Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1576%/8h= −172.6% APRpaid last 24h −0.248%

Price spread now: Deribit against Binance+0.120%7-day average — · you sell dearer than you buy

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

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.120% dearer against Binance than usual: you sell high and buy low (spread +0.120% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$47 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MORPHOUSDT	2.6575	0.0100	pay 0.0050% / 4h	2h 16m	$16.3M	$26.7M	75x
Short	Deribit MORPHO_USDC-PERPETUAL	2.6607	−0.1476	pay 0.0184% / 1h	16m 31s	$11K	$911	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BinancebpFee DeribitbpOrdersPrice spread, now +0.120%Rate

Funding earned: −$330.93
Price spread: +0.120% → 0.000%: $11.95
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$335.98
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 10 min ago; Deribit: no order-book sample. 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 Binance live order book, 10 min ago	0.19 bp	16.2 bp −$16	40.7 bp −$407	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−0.2050%	1h	2.6596	+0.077%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUALshort	−0.1476%	1h	2.6607	+0.120%	$11K	$911	10x
01 Exchange MORPHOUSD	−0.0840%	1h	2.6537	−0.144%	$872	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0392%	1h	2.6584	+0.033%	$26K	$1.8M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6610	+0.131%	$37	$198K	5.5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0334%	4h	2.6613	+0.142%	$30K	$154K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	+0.157%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6592	+0.063%	$644K	$223K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0170%	4h	2.6609	+0.127%	$10K	$34K	10x	as long as short
Bybit MORPHOUSDT	−0.0102%	4h	2.6592	+0.063%	$8.6M	$9.9M	25x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0096%	4h	2.6597	+0.082%	$767K	$526K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6655	+0.300%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6595	+0.075%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6636	+0.229%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6575	0.000%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6642	+0.253%	$6.3M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6600	+0.092%	$58K	$33K	20x	as long as short
Binance MORPHOUSDTlong	+0.0100%	4h	2.6575	long leg	$16.3M	$26.7M	75x
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6608	+0.123%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6576	+0.003%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6632	+0.214%	$624K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6586	+0.041%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6614	+0.146%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6639	+0.238%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6600	+0.093%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6573	−0.008%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6635	+0.225%	$1K	—	100x	as long as short