Funding you earn now, next payment 22:00 UTC−0.1173%/8h= −128.4% APRnext payment −$1.47 per $10,000 · paid last 24h −0.231%
Price spread now: Deribit against Phoenix−0.148%7-day average — · you buy dearer than you sell
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 against this trade now: funding costs −$35 a day on $10k at the current rate, and Deribit is 0.148% cheaper against Phoenix than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MORPHO | 2.6435 | −0.0090 | get 0.0011% / 1h | 33m 16s | $34K | $484K | 5x |
| Short | Deribit MORPHO_USDC-PERPETUAL | 2.6396 | −0.1263 | pay 0.0158% / 1h | 33m 16s | $11K | $911 | 10x |
Phoenix MORPHO
Deribit MORPHO_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit 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
- −$246.25
- Price spread: −0.148% → 0.000%
- −$14.75
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$275
- Costs to cover
- 0.140%
- Break-even
- never at this rate
Slippage unknown: Phoenix: live order book, 49 min ago; Deribit: no order-book sample. 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 Phoenix live order book, 49 min ago | 1.13 bp | 12.9 bp −$13 | 52.2 bp −$522 | doesn't fit | doesn't fit |
| Sell Deribit no order-book sample | — | — | — | — | — |
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 | −0.1860% | 1h | 2.6385 | −0.188% | $82K | $154K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUALshort | −0.1263% | 1h | 2.6396 | −0.148% | $11K | $911 | 10x | |
| 01 Exchange MORPHOUSD | −0.1200% | 1h | 2.6322 | −0.427% | $865 | $13K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0704% | 1h | 2.6384 | −0.193% | $24K | $1.8M | 5x | as long as short |
| Bybit MORPHOUSDT | −0.0619% | 4h | 2.6390 | −0.170% | $8.5M | $9.5M | 25x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0614% | 4h | 2.6383 | −0.197% | $29K | $146K | 10x | as long as short |
| Injective MORPHO/USDC PERP | −0.0337% | 1h | 2.6430 | −0.019% | $37 | $242K | 5.5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0312% | 1h | 2.6427 | −0.030% | $76K | $43K | 25x | as long as short |
| Gate MORPHO_USDT | −0.0190% | 4h | 2.6389 | −0.174% | $766K | $533K | 50x | as long as short |
| BloFin MORPHO-USDT | −0.0189% | 4h | 2.6369 | −0.250% | $641K | $244K | 20x | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
Polymarket Perps MORPHO-USD
Bybit MORPHOUSDT
GRVT MORPHO_USDT_Perp
Injective MORPHO/USDC PERP
Coinbase International MORPHO-PERP-INTX
Gate MORPHO_USDT
BloFin MORPHO-USDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_MORPHO_USDC | −0.0153% | 4h | 2.6388 | −0.178% | $10K | $34K | 10x | as long as short |
| Phoenix MORPHOlong | −0.0090% | 1h | 2.6435 | long leg | $34K | $484K | 5x | |
| Variational Omni MORPHO | −0.0086% | 4h | 2.6397 | −0.144% | $628K | $1.2M | — | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6388 | −0.180% | $16 | — | 10x | as long as short |
| Extended MORPHO-USD | +0.0048% | 1h | 2.6380 | −0.209% | $103K | $301K | 10x | as long as short |
| Binance MORPHOUSDT | +0.0051% | 4h | 2.6386 | −0.184% | $16.1M | $25.9M | 75x | as long as short |
| MEXC MORPHO_USDT | +0.0054% | 4h | 2.6389 | −0.174% | $5.4M | $1.1M | 100x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6431 | −0.017% | $315K | $334K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6388 | −0.177% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6452 | +0.064% | $6.2M | $7.1M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6404 | −0.117% | $57K | $31K | 20x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6401 | −0.129% | $3.2M | $4.4M | 20x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6399 | −0.136% | $590K | $270K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6394 | −0.155% | $2.9M | $1.9M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6389 | −0.174% | — | $1.5M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6389 | −0.174% | $22K | $4K | 5x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6415 | −0.074% | $1K | — | 100x | as long as short |
Orderly PERP_MORPHO_USDC
Variational Omni MORPHO
Reya MORPHORUSDPERP
Extended MORPHO-USD
Binance MORPHOUSDT
MEXC MORPHO_USDT
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
OKX MORPHO-USDT-SWAP
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
GMX MORPHO/USD [ETH-USDC]