MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0281%/8h= +30.7% APRnext payment +$0.35 per $10,000 · paid last 24h +0.036%

Price spread now: Lighter against Phoenix−0.129%104s7-day average +0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as 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−$560.562% of the position

Long on Phoenix Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.253%+$25 on $10k

Price spread, last 4 days (all we have)−0.013%−$1 · spread now −0.129%, 7d avg +0.095%

Together, before fees+0.240%+ Points / potential airdropLighter: Season 3 · farm board+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.223% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.129% now, against its 7-day average of +0.095%). If the spread goes back, that is −$22 on $10k: about 2.7 days of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.253% in total) that is about 6.2 days. The two prices were read 104 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	2.5911	−0.0185	get 0.0023% / 1h	39m 37s	$33K	$336K	5x
Short	Lighter MORPHO	2.5878	0.0096	get 0.0012% / 1h	39m 37s	$311K	$287K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.129%Rate

Funding earned: $58.94
Price spread: −0.129% → +0.095%: −$22.32
Slippage, 4 orders: −$49.16
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$19.54
Costs to cover: 0.562%
Break-even: 9.3 days

Slippage from Phoenix: live order book, 62 min ago; Lighter: live order book, 55 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, 62 min ago	1.15 bp	13.2 bp −$13	52.4 bp −$524	doesn't fit	doesn't fit
Sell Lighter live order book, 55 min ago	12.75 bp	17.0 bp −$17	155.5 bp −$1,555	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
Deribit MORPHO_USDC-PERPETUAL	−0.1756%	1h	2.5873	−0.147%	$11K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.1472%	1h	2.5761	−0.579%	$847	$9K	5x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1234%	1h	2.5839	−0.277%	$84K	$133K	20x	as long as short
GRVT MORPHO_USDT_Perp	−0.0612%	4h	2.5893	−0.069%	$30K	$134K	10x	as long as short
Bybit MORPHOUSDT	−0.0535%	4h	2.5869	−0.162%	$7.9M	$8.7M	25x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0496%	1h	2.5883	−0.108%	$71K	$36K	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0396%	1h	2.5882	−0.112%	$24K	$1.4M	5x	as long as short
Variational Omni MORPHO	−0.0281%	4h	2.5910	−0.004%	$617K	$676K	—	as long as short
Orderly PERP_MORPHO_USDC	−0.0185%	4h	2.5872	−0.151%	$10K	$34K	10x	as long as short
Phoenix MORPHOlong	−0.0185%	1h	2.5911	long leg	$33K	$336K	5x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin MORPHO-USDT	−0.0128%	4h	2.5887	−0.093%	$632K	$239K	20x	as long as short
Gate MORPHO_USDT	−0.0082%	4h	2.5871	−0.154%	$757K	$503K	50x	as long as short
Binance MORPHOUSDT	−0.0043%	4h	2.5839	−0.277%	$15.6M	$24.5M	75x	as long as short
MEXC MORPHO_USDT	−0.0034%	4h	2.5841	−0.270%	$6.3M	$903K	100x	as long as short
Extended MORPHO-USD	−0.0032%	1h	2.5837	−0.284%	$99K	$342K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5869	−0.162%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.003%	$37	$242K	5.5x	as long as short
Lighter MORPHOshort	+0.0096%	1h	2.5878	−0.129%	$311K	$287K	5x
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5830	−0.314%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5896	−0.056%	$5.9M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.5899	−0.048%	$55K	$45K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5857	−0.208%	$3.2M	$4.2M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5887	−0.093%	$590K	$264K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5854	−0.220%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5848	−0.243%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.5868	−0.166%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.5902	−0.034%	$1K	—	100x	as long as short