Funding you earn now, next payment 00:00 UTC−0.0134%/8h= −14.7% APRnext payment −$0.17 per $10,000 · paid last 24h −0.030%
Price spread now: Phoenix against Extended+0.353%7-day average +0.172% · you sell dearer than you buy
Net, funding: paid 7d − costs−$88as in the Funding arb table
Net, price: spread back to 7d avg − costs−$53as in the Price arb table
costs, in and out, $10k−$710.707% of the position
Funding, last 7 days−0.178%−$18 on $10k
+Price spread, last 3 days (all we have)−0.313%−$31 · spread now +0.353%, 7d avg +0.172%
=Together, before fees−0.491%+ Points / potential airdropExtended: Active · farm board−$49 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Phoenix is 0.181% dearer against Extended than usual: you sell high and buy low (spread +0.353% now, against its 7-day average of +0.172%): +$18 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.5 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Extended MORPHO-USD | 2.6664 | 0.0104 | pay 0.0013% / 1h | 11m 21s | $102K | $362K | 10x |
| Short | Phoenix MORPHO | 2.6758 | −0.0030 | pay 0.0004% / 1h | 11m 21s | $44K | $474K | 5x |
Extended MORPHO-USD
Phoenix MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Extended. 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
- −$28.16
- Price spread: +0.353% → +0.172%
- $18.12
- Slippage, 4 orders
- −$58.66
- Fee Extended: 2.5 bp × 2 orders
- −$5
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$80.7
- Costs to cover
- 0.707%
- Break-even
- never at this rate
Slippage from Extended: live order book, 61 min ago; Phoenix: live order book, 61 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 Extended live order book, 61 min ago | 2.45 bp | 22.4 bp −$22 | 197.4 bp −$1,974 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 61 min ago | 1.13 bp | 13.0 bp −$13 | 44.5 bp −$445 | 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 | −0.1823% | 1h | 2.6657 | −0.026% | $81K | $125K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.0612% | 1h | 2.6673 | +0.034% | $11K | $785 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0432% | 1h | 2.6663 | −0.003% | $876 | $13K | 5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0280% | 1h | 2.6715 | +0.192% | $77K | $43K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6720 | +0.211% | $644K | $233K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0146% | 4h | 2.6671 | +0.027% | $10K | $34K | 10x | as long as short |
| Phoenix MORPHOshort | −0.0030% | 1h | 2.6758 | +0.353% | $44K | $474K | 5x | |
| Variational Omni MORPHO | −0.0029% | 4h | 2.6676 | +0.044% | $636K | $926K | — | as long as short |
| Polymarket Perps MORPHO-USD | −0.0010% | 1h | 2.6676 | +0.046% | $25K | $1.7M | 5x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6673 | +0.036% | $16 | — | 10x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Variational Omni MORPHO
Polymarket Perps MORPHO-USD
Reya MORPHORUSDPERPShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT MORPHO_USDT_Perp | +0.0028% | 4h | 2.6704 | +0.151% | $41K | $133K | 10x | as long as short |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | −0.877% | $37 | $242K | 5.5x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6782 | +0.445% | $320K | $325K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6662 | −0.008% | $5K | $3 | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6691 | +0.103% | $58K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6669 | +0.020% | $16.2M | $25.5M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.6694 | +0.113% | $8.6M | $9.0M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6690 | +0.098% | $3.2M | $4.3M | 20x | as long as short |
| Gate MORPHO_USDT | +0.0100% | 4h | 2.6689 | +0.094% | $770K | $525K | 50x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6668 | +0.016% | $5.6M | $905K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6700 | +0.136% | $596K | $262K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6698 | +0.128% | $2.9M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6680 | +0.061% | — | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6679 | +0.057% | $22K | $4K | 5x | as long as short |
| Extended MORPHO-USDlong | +0.0104% | 1h | 2.6664 | long leg | $102K | $362K | 10x | |
| GMX MORPHO/USD [ETH-USDC] | L +0.0187% / S −0.4126% | 1h | 2.6681 | +0.065% | $1K | — | 100x | as long as short |
| Hyperliquid MORPHO | +0.0353% | 1h | 2.6737 | +0.274% | $6.3M | $7.0M | 5x | as long as short |
GRVT MORPHO_USDT_Perp
Injective MORPHO/USDC PERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Aster MORPHOUSDT
Binance MORPHOUSDT
Bybit MORPHOUSDT
OKX MORPHO-USDT-SWAP
Gate MORPHO_USDT
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]
Hyperliquid MORPHO