Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0324%/8h= −35.5% APRpaid last 24h +0.016%

Price spread now: Coinbase International against BingX−0.259%7-day average — · you buy dearer than you sell

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

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.170%+$17 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Coinbase International is 0.259% cheaper against BingX than usual: you would sell low and buy high (−$26 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.170%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.170% in total (about 8.9% a year). A funding rate is set anew for every payment. 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	BingX MORPHO-USDT	2.6236	0.0100	pay 0.0050% / 4h	31m 51s	—	$1.4M	—
Short	Coinbase International MORPHO-PERP-INTX	2.6168	−0.0224	pay 0.0028% / 1h	31m 51s	$75K	$42K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. 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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.259%Rate

Funding earned: −$68.04
Price spread: −0.259% → 0.000%: −$25.92
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$113.96
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 15 min ago; Coinbase International: 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 BingX live order book, 15 min ago	2.50 bp	15.0 bp −$15	34.9 bp −$349	370.6 bp −$37.1K	696.7 bp −$348.4K
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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	−0.1655%	1h	2.6185	−0.195%	$81K	$128K	20x	as long as short
01 Exchange MORPHOUSD	−0.1040%	1h	2.6167	−0.263%	$860	$9K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0703%	1h	2.6202	−0.130%	$11K	$969	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0286%	4h	2.6069	−0.637%	$34K	$140K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0239%	1h	2.6221	−0.057%	$25K	$1.7M	5x	as long as short
Coinbase International MORPHO-PERP-INTXshort	−0.0224%	1h	2.6168	−0.259%	$75K	$42K	25x
BloFin MORPHO-USDT	−0.0200%	4h	2.6190	−0.175%	$637K	$242K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0149%	4h	2.6191	−0.172%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6203	−0.125%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6024	−0.808%	$43K	$370K	5x	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	+0.0014%	4h	2.6211	−0.095%	$766K	$482K	50x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+0.739%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6225	−0.042%	$315K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6176	−0.229%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6263	+0.103%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6230	−0.023%	$58K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6224	−0.045%	$15.9M	$25.2M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6240	+0.015%	$8.2M	$9.0M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6228	−0.030%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6232	−0.015%	$5.9M	$813K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6220	−0.061%	$598K	$251K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6218	−0.069%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDTlong	+0.0100%	4h	2.6236	long leg	—	$1.4M	—
Variational Omni MORPHO	+0.0100%	4h	2.6015	−0.841%	$621K	$815K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6195	−0.156%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6201	−0.132%	$100K	$348K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6225	−0.040%	$1K	—	100x	as long as short