Funding you earn now, next payment 06:00 UTC−0.0088%/8h= −9.6% APRnext payment −$0.11 per $10,000 · paid last 24h −0.003%
Price spread now: Phoenix against Reya+0.198%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=The price spread pays, funding is against you. Phoenix is 0.198% dearer against Reya than usual: you sell high and buy low (spread +0.198% now, against zero (this spread has no 7-day history yet)): +$20 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.6 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Reya MORPHORUSDPERP | 2.5973 | −0.0005 | get 0.0001% / 1h | 5m 15s | $16 | — | 10x |
| Short | Phoenix MORPHO | 2.6025 | −0.0092 | pay 0.0012% / 1h | 5m 15s | $33K | $339K | 5x |
Reya MORPHORUSDPERP
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Reya. 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
- −$18.38
- Price spread: +0.198% → 0.000%
- $19.83
- Slippage, 4 orders
- no order book: not counted
- Fee Reya: 3 bp × 2 orders
- −$6
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$11.55
- Costs to cover
- 0.130%
- Break-even
- from the start
Slippage unknown: Reya: no order-book sample; Phoenix: live order book, 36 min ago. 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 Reya no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 36 min ago | 1.15 bp | 13.2 bp −$13 | 44.7 bp −$447 | doesn't fit | doesn't fit |
Reya: 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 | −0.1374% | 1h | 2.5972 | −0.006% | $84K | $135K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1250% | 1h | 2.5967 | −0.025% | $11K | $2K | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.1184% | 1h | 2.5890 | −0.321% | $851 | $9K | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0496% | 4h | 2.5990 | +0.062% | $30K | $134K | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0432% | 1h | 2.5975 | +0.006% | $72K | $38K | 25x | as long as short |
| Bybit MORPHOUSDT | −0.0350% | 4h | 2.5987 | +0.052% | $7.9M | $8.6M | 25x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0313% | 1h | 2.5978 | +0.017% | $27K | $1.4M | 5x | as long as short |
| BloFin MORPHO-USDT | −0.0183% | 4h | 2.5977 | +0.014% | $638K | $241K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0158% | 4h | 2.5973 | −0.002% | $10K | $34K | 10x | as long as short |
| Variational Omni MORPHO | −0.0105% | 4h | 2.5980 | +0.027% | $619K | $677K | — | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
Bybit MORPHOUSDT
Polymarket Perps MORPHO-USD
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Variational Omni MORPHOShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phoenix MORPHOshort | −0.0092% | 1h | 2.6025 | +0.198% | $33K | $339K | 5x | |
| Reya MORPHORUSDPERPlong | −0.0005% | 1h | 2.5973 | long leg | $16 | — | 10x | |
| Gate MORPHO_USDT | +0.0016% | 4h | 2.5979 | +0.021% | $761K | $512K | 50x | as long as short |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +1.758% | $37 | $242K | 5.5x | as long as short |
| Extended MORPHO-USD | +0.0056% | 1h | 2.5950 | −0.090% | $99K | $345K | 10x | as long as short |
| MEXC MORPHO_USDT | +0.0056% | 4h | 2.5958 | −0.060% | $6.3M | $904K | 100x | as long as short |
| Binance MORPHOUSDT | +0.0057% | 4h | 2.5968 | −0.021% | $15.7M | $24.4M | 75x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6008 | +0.134% | $313K | $294K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.5956 | −0.069% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6016 | +0.164% | $5.9M | $7.0M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.5996 | +0.086% | $58K | $33K | 20x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.5964 | −0.037% | $3.2M | $4.2M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.5993 | +0.075% | $589K | $260K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.5967 | −0.025% | $2.8M | $1.6M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.5982 | +0.033% | — | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.5967 | −0.025% | $21K | $4K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6000 | +0.103% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Injective MORPHO/USDC PERP
Extended MORPHO-USD
MEXC MORPHO_USDT
Binance MORPHOUSDT
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
OKX MORPHO-USDT-SWAP
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]