Funding you earn now, next payment 05:00 UTC−0.0254%/8h= −27.8% APRpaid last 24h −0.033%
Price spread now: Phoenix against BingX+0.116%7-day average +0.110% · you sell dearer than you buy
Net, funding: paid 7d − costs−$78as in the Funding arb table
Net, price: spread back to 7d avg − costs−$59as in the Price arb table
costs, in and out, $10k−$590.593% of the position
Funding, last 7 days−0.185%−$18 on $10k
+Price spread, last 4 days (all we have)−0.106%−$11 · spread now +0.116%, 7d avg +0.110%
=The price spread sits at its 7-day average of +0.110%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | BingX MORPHO-USDT | 2.5855 | 0.0100 | pay 0.0050% / 4h | 2h 22m | — | $1.4M | — |
| Short | Phoenix MORPHO | 2.5885 | −0.0154 | pay 0.0019% / 1h | 22m 42s | $33K | $330K | 5x |
BingX MORPHO-USDT
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against BingX. 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
- −$53.33
- Price spread: +0.116% → +0.110%
- $0.62
- Slippage, 4 orders
- −$42.3
- Fee BingX: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$112
- Costs to cover
- 0.593%
- Break-even
- never at this rate
Slippage from BingX: live order book, 8 min ago; Phoenix: live order book, 24 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 BingX live order book, 8 min ago | 2.32 bp | 15.6 bp −$16 | 33.4 bp −$334 | 375.7 bp −$37.6K | 742.3 bp −$371.2K |
| Sell Phoenix live order book, 24 min ago | 1.16 bp | 13.2 bp −$13 | 44.6 bp −$446 | 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 | −0.1564% | 1h | 2.5815 | −0.155% | $81K | $129K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1412% | 1h | 2.5822 | −0.128% | $11K | $2K | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0864% | 1h | 2.5798 | −0.220% | $848 | $9K | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0362% | 4h | 2.5831 | −0.092% | $32K | $134K | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0216% | 1h | 2.5836 | −0.073% | $73K | $39K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0196% | 4h | 2.5837 | −0.070% | $631K | $238K | 20x | as long as short |
| Phoenix MORPHOshort | −0.0154% | 1h | 2.5885 | +0.116% | $33K | $330K | 5x | |
| Orderly PERP_MORPHO_USDC | −0.0132% | 4h | 2.5821 | −0.132% | $10K | $34K | 10x | as long as short |
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.5827 | −0.109% | $15 | — | 10x | as long as short |
| Polymarket Perps MORPHO-USD | +0.0016% | 1h | 2.5839 | −0.062% | $25K | $1.5M | 5x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Reya MORPHORUSDPERP
Polymarket Perps MORPHO-USDShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +2.224% | $37 | $242K | 5.5x | as long as short |
| MEXC MORPHO_USDT | +0.0094% | 4h | 2.5840 | −0.058% | $6.2M | $911K | 100x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.5893 | +0.146% | $311K | $295K | 5x | as long as short |
| Extended MORPHO-USD | +0.0096% | 1h | 2.5835 | −0.077% | $103K | $343K | 10x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.5856 | +0.003% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.5887 | +0.124% | $5.9M | $6.9M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.5857 | +0.007% | $57K | $31K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.5852 | −0.010% | $15.6M | $24.0M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.5876 | +0.081% | $8.0M | $8.5M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.5881 | +0.101% | $3.2M | $4.0M | 20x | as long as short |
| Gate MORPHO_USDT | +0.0100% | 4h | 2.5849 | −0.023% | $755K | $497K | 50x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.5864 | +0.035% | $594K | $246K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.5848 | −0.027% | $2.8M | $1.6M | 75x | as long as short |
| BingX MORPHO-USDTlong | +0.0100% | 4h | 2.5855 | long leg | — | $1.4M | — | |
| Variational Omni MORPHO | +0.0100% | 4h | 2.5836 | −0.075% | $614K | $677K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.5820 | −0.135% | $21K | $4K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0149% / S +0.0039% | 1h | 2.5849 | −0.022% | $6K | — | 100x | as long as short |
Injective MORPHO/USDC PERP
MEXC MORPHO_USDT
Lighter MORPHO
Extended MORPHO-USD
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
Bybit MORPHOUSDT
OKX MORPHO-USDT-SWAP
Gate MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
Variational Omni MORPHO
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]