Funding you earn now, next payment 21:00 UTC+0.0130%/8h= +14.2% APRpaid last 24h +0.032%
Price spread now: OKX against Phoenix−0.015%56s7-day average −0.120% · you buy dearer than you sell
Net, funding: paid 7d − costs−$57as 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−$740.742% of the position
Funding, last 7 days+0.173%+$17 on $10k
+Price spread, last 3 days (all we have)−0.026%−$3 · spread now −0.015%, 7d avg −0.120%
=Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and OKX is 0.104% dearer against Phoenix than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.120%. The two prices were read 56 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 | 2.6540 | −0.0030 | get 0.0004% / 1h | 10m 34s | $34K | $493K | 5x |
| Short | OKX MORPHO-USDT-SWAP | 2.6536 | 0.0100 | get 0.0050% / 4h | 2h 10m | $3.2M | $4.4M | 20x |
Phoenix MORPHO
OKX MORPHO-USDT-SWAPFunding history
latest
Range statsloading…
Price spread between the two exchanges
OKX 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
- $27.27
- Price spread: −0.015% → −0.120%
- $10.45
- Slippage, 4 orders
- −$57.22
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee OKX: 5 bp × 2 orders
- −$10
- Net
- −$36.51
- Costs to cover
- 0.742%
- Break-even
- 16.4 days
Slippage from Phoenix: live order book, 12 min ago; OKX: live order book, 2 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, 12 min ago | 1.13 bp | 12.9 bp −$13 | 52.2 bp −$522 | doesn't fit | doesn't fit |
| Sell OKX live order book, 2 min ago | 1.51 bp | 21.7 bp −$22 | 117.7 bp −$1,177 | 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 | −0.2057% | 1h | 2.6503 | −0.140% | $83K | $148K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1558% | 1h | 2.6496 | −0.166% | $11K | $911 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0896% | 1h | 2.6448 | −0.347% | $869 | $13K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0442% | 1h | 2.6494 | −0.173% | $26K | $1.8M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0400% | 4h | 2.6507 | −0.124% | $29K | $154K | 10x | as long as short |
| Injective MORPHO/USDC PERP | −0.0385% | 1h | 2.6610 | +0.264% | $37 | $198K | 5.5x | as long as short |
| Bybit MORPHOUSDT | −0.0374% | 4h | 2.6530 | −0.038% | $8.6M | $9.9M | 25x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0296% | 1h | 2.6617 | +0.290% | $77K | $46K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6505 | −0.132% | $648K | $221K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0169% | 4h | 2.6512 | −0.106% | $10K | $34K | 10x | 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
Bybit MORPHOUSDT
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDCShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MORPHO_USDT | −0.0166% | 4h | 2.6539 | −0.004% | $774K | $548K | 50x | as long as short |
| Phoenix MORPHOlong | −0.0030% | 1h | 2.6540 | long leg | $34K | $493K | 5x | |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6495 | −0.171% | $16 | — | 10x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6576 | +0.134% | $317K | $337K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6508 | −0.122% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6596 | +0.211% | $6.3M | $7.2M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6558 | +0.068% | $58K | $33K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6528 | −0.045% | $16.2M | $26.7M | 75x | as long as short |
| OKX MORPHO-USDT-SWAPshort | +0.0100% | 4h | 2.6536 | −0.015% | $3.2M | $4.4M | 20x | |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6538 | −0.008% | $5.5M | $1.2M | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6554 | +0.053% | $622K | $269K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6541 | +0.004% | $2.9M | $1.9M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6556 | +0.060% | — | $1.5M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6594 | +0.203% | $647K | $1.2M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6500 | −0.151% | $22K | $3K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6526 | −0.054% | $103K | $301K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6535 | −0.018% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Reya MORPHORUSDPERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]