MORPHO

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0285%/8h= −31.2% APRnext payment −$0.36 per $10,000 · paid last 24h +0.054%

Price spread now: Phoenix against Polymarket Perps+0.085%59s7-day average +0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as 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−$370.371% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$8 on $10k

Price spread, last 4 days (all we have)+0.006%+$1 · spread now +0.085%, 7d avg +0.084%

Together, before fees+0.081%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.084%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.075%, so the current rate has only just turned against you. 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 0.075% in total (about 3.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.36 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	Polymarket Perps MORPHO-USD	2.5783	0.0100	pay 0.0013% / 1h	58m 03s	$25K	$1.4M	5x
Short	Phoenix MORPHO	2.5805	−0.0185	pay 0.0023% / 1h	58m 03s	$33K	$307K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Polymarket Perps. 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 Polymarket PerpsbpFee PhoenixbpOrdersPrice spread, now +0.085%Rate

Funding earned: −$59.78
Price spread: +0.085% → +0.084%: $0.16
Slippage, 4 orders: −$22.14
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$96.77
Costs to cover: 0.371%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 5 min ago; Phoenix: live order book, 38 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 Polymarket Perps live order book, 5 min ago	0.39 bp	6.8 bp −$7	8.3 bp −$83	doesn't fit	doesn't fit
Sell Phoenix live order book, 38 min ago	1.16 bp	13.0 bp −$13	44.7 bp −$447	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	−0.2474%	1h	2.5697	−0.335%	$84K	$134K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1224%	1h	2.5744	−0.151%	$10K	$3K	10x	as long as short
01 Exchange MORPHOUSD	−0.1176%	1h	2.5742	−0.159%	$846	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0682%	4h	2.5773	−0.040%	$30K	$123K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0552%	1h	2.5369	−1.606%	$69K	$36K	25x	as long as short
Variational Omni MORPHO	−0.0464%	4h	2.5782	−0.006%	$615K	$526K	—	as long as short
BloFin MORPHO-USDT	−0.0411%	4h	2.5773	−0.039%	$630K	$238K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0271%	4h	2.5737	−0.178%	$10K	$34K	10x	as long as short
Aster MORPHOUSDT	−0.0185%	4h	2.5770	−0.050%	$54K	$49K	20x	as long as short
Phoenix MORPHOshort	−0.0185%	1h	2.5805	+0.085%	$33K	$307K	5x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended MORPHO-USD	−0.0176%	1h	2.5728	−0.213%	$99K	$375K	10x	as long as short
Binance MORPHOUSDT	−0.0176%	4h	2.5736	−0.182%	$15.5M	$23.9M	75x	as long as short
MEXC MORPHO_USDT	−0.0170%	4h	2.5730	−0.206%	$6.3M	$909K	100x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.5745	−0.148%	$15	—	10x	as long as short
Gate MORPHO_USDT	+0.0032%	4h	2.5736	−0.182%	$757K	$483K	50x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.509%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.5782	−0.003%	$311K	$283K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5777	−0.025%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.5777	−0.023%	$5.9M	$7.0M	5x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.5760	−0.089%	$7.8M	$8.4M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.5764	−0.074%	$3.2M	$4.1M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.5741	−0.163%	$586K	$263K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5748	−0.136%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.5753	−0.116%	—	$1.4M	—	as long as short
Polymarket Perps MORPHO-USDlong	+0.0100%	1h	2.5783	long leg	$25K	$1.4M	5x
SoDEX MORPHO-USD	+0.0100%	1h	2.5732	−0.198%	$21K	$5K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0156% / S −12.8912%	1h	2.5769	−0.055%	$1K	—	100x	as long as short