MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0239%/8h= −26.1% APRnext payment −$0.30 per $10,000 · paid last 24h −0.052%

Price spread now: Polymarket Perps against Phoenix−0.058%59s7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as 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−$410.409% of the position

Long on Phoenix Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 4 days (all we have)+0.114%+$11 · spread now −0.058%, 7d avg −0.083%

Together, before fees+0.047%+$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.026% dearer against Phoenix than usual: you sell high and buy low (spread −0.058% now, against its 7-day average of −0.083%): +$3 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.067% in total) that is about 2.7 days. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.067% in total (about -3.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.30 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix MORPHO	2.6073	0	get 0.0000% / 1h	57m 38s	$43K	$322K	5x
Short	Polymarket Perps MORPHO-USD	2.6058	−0.0239	pay 0.0030% / 1h	57m 38s	$25K	$1.6M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee Polymarket PerpsbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$50.15
Price spread: −0.058% → −0.083%: $2.57
Slippage, 4 orders: −$25.9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$88.48
Costs to cover: 0.409%
Break-even: never at this rate

Slippage from Phoenix: live order book, 59 min ago; Polymarket Perps: live order book, 1 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, 59 min ago	1.14 bp	13.1 bp −$13	52.3 bp −$523	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 1 min ago	2.30 bp	8.4 bp −$8	9.7 bp −$97	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	−0.2169%	1h	2.6030	−0.166%	$81K	$126K	20x	as long as short
01 Exchange MORPHOUSD	−0.1056%	1h	2.5989	−0.322%	$854	$9K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0938%	1h	2.6054	−0.073%	$11K	$1K	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0288%	4h	2.6054	−0.073%	$34K	$140K	10x	as long as short
Polymarket Perps MORPHO-USDshort	−0.0239%	1h	2.6058	−0.058%	$25K	$1.6M	5x
Coinbase International MORPHO-PERP-INTX	−0.0216%	1h	2.6082	+0.035%	$75K	$41K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6020	−0.203%	$636K	$241K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0140%	4h	2.6050	−0.088%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6041	−0.122%	$16	—	10x	as long as short
Phoenix MORPHOlong	0.0000%	1h	2.6073	long leg	$43K	$322K	5x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.369%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6099	+0.100%	$313K	$293K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6044	−0.110%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6111	+0.144%	$6.1M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6092	+0.073%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6046	−0.102%	$15.8M	$24.4M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6059	−0.054%	$8.1M	$8.6M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6064	−0.035%	$3.2M	$4.1M	20x	as long as short
Gate MORPHO_USDT	+0.0100%	4h	2.6055	−0.069%	$763K	$469K	50x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6045	−0.107%	$5.9M	$819K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6090	+0.065%	$595K	$251K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6054	−0.073%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6065	−0.031%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6060	−0.048%	$621K	$675K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6047	−0.100%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6034	−0.149%	$101K	$352K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6071	−0.008%	$1K	—	100x	as long as short