Second in the Tolworth Hurdle at Sandown to Summerville Boy, Murphy is delighted with the way he has come out of the Grade One contest.
The Sidney Banks Novices' Hurdle at Huntingdon next month is also under consideration, with the Cheltenham Festival not the be-all and end-all this season.
Newmarket-based Murphy said: "I was delighted with him, he ran a huge race. I think he was all heart up the straight and that was the only thing that got him home. He looked like he ran with lead weights tied to his feet.
"He had a hard race and I thought he would take a couple of weeks to come back, but on Monday morning he was bucking and kicking and doing everything right.
"The Betfair is an option and I will put him in the Sidney Banks at Huntingdon. He doesn't need to run again. We will play it by ear and week by week. The Supreme looks the weaker division, but a lot can happen between now and then.
"He is only a baby and he is a chaser for the future. Dad (owner Paul Murphy) has said 100 times over he doesn't have to go to Cheltenham this year as his forte will be chasing."