Funding you earn now, next payment 23:00 UTC+0.0168%/8h= +18.4% APRnext payment +$0.21 per $10,000 · paid last 24h +0.060%
Price spread now: Hyperliquid against Phoenix+0.279%81s7-day average +0.002% · you sell dearer than you buy
Net, funding: paid 7d − costs−$33as 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−$550.550% of the position
Funding, last 7 days+0.223%+$22 on $10k
+Price spread, last 3 days (all we have)−0.108%−$11 · spread now +0.279%, 7d avg +0.002%
=Together, before fees+0.114%+ Points / potential airdropHyperliquid: Season 2 · farm board+$11 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Hyperliquid is 0.277% dearer against Phoenix than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of +0.002%. The two prices were read 81 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 | 2.6531 | −0.0060 | get 0.0008% / 1h | 8m 03s | $43K | $477K | 5x |
| Short | Hyperliquid MORPHO | 2.6605 | 0.0107 | get 0.0013% / 1h | 8m 03s | $6.3M | $7.0M | 5x |
Phoenix MORPHO
Hyperliquid MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid 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
- $35.26
- Price spread: +0.279% → +0.002%
- $27.69
- Slippage, 4 orders
- −$38.97
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $7.98
- Costs to cover
- 0.550%
- Break-even
- 5.4 days
Slippage from Phoenix: live order book, 4 min ago; Hyperliquid: live order book, 4 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, 4 min ago | 1.13 bp | 13.0 bp −$13 | 52.2 bp −$522 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 4 min ago | 1.69 bp | 17.7 bp −$18 | doesn't fit | 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 | −0.1755% | 1h | 2.6493 | −0.144% | $81K | $143K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0955% | 1h | 2.6535 | +0.015% | $11K | $812 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0840% | 1h | 2.6490 | −0.155% | $870 | $12K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0455% | 1h | 2.6533 | +0.008% | $28K | $1.7M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0452% | 4h | 2.6494 | −0.139% | $41K | $146K | 10x | as long as short |
| Injective MORPHO/USDC PERP | −0.0405% | 1h | 2.6430 | −0.381% | $37 | $242K | 5.5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0360% | 1h | 2.6546 | +0.057% | $76K | $43K | 25x | as long as short |
| Bybit MORPHOUSDT | −0.0334% | 4h | 2.6530 | −0.004% | $8.4M | $9.3M | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0185% | 4h | 2.6556 | +0.094% | $639K | $253K | 20x | as long as short |
| Variational Omni MORPHO | −0.0167% | 4h | 2.6481 | −0.188% | $630K | $1.0M | — | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Injective MORPHO/USDC PERP
Coinbase International MORPHO-PERP-INTX
Bybit MORPHOUSDT
BloFin MORPHO-USDT
Variational Omni MORPHOShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_MORPHO_USDC | −0.0145% | 4h | 2.6528 | −0.011% | $10K | $34K | 10x | as long as short |
| Phoenix MORPHOlong | −0.0060% | 1h | 2.6531 | long leg | $43K | $477K | 5x | |
| Gate MORPHO_USDT | −0.0056% | 4h | 2.6538 | +0.026% | $770K | $533K | 50x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6531 | 0.000% | $16 | — | 10x | as long as short |
| MEXC MORPHO_USDT | +0.0054% | 4h | 2.6528 | −0.011% | $5.5M | $961K | 100x | as long as short |
| Binance MORPHOUSDT | +0.0056% | 4h | 2.6530 | −0.003% | $16.1M | $26.0M | 75x | as long as short |
| Extended MORPHO-USD | +0.0056% | 1h | 2.6525 | −0.023% | $103K | $298K | 10x | as long as short |
| Aster MORPHOUSDT | +0.0079% | 4h | 2.6534 | +0.010% | $58K | $30K | 20x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6574 | +0.163% | $316K | $331K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6526 | −0.019% | $5K | $3 | 5x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6530 | −0.004% | $3.2M | $4.5M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6554 | +0.087% | $595K | $267K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6545 | +0.053% | $2.9M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6537 | +0.023% | — | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6530 | −0.004% | $22K | $4K | 5x | as long as short |
| Hyperliquid MORPHOshort | +0.0107% | 1h | 2.6605 | +0.279% | $6.3M | $7.0M | 5x | |
| GMX MORPHO/USD [ETH-USDC] | L +0.0158% / S −0.3418% | 1h | 2.6559 | +0.107% | $1K | — | 100x | as long as short |
Orderly PERP_MORPHO_USDC
Gate MORPHO_USDT
Reya MORPHORUSDPERP
MEXC MORPHO_USDT
Binance MORPHOUSDT
Extended MORPHO-USD
Aster MORPHOUSDT
Lighter MORPHO
Paradex MORPHO-USD-PERP
OKX MORPHO-USDT-SWAP
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]