Funding you earn now, next payment 04:00 UTC+0.0161%/8h= +17.7% APRpaid last 24h +0.032%
Price spread now: Paradex against Phoenix−0.367%46s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Funding pays, the price is against you. Paradex is 0.367% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.367% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$37 on $10k: about 7.6 days of funding at the current rate (+$5 a day). The two prices were read 46 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 | −0.0061 | get 0.0008% / 1h | 49m 44s | $43K | $337K | 5x |
| Short | Paradex MORPHO-USD-PERP | 2.6048 | 0.0100 | get 0.0100% / 8h | 3h 49m | $5K | $3 | 5x |
Phoenix MORPHO
Paradex MORPHO-USD-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Paradex 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
- $33.88
- Price spread: −0.367% → 0.000%
- −$36.66
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Paradex: 2 bp × 2 orders
- −$4
- Net
- −$13.78
- Costs to cover
- 0.110%
- Break-even
- 9.8 days
Slippage unknown: Phoenix: live order book, 67 min ago; Paradex: 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, 67 min ago | 1.14 bp | 13.1 bp −$13 | 52.3 bp −$523 | doesn't fit | doesn't fit |
| Sell Paradex no order-book sample | — | — | — | — | — |
Paradex: 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 | −0.2168% | 1h | 2.6043 | −0.388% | $81K | $126K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1283% | 1h | 2.6055 | −0.340% | $11K | $1K | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0800% | 1h | 2.6019 | −0.478% | $855 | $9K | 5x | as long as short |
| Bybit MORPHOUSDT | −0.0770% | 4h | 2.6050 | −0.360% | $8.1M | $8.5M | 25x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0344% | 4h | 2.6136 | −0.030% | $34K | $140K | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0216% | 1h | 2.6167 | +0.088% | $75K | $41K | 25x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0213% | 1h | 2.6062 | −0.314% | $25K | $1.5M | 5x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6067 | −0.295% | $635K | $241K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0138% | 4h | 2.6044 | −0.382% | $10K | $34K | 10x | as long as short |
| Phoenix MORPHOlong | −0.0061% | 1h | 2.6144 | long leg | $43K | $337K | 5x |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Bybit MORPHOUSDT
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
Polymarket Perps MORPHO-USD
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDCShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MORPHO_USDT | −0.0014% | 4h | 2.6102 | −0.161% | $764K | $469K | 50x | as long as short |
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.6043 | −0.386% | $16 | — | 10x | as long as short |
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +1.094% | $37 | $242K | 5.5x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6091 | −0.201% | $313K | $293K | 5x | as long as short |
| Paradex MORPHO-USD-PERPshort | +0.0100% | 8h | 2.6048 | −0.367% | $5K | $3 | 5x | |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6098 | −0.176% | $6.0M | $6.8M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6092 | −0.201% | $57K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6038 | −0.405% | $15.8M | $24.2M | 75x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6067 | −0.295% | $3.2M | $4.0M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6047 | −0.371% | $5.9M | $820K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6096 | −0.184% | $595K | $250K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6045 | −0.379% | $2.8M | $1.7M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6051 | −0.356% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6090 | −0.205% | $623K | $675K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6045 | −0.379% | $21K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6036 | −0.411% | $101K | $346K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6077 | −0.258% | $1K | — | 100x | as long as short |
Gate MORPHO_USDT
Reya MORPHORUSDPERP
Injective MORPHO/USDC PERP
Lighter MORPHO
Hyperliquid MORPHO
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]