Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0130%/8h= −14.2% APRpaid last 24h −0.032%

Price spread now: Phoenix against Aster+0.085%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

The price spread pays, funding is against you. Phoenix is 0.085% dearer against Aster than usual: you sell high and buy low (spread +0.085% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster MORPHOUSDT	2.6632	0.0100	pay 0.0050% / 4h	2h 19m	$58K	$33K	20x
Short	Phoenix MORPHO	2.6655	−0.0030	pay 0.0004% / 1h	19m 01s	$34K	$493K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.085%Rate

Funding earned: −$27.27
Price spread: +0.085% → 0.000%: $8.5
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$33.76
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Aster: no order-book sample; Phoenix: live order book, 3 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 Aster no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 3 min ago	1.13 bp	12.9 bp −$13	44.6 bp −$446	doesn't fit	doesn't fit

Aster: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.2051%	1h	2.6574	−0.221%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1287%	1h	2.6626	−0.024%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0840%	1h	2.6587	−0.170%	$874	$12K	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6610	−0.084%	$37	$198K	5.5x	as long as short
Polymarket Perps MORPHO-USD	−0.0381%	1h	2.6620	−0.046%	$26K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0350%	4h	2.6583	−0.186%	$30K	$154K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	−0.058%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6620	−0.046%	$645K	$223K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0170%	4h	2.6618	−0.054%	$10K	$34K	10x	as long as short
Gate MORPHO_USDT	−0.0060%	4h	2.6620	−0.046%	$763K	$523K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit MORPHOUSDT	−0.0036%	4h	2.6640	+0.029%	$8.7M	$10.1M	25x	as long as short
Phoenix MORPHOshort	−0.0030%	1h	2.6655	+0.085%	$34K	$493K	5x
Reya MORPHORUSDPERP	−0.0004%	1h	2.6636	+0.014%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6661	+0.109%	$318K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6610	−0.084%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6672	+0.149%	$6.3M	$7.2M	5x	as long as short
Aster MORPHOUSDTlong	+0.0100%	4h	2.6632	long leg	$58K	$33K	20x
Binance MORPHOUSDT	+0.0100%	4h	2.6617	−0.058%	$16.3M	$26.8M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6640	+0.029%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6618	−0.054%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6627	−0.020%	$624K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6626	−0.024%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6643	+0.040%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6639	+0.023%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6617	−0.058%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6615	−0.064%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6651	+0.071%	$1K	—	100x	as long as short