Spread before costs (cost unknown: a leg has no order-book sample)−0.197%
7d average—if it closes, per $10,000$20funding while held, a day−$2.39
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix MORPHO | 2.7411 | −0.0029 | get 0.0004% / 1h | 16m 55s | $35K | $560K | 5x |
| Short | Orderly PERP_MORPHO_USDC | 2.7357 | −0.0109 | pay 0.0054% / 4h | 16m 55s | $11K | $34K | 10x |
Phoenix MORPHO
Orderly PERP_MORPHO_USDCPrice 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
- −$19.7
- Funding while held
- −$2.39
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Orderly: 3 bp × 2 orders
- −$6
- Net
- −$35.09
- Spread needed to break even
- 0.130%
Slippage unknown: Phoenix: live order book, 32 min ago; Orderly: no order-book sample. Net counts fees only.
Cost of waiting
funding view- Funding /8h
- −0.0080%
- Per $10,000 a day
- −$2.39
- 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 Phoenix live order book, 32 min ago | 1.09 bp | 12.9 bp −$13 | 52.2 bp −$522 | doesn't fit | doesn't fit |
| Sell Orderly no order-book sample | — | — | — | — | — |
Orderly: 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.Injective2.7130cheapest01 Exchange2.7292+0.597%Variational Omni2.7333+0.747%Paradex2.7340+0.775%BloFin2.7345+0.792%Reya2.7353+0.823%SoDEX2.7355+0.829%
Injective
Variational Omni
Paradex
BloFin
Reya
SoDEXOrderly2.7357+0.837%
Bitget2.7358+0.840%Extended2.7358+0.842%Polymarket Perps2.7362+0.855%Deribit2.7363+0.859%MEXC2.7365+0.866%Gate2.7366+0.870%Binance2.7367+0.873%KuCoin2.7368+0.877%Bybit2.7369+0.881%Kraken Futures2.7371+0.888%OKX2.7372+0.892%BingX2.7376+0.907%GMX2.7395+0.976%Lighter2.7399+0.990%Coinbase International2.7402+1.003%Aster2.7403+1.005%
Bitget
Extended
Polymarket Perps
Deribit
MEXC
Gate
Binance
KuCoin
Bybit
Kraken Futures
OKX
BingX
GMX
Lighter
Coinbase International
AsterPhoenix2.7411+1.036%
Hyperliquid2.7435+1.126%
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 | −1.025% | +0.0033% | 1h | $38 | $85K | 5.5x | as long as short |
| 01 Exchange MORPHOUSD | −0.434% | −0.1136% | 1h | $897 | $8K | 5x | as long as short |
| Variational Omni MORPHO | −0.286% | +0.0073% | 4h | $669K | $1.4M | — | as long as short |
| Paradex MORPHO-USD-PERP | −0.258% | +0.0099% | 8h | $5K | $3 | 5x | as long as short |
| BloFin MORPHO-USDT | −0.241% | −0.0200% | 4h | $688K | $249K | 20x | as long as short |
| Reya MORPHORUSDPERP | −0.210% | −0.0004% | 1h | $16 | — | 10x | as long as short |
| SoDEX MORPHO-USD | −0.204% | +0.0100% | 1h | $23K | $2K | 5x | as long as short |
| Orderly PERP_MORPHO_USDCshort | −0.197% | −0.0109% | 4h | $11K | $34K | 10x | |
| Bitget MORPHOUSDT | −0.193% | +0.0100% | 4h | $3.0M | $2.6M | 75x | as long as short |
| Extended MORPHO-USD | −0.192% | +0.0104% | 1h | $103K | $310K | 10x | as long as short |