Funding you earn now, next payment 19:00 UTC+0.1195%/8hnext payment +$1.49 per $10,000 · paid last 24h +0.204%
Price spread now: Phoenix against Deribit+0.343%70s7-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
=Together, before fees—needs both histories
Both sides work for this trade now. Funding pays +$36 a day on $10k at the current rate, and Phoenix is 0.343% dearer against Deribit than usual: you sell high and buy low: +$34 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 70 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 | Deribit MORPHO_USDC-PERPETUAL | 2.6812 | −0.1165 | get 0.0146% / 1h | 33m 56s | $10K | $745 | 10x |
| Short | Phoenix MORPHO | 2.6904 | 0.0030 | get 0.0004% / 1h | 33m 56s | $35K | $473K | 5x |
Deribit MORPHO_USDC-PERPETUAL
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Deribit. 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
- $250.93
- Price spread: +0.343% → 0.000%
- $34.31
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $271.24
- Costs to cover
- 0.140%
- Break-even
- from the start
Slippage unknown: Deribit: no order-book sample; Phoenix: live order book, 18 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 Deribit no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 18 min ago | 1.11 bp | 13.1 bp −$13 | 44.3 bp −$443 | doesn't fit | doesn't fit |
Deribit: 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 | −0.1666% | 1h | 2.6794 | −0.066% | $84K | $157K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUALlong | −0.1165% | 1h | 2.6812 | long leg | $10K | $745 | 10x | |
| 01 Exchange MORPHOUSD | −0.0560% | 1h | 2.6765 | −0.175% | $879 | $12K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0353% | 1h | 2.6806 | −0.022% | $28K | $2.1M | 5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0328% | 1h | 2.7014 | +0.753% | $78K | $47K | 25x | as long as short |
| Gate MORPHO_USDT | −0.0262% | 4h | 2.6814 | +0.007% | $773K | $532K | 50x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0207% | 4h | 2.6799 | −0.048% | $10K | $34K | 10x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6767 | −0.168% | $664K | $206K | 20x | as long as short |
| Injective MORPHO/USDC PERP | −0.0114% | 1h | 2.6810 | −0.007% | $38 | $76K | 5.5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0100% | 4h | 2.6813 | +0.005% | $41K | $150K | 10x | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
Polymarket Perps MORPHO-USD
Coinbase International MORPHO-PERP-INTX
Gate MORPHO_USDT
Orderly PERP_MORPHO_USDC
BloFin MORPHO-USDT
Injective MORPHO/USDC PERP
GRVT MORPHO_USDT_PerpShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit MORPHOUSDT | −0.0041% | 4h | 2.6820 | +0.030% | $8.8M | $10.2M | 25x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6816 | +0.016% | $16 | — | 10x | as long as short |
| Phoenix MORPHOshort | +0.0030% | 1h | 2.6904 | +0.343% | $35K | $473K | 5x | |
| Lighter MORPHO | +0.0096% | 1h | 2.6839 | +0.100% | $319K | $356K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6807 | −0.020% | $5K | $3 | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6801 | −0.043% | $58K | $32K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6796 | −0.060% | $16.4M | $26.8M | 75x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6842 | +0.112% | $3.2M | $4.6M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6801 | −0.041% | $5.1M | $1.2M | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6805 | −0.026% | $600K | $284K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6803 | −0.034% | $2.9M | $2.0M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6808 | −0.015% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6815 | +0.012% | $651K | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6772 | −0.149% | $22K | $2K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6796 | −0.061% | $101K | $304K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0193% / S −0.0879% | 1h | 2.6837 | +0.092% | $2K | — | 100x | as long as short |
| Hyperliquid MORPHO | +0.0194% | 1h | 2.6860 | +0.179% | $6.4M | $7.1M | 5x | as long as short |
Bybit MORPHOUSDT
Reya MORPHORUSDPERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Aster MORPHOUSDT
Binance MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]
Hyperliquid MORPHO