MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0027%/8h= +3.0% APRnext payment +$0.03 per $10,000 · paid last 24h −0.043%

Price spread now: Polymarket Perps against Phoenix−0.153%59s7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as 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−$400.403% of the position

Long on Phoenix Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 3 days (all we have)+0.174%+$17 · spread now −0.153%, 7d avg −0.083%

Together, before fees+0.116%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.070% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.153% now, against its 7-day average of −0.083%). If the spread goes back, that is −$7 on $10k: about 8.6 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.058%, so the current rate has only just turned in your favour. The two prices were read 59 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	2.6758	−0.0030	get 0.0004% / 1h	9m 35s	$44K	$474K	5x
Short	Polymarket Perps MORPHO-USD	2.6717	−0.0003	pay 0.0000% / 1h	9m 35s	$25K	$1.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.153%Rate

Funding earned: $5.72
Price spread: −0.153% → −0.083%: −$7
Slippage, 4 orders: −$25.32
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$41.6
Costs to cover: 0.403%
Break-even: 57.9 days

Slippage from Phoenix: live order book, 62 min ago; Polymarket Perps: 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, 62 min ago	1.13 bp	13.0 bp −$13	52.2 bp −$522	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 4 min ago	1.50 bp	7.3 bp −$7	8.3 bp −$83	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	−0.1822%	1h	2.6670	−0.330%	$81K	$125K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0610%	1h	2.6711	−0.176%	$11K	$785	10x	as long as short
01 Exchange MORPHOUSD	−0.0416%	1h	2.6685	−0.273%	$877	$13K	5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0280%	1h	2.6715	−0.161%	$77K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6675	−0.310%	$643K	$232K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0145%	4h	2.6694	−0.239%	$10K	$34K	10x	as long as short
Phoenix MORPHOlong	−0.0030%	1h	2.6758	long leg	$44K	$474K	5x
Variational Omni MORPHO	−0.0029%	4h	2.6676	−0.308%	$636K	$926K	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6717	−0.155%	$16	—	10x	as long as short
Polymarket Perps MORPHO-USDshort	−0.0003%	1h	2.6717	−0.153%	$25K	$1.7M	5x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MORPHO_USDT_Perp	+0.0028%	4h	2.6704	−0.201%	$41K	$133K	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	−1.226%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6800	+0.157%	$321K	$325K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6703	−0.204%	$5K	$3	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6706	−0.193%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6699	−0.222%	$16.2M	$25.5M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6708	−0.187%	$8.6M	$9.0M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6704	−0.202%	$3.2M	$4.3M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6700	−0.217%	$771K	$525K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6698	−0.224%	$5.6M	$905K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6711	−0.176%	$601K	$262K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6707	−0.191%	$3.0M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6709	−0.183%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6695	−0.235%	$22K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6691	−0.252%	$102K	$362K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0187% / S −0.4126%	1h	2.6722	−0.134%	$1K	—	100x	as long as short
Hyperliquid MORPHO	+0.0357%	1h	2.6770	+0.045%	$6.3M	$6.9M	5x	as long as short