Spread before costs (cost unknown: a leg has no order-book sample)−0.152%
7d average—if it closes, per $10,000$15funding while held, a day+$9.66
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International MORPHO-PERP-INTX | 2.6920 | −0.0352 | get 0.0044% / 1h | 16m 50s | $78K | $47K | 25x |
| Short | Phoenix MORPHO | 2.6879 | −0.0030 | pay 0.0004% / 1h | 16m 50s | $35K | $478K | 5x |
Coinbase International MORPHO-PERP-INTX
Phoenix MORPHOPrice spread history
latest
Range statsloading…
How often the spread is this wide
share of time at each level, last 7DBacktest
opened in the past, held until now, after costsProfit calculator
- Spread captured
- −$15.23
- Funding while held
- $9.66
- Slippage, 4 orders
- no order book: not counted
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$22.57
- Spread needed to break even
- 0.170%
Slippage unknown: Coinbase International: no order-book sample; Phoenix: live order book, 17 min ago. Net counts fees only.
Cost of waiting
funding view- Funding /8h
- +0.0322%
- Per $10,000 a day
- +$9.66
- Average in range /8h
- —
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 Coinbase International no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 17 min ago | 1.12 bp | 12.9 bp −$13 | 44.5 bp −$445 | doesn't fit | doesn't fit |
Coinbase International: 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 price on every exchange
against the cheapest. Click to use as the short leg.Injective2.6760cheapestVariational Omni2.6761+0.004%BloFin2.6841+0.303%Paradex2.6845+0.317%Kraken Futures2.6850+0.335%01 Exchange2.6854+0.351%Orderly2.6862+0.381%Polymarket Perps2.6866+0.396%Extended2.6867+0.398%Binance2.6868+0.405%MEXC2.6869+0.407%Bybit2.6870+0.411%Gate2.6870+0.411%SoDEX2.6875+0.430%Reya2.6877+0.438%Deribit2.6878+0.441%BingX2.6879+0.445%
Injective
Variational Omni
BloFin
Paradex
Kraken Futures
Orderly
Polymarket Perps
Extended
Binance
MEXC
Bybit
Gate
SoDEX
Reya
Deribit
BingXPhoenix2.6879+0.445%
Bitget2.6882+0.456%Aster2.6884+0.463%GMX2.6890+0.485%OKX2.6894+0.501%KuCoin2.6895+0.504%
Bitget
Aster
GMX
OKX
KuCoinCoinbase International2.6920+0.598%
Lighter2.6921+0.601%Hyperliquid2.6942+0.680%
Lighter
HyperliquidMORPHO on 26 venues
cheapest first. Swap a leg.| Exchange | vs long leg | Funding /8h | Every | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|
| Injective MORPHO/USDC PERP | −0.594% | +0.0033% | 1h | $37 | $39K | 5.5x | as long as short |
| Variational Omni MORPHO | −0.591% | 0.0000% | 4h | $654K | $1.4M | — | as long as short |
| BloFin MORPHO-USDT | −0.293% | −0.0153% | 4h | $665K | $208K | 20x | as long as short |
| Paradex MORPHO-USD-PERP | −0.279% | +0.0100% | 8h | $5K | $3 | 5x | as long as short |
| Kraken Futures PF_MORPHOUSD | −0.262% | −0.2225% | 1h | $85K | $165K | 20x | as long as short |
| 01 Exchange MORPHOUSD | −0.245% | −0.0624% | 1h | $882 | $12K | 5x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.215% | −0.0210% | 4h | $10K | $34K | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.201% | −0.0259% | 1h | $24K | $2.4M | 5x | as long as short |
| Extended MORPHO-USD | −0.199% | +0.0080% | 1h | $101K | $304K | 10x | as long as short |
| Binance MORPHOUSDT | −0.192% | +0.0077% | 4h | $16.5M | $27.2M | 75x | as long as short |
Show all 26 venues
| Exchange | vs long leg | Funding /8h | Every | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|
| MEXC MORPHO_USDT | −0.189% | +0.0076% | 4h | $4.9M | $1.2M | 100x | as long as short |
| Bybit MORPHOUSDT | −0.186% | −0.0201% | 4h | $8.8M | $10.2M | 25x | as long as short |
| Gate MORPHO_USDT | −0.186% | −0.0544% | 4h | $775K | $539K | 50x | as long as short |
| SoDEX MORPHO-USD | −0.167% | +0.0100% | 1h | $23K | $2K | 5x | as long as short |
| Reya MORPHORUSDPERP | −0.159% | −0.0004% | 1h | $16 | — | 10x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.156% | −0.0531% | 1h | $10K | $745 | 10x | as long as short |
| BingX MORPHO-USDT | −0.152% | +0.0100% | 4h | — | $1.5M | — | as long as short |
| Phoenix MORPHOshort | −0.152% | −0.0030% | 1h | $35K | $478K | 5x | |
| Bitget MORPHOUSDT | −0.141% | +0.0100% | 4h | $2.9M | $2.1M | 75x | as long as short |
| Aster MORPHOUSDT | −0.135% | +0.0100% | 4h | $59K | $33K | 20x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | −0.112% | L +0.0158% / S −0.0698% | 1h | $2K | — | 100x | as long as short |
| OKX MORPHO-USDT-SWAP | −0.097% | +0.0100% | 4h | $3.2M | $4.6M | 20x | as long as short |
| KuCoin MORPHOUSDTM | −0.093% | +0.0100% | 4h | $601K | $342K | 50x | as long as short |
| Coinbase International MORPHO-PERP-INTXlong | 0.000% | −0.0352% | 1h | $78K | $47K | 25x | |
| Lighter MORPHO | +0.003% | +0.0096% | 1h | $321K | $364K | 5x | as long as short |
| Hyperliquid MORPHO | +0.082% | +0.0100% | 1h | $6.4M | $7.1M | 5x | as long as short |