MORPHO 永续合约资金费率 — 各交易所对比
Morpho
Best Spread
244.5% APR
Long (Lowest)
PhoenixShort (Highest)
Coinbase InternationalMark Price
$2.6856
Total OI
$61.1M
24h Volume
$50.8M
MORPHO 资金费本周的实际结算收益
按过去 7 天实际结算的资金费排序（$10,000 仓位，已扣除开平仓成本），而不是瞬时年化。
$10,000 做 MORPHO：做多 Bybit / 做空 MEXC → 扣除成本后一周 +$5.03（实际结算年化 10.7%）。
- 做多 Bybit做空 MEXC+$5.03每周（$10k）, 扣除成本后
- 实际结算，7 天均值
- +10.7%
- 稳定
- 41%
回本 5 天 - 做多 Bybit做空 OKX+$1.69每周（$10k）, 扣除成本后
- 实际结算，7 天均值
- +12.7%
- 稳定
- 42%
回本 6 天
过去 7 天的实际数据，不是预测。成本 = 两家交易所开平仓的吃单手续费。 即将结算的资金费 →
Funding Rates by Exchange
+244.57%
Interval
1h
Open Interest
$37K
Mark Price
$2.6917
+43.83%
Interval
4h
Open Interest
$743K
Mark Price
$2.6847
+41.28%
Interval
1h
Open Interest
$4.2M
Mark Price
$2.6874
+41.28%
Interval
1h
Open Interest
$4.2M
Mark Price
$2.6874
+41.28%
Interval
1h
Open Interest
$4.2M
Mark Price
$2.6874
+32.43%
Interval
1h
Open Interest
$24K
Mark Price
$2.6865
+21.92%
Interval
1h
Open Interest
$433K
Mark Price
$2.6888
+11.40%
Interval
1h
Open Interest
$85K
Mark Price
$2.6917
+10.96%
Interval
4h
Open Interest
$16.7M
Mark Price
$2.6843
+10.96%
Interval
4h
Open Interest
$8.5M
Mark Price
$2.6848
+10.96%
Interval
4h
Open Interest
$4.2M
Mark Price
$2.6871
+10.96%
Interval
4h
Open Interest
$1.2M
Mark Price
$2.6856
+10.96%
Interval
4h
Open Interest
$3.0M
Mark Price
$2.6875
+10.96%
Interval
4h
Open Interest
$888K
Mark Price
$2.6898
+10.96%
Interval
4h
Open Interest
$396K
Mark Price
$2.6868
+10.96%
Interval
4h
Open Interest
$8.3M
Mark Price
$2.6845
+10.96%
Interval
4h
Open Interest
$112K
Mark Price
$2.6859
+10.96%
Interval
8h
Open Interest
$3K
Mark Price
$2.6832
+10.96%
Interval
4h
Open Interest
$38K
Mark Price
$2.6849
+10.96%
Interval
4h
Open Interest
$528K
Mark Price
$2.6851
+10.96%
Interval
1h
Open Interest
$12K
Mark Price
$2.6851
+10.96%
Interval
4h
Open Interest
$1.8M
Mark Price
$2.6843
+10.96%
Interval
4h
Open Interest
—
Mark Price
$2.6845
+10.96%
Interval
4h
Open Interest
$1.1M
Mark Price
$2.6842
+10.96%
Interval
4h
Open Interest
—
Mark Price
$2.6851
+10.96%
Interval
4h
Open Interest
—
Mark Price
$2.6844
+10.96%
Interval
4h
Open Interest
—
Mark Price
$2.6853
+10.96%
Interval
1h
Open Interest
$162K
Mark Price
$2.6842
+10.96%
Interval
1h
Open Interest
$63K
Mark Price
$2.6871
+9.58%
Interval
1h
Open Interest
$34K
Mark Price
$2.7022
+0.10%
Interval
1h
Open Interest
$33K
Mark Price
$2.7146
Funding Rates by Exchange
| Exchange | Funding APR↓ | Interval | Open Interest↕ | Mark Price↕ |
|---|---|---|---|---|
| Coinbase InternationalBest Short | +244.57% | 1h | $37K | $2.6917 |
 BloFin | +43.83% | 4h | $743K | $2.6847 |
 Hyperliquid | +41.28% | 1h | $4.2M | $2.6874 |
 dreamcash | +41.28% | 1h | $4.2M | $2.6874 |
 Ventuals | +41.28% | 1h | $4.2M | $2.6874 |
 N1 | +32.43% | 1h | $24K | $2.6865 |
 Lighter | +21.92% | 1h | $433K | $2.6888 |
 Extended | +11.40% | 1h | $85K | $2.6917 |
 Binance Futures | +10.96% | 4h | $16.7M | $2.6843 |
 Bybit | +10.96% | 4h | $8.5M | $2.6848 |
 OKX | +10.96% | 4h | $4.2M | $2.6871 |
 BingX | +10.96% | 4h | $1.2M | $2.6856 |
 Bitget | +10.96% | 4h | $3.0M | $2.6875 |
 Gate.io | +10.96% | 4h | $888K | $2.6898 |
 KuCoin | +10.96% | 4h | $396K | $2.6868 |
 MEXC | +10.96% | 4h | $8.3M | $2.6845 |
 Aster | +10.96% | 4h | $112K | $2.6859 |
 Paradex | +10.96% | 8h | $3K | $2.6832 |
 grvt | +10.96% | 4h | $38K | $2.6849 |
 Variational | +10.96% | 4h | $528K | $2.6851 |
 SoDEX | +10.96% | 1h | $12K | $2.6851 |
 Toobit | +10.96% | 4h | $1.8M | $2.6843 |
 Bitunix | +10.96% | 4h | — | $2.6845 |
 Hotcoin | +10.96% | 4h | $1.1M | $2.6842 |
 WEEX | +10.96% | 4h | — | $2.6851 |
 CoinW | +10.96% | 4h | — | $2.6844 |
 LBank | +10.96% | 4h | — | $2.6853 |
 TxFlow | +10.96% | 1h | $162K | $2.6842 |
 Polymarket | +10.96% | 1h | $63K | $2.6871 |
 Crypto.com | +9.58% | 1h | $34K | $2.7022 |
| PhoenixBest Long | +0.10% | 1h | $33K | $2.7146 |
MORPHO 资金费率的含义
资金费率数据更新于 2026-09-27 22:43 UTC
ORBIT 按交易所实时汇总 MORPHO（Morpho） 永续合约在 31 家交易所的资金费率。资金费率是多头与空头之间的周期性支付，用来把永续合约价格锚定在现货附近：费率为正时多头向空头支付，为负时空头向多头支付。目前 MORPHO 的年化资金费率从 Phoenix 的 +0.10% 到 Coinbase International 的 +244.57% 不等。
MORPHO 当前最大的跨所资金费率价差为年化 244.5%。德尔塔中性的跨所套利正是赚取这一差额：在费率最低的 Phoenix 做多，在费率最高的 Coinbase International 做空。两条腿等额反向，价格波动相互抵消，留下的就是费率差。ORBIT 回测器回放两条腿真实的资金费率历史，并按实时订单簿扣除吃单手续费和滑点，得到的是净收益，而不是宣传数字。
MORPHO 在所跟踪的永续品种中持仓量排名第 128，各交易所合计持仓量 $61.1M，24 小时成交量 $50.8M，成交量加权标记价格 $2.6856。流动性越深，就能以越低的滑点在更大仓位上交易这一价差——在筛选器中使用「最低持仓量」过滤，只保留能实际进出的市场。
Frequently asked questions
- 目前哪家交易所的 MORPHO 资金费率最高？
- Coinbase International，年化 +244.57%。较高的正费率意味着空头收取资金费用，因此它是跨所套利中做空的一方。费率每个结算周期都会变化，当前数值请以实时筛选器为准。
- 为赚取资金费率，MORPHO 应在哪家交易所做多？
- Phoenix 的 MORPHO 资金费率最低，为年化 +0.10%，在那里做多成本最低（甚至可收取费用）。与费率最高的交易所配对，即构成德尔塔中性的价差组合。
- MORPHO 最佳的资金费率套利组合是什么？
- 价差最大的组合是 Phoenix 做多 / Coinbase International 做空，扣除成本前约为年化 244.5%。确定仓位规模前，请先在 ORBIT 回测器中验证，它会扣除真实的手续费和滑点。
- MORPHO 的资金费用多久结算一次？
- 各交易所资金间隔不同（1 小时、4 小时、8 小时）。在年化费率相同的情况下，间隔越长，单次支付越少但金额越大。ORBIT 把所有交易所统一换算为年化费率，便于直接比较。
- MORPHO 的资金费率目前是正还是负？
- 各交易所均为正（多头向空头支付），年化从 +0.10% 到 +244.57%。