Funding you earn now, next payment 22:00 UTC−0.0190%/8h= −20.9% APRpaid last 24h −0.032%
Price spread now: Phoenix against Aster+0.067%105s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 5 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 0.067% dearer against Aster than usual: you sell high and buy low (spread +0.067% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 28 hours. The two prices were read 105 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 | Aster MORPHOUSDT | 2.6421 | 0.0100 | pay 0.0050% / 4h | 1h 11m | $58K | $31K | 20x |
| Short | Phoenix MORPHO | 2.6439 | −0.0090 | pay 0.0011% / 1h | 11m 44s | $43K | $484K | 5x |
Aster MORPHOUSDT
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Aster. 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
- −$40
- Price spread: +0.067% → 0.000%
- $6.68
- Slippage, 4 orders
- no order book: not counted
- Fee Aster: 4 bp × 2 orders
- −$8
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$48.32
- Costs to cover
- 0.150%
- Break-even
- never at this rate
Slippage unknown: Aster: no order-book sample; Phoenix: live order book, 5 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 Aster no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 5 min ago | 1.13 bp | 13.0 bp −$13 | 44.6 bp −$446 | doesn't fit | doesn't fit |
Aster: 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 | −0.1858% | 1h | 2.6413 | −0.032% | $81K | $151K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1224% | 1h | 2.6426 | +0.018% | $11K | $812 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.1168% | 1h | 2.6362 | −0.225% | $866 | $13K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0700% | 1h | 2.6428 | +0.025% | $24K | $1.7M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0564% | 4h | 2.6426 | +0.018% | $29K | $134K | 10x | as long as short |
| Bybit MORPHOUSDT | −0.0437% | 4h | 2.6428 | +0.025% | $8.5M | $9.3M | 25x | as long as short |
| Injective MORPHO/USDC PERP | −0.0337% | 1h | 2.6430 | +0.033% | $37 | $242K | 5.5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0312% | 1h | 2.6469 | +0.180% | $76K | $43K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0207% | 4h | 2.6438 | +0.063% | $639K | $249K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0146% | 4h | 2.6428 | +0.025% | $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
Bybit MORPHOUSDT
Injective MORPHO/USDC PERP
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 | −0.0130% | 4h | 2.6416 | −0.020% | $767K | $533K | 50x | as long as short |
| Phoenix MORPHOshort | −0.0090% | 1h | 2.6439 | +0.067% | $43K | $484K | 5x | |
| Variational Omni MORPHO | −0.0062% | 4h | 2.6437 | +0.058% | $629K | $1.2M | — | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6430 | +0.032% | $16 | — | 10x | as long as short |
| MEXC MORPHO_USDT | +0.0030% | 4h | 2.6420 | −0.005% | $5.4M | $1.1M | 100x | as long as short |
| Binance MORPHOUSDT | +0.0031% | 4h | 2.6419 | −0.010% | $16.1M | $25.8M | 75x | as long as short |
| Extended MORPHO-USD | +0.0032% | 1h | 2.6412 | −0.036% | $103K | $301K | 10x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6458 | +0.139% | $315K | $334K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6415 | −0.025% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6487 | +0.248% | $6.2M | $7.1M | 5x | as long as short |
| Aster MORPHOUSDTlong | +0.0100% | 4h | 2.6421 | long leg | $58K | $31K | 20x | |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6440 | +0.071% | $3.2M | $4.4M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6450 | +0.108% | $591K | $269K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6430 | +0.033% | $2.9M | $1.9M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6430 | +0.033% | — | $1.5M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6426 | +0.018% | $22K | $4K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6458 | +0.140% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Variational Omni MORPHO
Reya MORPHORUSDPERP
MEXC MORPHO_USDT
Binance MORPHOUSDT
Extended MORPHO-USD
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
OKX MORPHO-USDT-SWAP
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]