Funding you earn now, next payment 03:00 UTC+0.0033%/8h= +3.6% APRnext payment +$0.04 per $10,000 · paid last 24h −0.017%
Price spread now: Injective against Phoenix+1.498%7-day average +0.910% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+1.105%+$111 on $10k
+Price spread, last 4 days (all we have)−0.298%−$30 · spread now +1.498%, 7d avg +0.910%
=Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Injective is 0.588% dearer against Phoenix than usual: you sell high and buy low: +$59 more if the spread goes back to its 7-day average of +0.910%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MORPHO | 2.6040 | 0 | get 0.0000% / 1h | 45m 14s | $43K | $370K | 5x |
| Short | Injective MORPHO/USDC PERP | 2.6430 | 0.0033 | get 0.0004% / 1h | 45m 14s | $37 | $242K | 5.5x |
Phoenix MORPHO
Injective MORPHO/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
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How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $7
- Price spread: +1.498% → +0.910%
- $58.79
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- $58.77
- Costs to cover
- 0.070%
- Break-even
- from the start
Slippage unknown: Phoenix: live order book, 11 min ago; Injective: 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, 11 min ago | 1.14 bp | 13.1 bp −$13 | 52.3 bp −$523 | doesn't fit | doesn't fit |
| Sell Injective no order-book sample | — | — | — | — | — |
Injective: 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 | −0.1667% | 1h | 2.5989 | −0.195% | $81K | $128K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1363% | 1h | 2.6001 | −0.150% | $11K | $759 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.1000% | 1h | 2.5951 | −0.342% | $853 | $9K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0318% | 1h | 2.6022 | −0.069% | $25K | $1.7M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0258% | 4h | 2.5993 | −0.180% | $34K | $150K | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0224% | 1h | 2.6172 | +0.507% | $75K | $42K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6000 | −0.154% | $637K | $238K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0154% | 4h | 2.6009 | −0.119% | $10K | $34K | 10x | as long as short |
| Gate MORPHO_USDT | −0.0020% | 4h | 2.6025 | −0.058% | $761K | $482K | 50x | as long as short |
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.6014 | −0.100% | $16 | — | 10x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Gate MORPHO_USDT
Reya MORPHORUSDPERPShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phoenix MORPHOlong | 0.0000% | 1h | 2.6040 | long leg | $43K | $370K | 5x | |
| Injective MORPHO/USDC PERPshort | +0.0033% | 1h | 2.6430 | +1.498% | $37 | $242K | 5.5x | |
| Bybit MORPHOUSDT | +0.0086% | 4h | 2.6025 | −0.058% | $8.2M | $9.2M | 25x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6045 | +0.018% | $313K | $309K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6008 | −0.123% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6064 | +0.092% | $6.1M | $6.9M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6028 | −0.047% | $57K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6001 | −0.150% | $15.7M | $25.3M | 75x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6029 | −0.042% | $3.2M | $4.3M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6004 | −0.138% | $5.9M | $808K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6047 | +0.027% | $591K | $250K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6042 | +0.008% | $2.8M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6007 | −0.127% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6035 | −0.018% | $621K | $829K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.5995 | −0.173% | $21K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.5994 | −0.177% | $100K | $348K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6032 | −0.030% | $1K | — | 100x | as long as short |
Bybit MORPHOUSDT
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]