Funding you earn now, next payment 20:00 UTC+0.0041%/8h= +4.4% APRpaid last 24h +0.033%
Price spread now: Variational Omni against Phoenix+0.030%264s7-day average −0.123% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)+0.022%+$2 on $10k
+Price spread, last 3 days (all we have)−0.080%−$8 · spread now +0.030%, 7d avg −0.123%
=Together, before fees−0.057%+ Points / potential airdropVariational Omni: Active · farm board−$6 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Variational Omni is 0.153% dearer against Phoenix than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.123%. The two prices were read 264 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 | 2.6877 | 0.0059 | pay 0.0007% / 1h | 47m 08s | $35K | $471K | 5x |
| Short | Variational Omni MORPHO | 2.6885 | 0.0100 | get 0.0050% / 4h | 3h 47m | $652K | $1.4M | — |
Phoenix MORPHO
Variational Omni MORPHOFunding history
latest
Range statsloading…
Price spread between the two exchanges
Variational Omni 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
- $8.52
- Price spread: +0.030% → −0.123%
- $15.29
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Variational Omni: 0 bp × 2 orders
- $0
- Net
- $16.81
- Costs to cover
- 0.070%
- Break-even
- from the start
Slippage unknown: Phoenix: live order book, 44 min ago; Variational Omni: RFQ quote, 2 min ago. 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, 44 min ago | 1.12 bp | 13.1 bp −$13 | 52.3 bp −$523 | doesn't fit | doesn't fit |
| Sell Variational Omni RFQ quote, 2 min ago | 4.58 bp | doesn't fit | 64.2 bp −$642 | 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 | −0.1766% | 1h | 2.6780 | −0.359% | $84K | $151K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1053% | 1h | 2.6833 | −0.164% | $10K | $721 | 10x | as long as short |
| Injective MORPHO/USDC PERP | −0.0425% | 1h | 2.6810 | −0.249% | $38 | $76K | 5.5x | as long as short |
| 01 Exchange MORPHOUSD | −0.0384% | 1h | 2.6813 | −0.238% | $881 | $12K | 5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0240% | 1h | 2.6885 | +0.030% | $78K | $46K | 25x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0209% | 4h | 2.6825 | −0.193% | $10K | $34K | 10x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6827 | −0.186% | $656K | $214K | 20x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0058% | 4h | 2.6830 | −0.175% | $41K | $150K | 10x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6834 | −0.159% | $16 | — | 10x | as long as short |
| Polymarket Perps MORPHO-USD | +0.0052% | 1h | 2.6840 | −0.138% | $24K | $2.0M | 5x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
Injective MORPHO/USDC PERP
01 Exchange MORPHOUSD
Coinbase International MORPHO-PERP-INTX
Orderly PERP_MORPHO_USDC
BloFin MORPHO-USDT
GRVT MORPHO_USDT_Perp
Reya MORPHORUSDPERP
Polymarket Perps MORPHO-USDShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phoenix MORPHOlong | +0.0059% | 1h | 2.6877 | long leg | $35K | $471K | 5x | |
| Lighter MORPHO | +0.0096% | 1h | 2.6897 | +0.076% | $320K | $356K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6846 | −0.117% | $5K | $3 | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6838 | −0.143% | $59K | $32K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6814 | −0.235% | $16.4M | $26.7M | 75x | as long as short |
| Bybit MORPHOUSDT | +0.0100% | 4h | 2.6865 | −0.045% | $8.8M | $10.2M | 25x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6857 | −0.074% | $3.2M | $4.6M | 20x | as long as short |
| Gate MORPHO_USDT | +0.0100% | 4h | 2.6855 | −0.082% | $773K | $529K | 50x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6824 | −0.197% | $5.2M | $1.1M | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6863 | −0.052% | $609K | $273K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6827 | −0.186% | $2.9M | $2.0M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6853 | −0.089% | — | $1.4M | — | as long as short |
| Variational Omni MORPHOshort | +0.0100% | 4h | 2.6885 | +0.030% | $652K | $1.4M | — | |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6831 | −0.171% | $23K | $3K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6820 | −0.212% | $101K | $302K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0193% / S −16.5420% | 1h | 2.6852 | −0.092% | $1K | — | 100x | as long as short |
| Hyperliquid MORPHO | +0.0193% | 1h | 2.6883 | +0.022% | $6.4M | $7.1M | 5x | as long as short |
Lighter MORPHO
Paradex MORPHO-USD-PERP
Aster MORPHOUSDT
Binance MORPHOUSDT
Bybit MORPHOUSDT
OKX MORPHO-USDT-SWAP
Gate MORPHO_USDT
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]
Hyperliquid MORPHO