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 Bitget+0.135%49s7-day average +0.160% · you sell dearer than you buy

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$730.730% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.189%−$19 on $10k

Price spread, last 3 days (all we have)−0.022%−$2 · spread now +0.135%, 7d avg +0.160%

Together, before fees−0.210%−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.025% cheaper against Bitget than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.160%). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget MORPHOUSDT	2.6619	0.0100	pay 0.0050% / 4h	2h 18m	$2.9M	$2.0M	75x
Short	Phoenix MORPHO	2.6655	−0.0030	pay 0.0004% / 1h	18m 38s	$34K	$493K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.135%Rate

Funding earned: −$27.27
Price spread: +0.135% → +0.160%: −$2.46
Slippage, 4 orders: −$53.98
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$102.71
Costs to cover: 0.730%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; Phoenix: live order book, 4 min ago.

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 Bitget live order book, 4 min ago	2.44 bp	22.0 bp −$22	82.3 bp −$823	doesn't fit	doesn't fit
Sell Phoenix live order book, 4 min ago	1.13 bp	12.9 bp −$13	44.6 bp −$446	doesn't fit	doesn't fit

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	−0.171%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1287%	1h	2.6626	+0.026%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0840%	1h	2.6587	−0.120%	$874	$12K	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6610	−0.034%	$37	$198K	5.5x	as long as short
Polymarket Perps MORPHO-USD	−0.0381%	1h	2.6620	+0.004%	$26K	$1.8M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0350%	4h	2.6583	−0.136%	$30K	$154K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	−0.008%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6620	+0.004%	$645K	$223K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0170%	4h	2.6618	−0.004%	$10K	$34K	10x	as long as short
Gate MORPHO_USDT	−0.0070%	4h	2.6624	+0.019%	$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	−0.0048%	4h	2.6626	+0.026%	$8.7M	$10.1M	25x	as long as short
Phoenix MORPHOshort	−0.0030%	1h	2.6655	+0.135%	$34K	$493K	5x
Reya MORPHORUSDPERP	−0.0004%	1h	2.6636	+0.064%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6659	+0.152%	$318K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6614	−0.017%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6667	+0.180%	$6.3M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6633	+0.052%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6608	−0.041%	$16.3M	$26.8M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6626	+0.026%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6607	−0.045%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6626	+0.026%	$624K	$271K	50x	as long as short
Bitget MORPHOUSDTlong	+0.0100%	4h	2.6619	long leg	$2.9M	$2.0M	75x
BingX MORPHO-USDT	+0.0100%	4h	2.6638	+0.071%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6639	+0.073%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6617	−0.008%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6606	−0.048%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6651	+0.121%	$1K	—	100x	as long as short