHOUSDT	−0.0186%	4h	2.5637	−0.027%	$7.7M	$7.2M	25x	as long as short
Phoenix MORPHOlong	−0.0062%	1h	2.5644	long leg	$33K	$278K	5x
Variational Omni MORPHO	−0.0058%	4h	2.5618	−0.101%	$610K	$202K	—	as long as short

Show all 27 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya MORPHORUSDPERP	−0.0005%	1h	2.5604	−0.154%	$15	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+3.065%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5672	+0.110%	$307K	$183K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5609	−0.137%	$5K	$200	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5677	+0.129%	$5.9M	$5.4M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5657	+0.049%	$56K	$51K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.5633	−0.044%	$15.2M	$21.7M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5638	−0.023%	$3.1M	$4.0M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.5625	−0.074%	$752K	$384K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.5633	−0.043%	$6.5M	$972K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5649	+0.019%	$590K	$253K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5616	−0.109%	$2.7M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5633	−0.043%	—	$1.5M	—	as long as short
Polymarket Perps MORPHO-USD	+0.0100%	1h	2.5636	−0.031%	$22K	$1.0M	5x	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5617	−0.105%	$21K	$5K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.5616	−0.108%	$105K	$520K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]short	L +0.0320% / S −122.7297%	1h	2.5632	−0.045%	$9K	—	100x