Funding you earn now, next payment 08:00 UTC+0.0250%/8h= +27.4% APRpaid last 24h +0.062%
Price spread now: Phoenix against BloFin+0.008%7-day average +0.138% · you sell dearer than you buy
Net, funding: paid 7d − costs−$107as in the Funding arb table
Net, price: spread back to 7d avg − costs−$71as in the Price arb table
costs, in and out, $10k−$580.576% of the position
Funding, last 7 days−0.497%−$50 on $10k
+Price spread, last 4 days (all we have)−0.158%−$16 · spread now +0.008%, 7d avg +0.138%
=Funding pays, the price is against you. Phoenix is 0.130% cheaper against BloFin than usual: you would sell low and buy high (spread +0.008% now, against its 7-day average of +0.138%). If the spread goes back, that is −$13 on $10k: about 41 hours of funding at the current rate (+$8 a day). Mind the row above: over the last 7 days funding on this pair cost −0.497%, so the current rate has only just turned in your favour.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | BloFin MORPHO-USDT | 2.5833 | −0.0405 | get 0.0203% / 4h | 3h 50m | $632K | $239K | 20x |
| Short | Phoenix MORPHO | 2.5835 | −0.0155 | pay 0.0019% / 1h | 50m 22s | $33K | $308K | 5x |
BloFin MORPHO-USDT
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against BloFin. 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
- $52.59
- Price spread: +0.008% → +0.138%
- −$12.98
- Slippage, 4 orders
- −$38.59
- Fee BloFin: 6 bp × 2 orders
- −$12
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$17.99
- Costs to cover
- 0.576%
- Break-even
- 9.4 days
Slippage from BloFin: live order book, 26 min ago; Phoenix: live order book, 46 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 BloFin live order book, 26 min ago | 0.78 bp | 16.3 bp −$16 | 30.5 bp −$305 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 46 min ago | 1.16 bp | 13.0 bp −$13 | 44.7 bp −$447 | 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 | −0.2463% | 1h | 2.5810 | −0.087% | $84K | $134K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1218% | 1h | 2.5844 | +0.043% | $11K | $3K | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0872% | 1h | 2.5793 | −0.155% | $848 | $9K | 5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0552% | 1h | 2.5747 | −0.333% | $70K | $37K | 25x | as long as short |
| Variational Omni MORPHO | −0.0439% | 4h | 2.5856 | +0.088% | $615K | $526K | — | as long as short |
| BloFin MORPHO-USDTlong | −0.0405% | 4h | 2.5833 | long leg | $632K | $239K | 20x | |
| Orderly PERP_MORPHO_USDC | −0.0282% | 4h | 2.5805 | −0.108% | $10K | $34K | 10x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0206% | 4h | 2.5780 | −0.205% | $30K | $123K | 10x | as long as short |
| Aster MORPHOUSDT | −0.0205% | 4h | 2.5815 | −0.071% | $54K | $49K | 20x | as long as short |
| Extended MORPHO-USD | −0.0168% | 1h | 2.5819 | −0.053% | $99K | $375K | 10x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Coinbase International MORPHO-PERP-INTX
Variational Omni MORPHO
Orderly PERP_MORPHO_USDC
GRVT MORPHO_USDT_Perp
Aster MORPHOUSDT
Extended MORPHO-USDShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance MORPHOUSDT | −0.0165% | 4h | 2.5805 | −0.108% | $15.5M | $23.9M | 75x | as long as short |
| MEXC MORPHO_USDT | −0.0164% | 4h | 2.5823 | −0.039% | $6.3M | $910K | 100x | as long as short |
| Phoenix MORPHOshort | −0.0155% | 1h | 2.5835 | +0.008% | $33K | $308K | 5x | |
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.5814 | −0.074% | $15 | — | 10x | as long as short |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +2.311% | $37 | $242K | 5.5x | as long as short |
| Gate MORPHO_USDT | +0.0040% | 4h | 2.5848 | +0.058% | $760K | $484K | 50x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.5882 | +0.191% | $312K | $283K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.5841 | +0.029% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.5870 | +0.143% | $6.0M | $7.0M | 5x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.5830 | −0.012% | $7.8M | $8.4M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.5822 | −0.043% | $3.2M | $4.1M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.5850 | +0.066% | $588K | $264K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.5818 | −0.058% | $2.8M | $1.6M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.5827 | −0.023% | — | $1.4M | — | as long as short |
| Polymarket Perps MORPHO-USD | +0.0100% | 1h | 2.5862 | +0.112% | $25K | $1.4M | 5x | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.5838 | +0.019% | $21K | $5K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0156% / S −12.8912% | 1h | 2.5866 | +0.128% | $1K | — | 100x | as long as short |
Binance MORPHOUSDT
MEXC MORPHO_USDT
Reya MORPHORUSDPERP
Injective MORPHO/USDC PERP
Gate MORPHO_USDT
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Bybit MORPHOUSDT
OKX MORPHO-USDT-SWAP
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Polymarket Perps MORPHO-USD
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]