Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.032%
Price spread now: BingX against Phoenix−0.516%49s7-day average −0.112% · you buy dearer than you sell
Net, funding: paid 7d − costs−$38as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$560.563% of the position
Funding, last 7 days+0.186%+$19 on $10k
+Price spread, last 4 days (all we have)+0.447%+$45 · spread now −0.516%, 7d avg −0.112%
=Funding pays, the price is against you. BingX is 0.404% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.516% now, against its 7-day average of −0.112%). If the spread goes back, that is −$40 on $10k: about 13 days of funding at the current rate (+$3 a day). The two prices were read 49 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 | Phoenix MORPHO | 2.6144 | 0 | get 0.0000% / 1h | 48m 33s | $43K | $370K | 5x |
| Short | BingX MORPHO-USDT | 2.6009 | 0.0100 | get 0.0050% / 4h | 48m 33s | — | $1.4M | — |
Phoenix MORPHO
BingX MORPHO-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BingX against Phoenix. 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
- $21
- Price spread: −0.516% → −0.112%
- −$40.42
- Slippage, 4 orders
- −$39.33
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee BingX: 5 bp × 2 orders
- −$10
- Net
- −$75.75
- Costs to cover
- 0.563%
- Break-even
- 32.2 days
Slippage from Phoenix: live order book, 8 min ago; BingX: live order book, 12 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 Phoenix live order book, 8 min ago | 1.14 bp | 13.1 bp −$13 | 52.3 bp −$523 | doesn't fit | doesn't fit |
| Sell BingX live order book, 12 min ago | 2.11 bp | 16.4 bp −$16 | 41.7 bp −$417 | 241.1 bp −$24.1K | 618.4 bp −$309.2K |
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 | −0.1669% | 1h | 2.5956 | −0.720% | $81K | $128K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1402% | 1h | 2.5986 | −0.604% | $11K | $759 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0920% | 1h | 2.5949 | −0.746% | $853 | $9K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0302% | 1h | 2.6020 | −0.474% | $25K | $1.7M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0230% | 4h | 2.6115 | −0.112% | $34K | $150K | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0224% | 1h | 2.6172 | +0.107% | $75K | $42K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.5993 | −0.578% | $635K | $238K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0154% | 4h | 2.5996 | −0.566% | $10K | $34K | 10x | as long as short |
| Gate MORPHO_USDT | −0.0016% | 4h | 2.6024 | −0.459% | $757K | $480K | 50x | as long as short |
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.6009 | −0.516% | $16 | — | 10x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Gate MORPHO_USDT
Reya MORPHORUSDPERPShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phoenix MORPHOlong | 0.0000% | 1h | 2.6144 | long leg | $43K | $370K | 5x | |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +1.094% | $37 | $242K | 5.5x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6034 | −0.422% | $312K | $309K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.5995 | −0.570% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6056 | −0.337% | $6.1M | $6.9M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6043 | −0.388% | $57K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6006 | −0.528% | $15.7M | $25.3M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.6030 | −0.436% | $8.2M | $9.2M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6048 | −0.367% | $3.2M | $4.3M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6009 | −0.516% | $5.8M | $798K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6031 | −0.432% | $591K | $250K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6015 | −0.493% | $2.8M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDTshort | +0.0100% | 4h | 2.6009 | −0.516% | — | $1.4M | — | |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6035 | −0.415% | $622K | $843K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.5985 | −0.608% | $21K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.5984 | −0.612% | $100K | $348K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6017 | −0.485% | $1K | — | 100x | as long as short |
Injective MORPHO/USDC PERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
Bybit MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]