Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1159%/8h= −126.9% APRpaid last 24h −0.182%

Price spread now: Deribit against BloFin+0.124%7-day average — · you sell dearer than you buy

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

Long on BloFin 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 0.124% dearer against BloFin than usual: you sell high and buy low (spread +0.124% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$35 a day in funding at the current rate, which eats that in about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MORPHO-USDT	2.6643	−0.0200	get 0.0100% / 4h	2h 55m	$653K	$205K	20x
Short	Deribit MORPHO_USDC-PERPETUAL	2.6676	−0.1359	pay 0.0170% / 1h	55m 15s	$10K	$623	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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 BloFinbpFee DeribitbpOrdersPrice spread, now +0.124%Rate

Funding earned: −$243.46
Price spread: +0.124% → 0.000%: $12.39
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$250.08
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 31 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 BloFin live order book, 31 min ago	3.34 bp	19.7 bp −$20	33.8 bp −$338	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	−0.2046%	1h	2.6648	+0.020%	$84K	$147K	20x	as long as short
Deribit MORPHO_USDC-PERPETUALshort	−0.1359%	1h	2.6676	+0.124%	$10K	$623	10x
01 Exchange MORPHOUSD	−0.1336%	1h	2.6554	−0.334%	$873	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0650%	1h	2.6672	+0.109%	$26K	$2.0M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0608%	4h	2.6672	+0.109%	$41K	$151K	10x	as long as short
Bybit MORPHOUSDT	−0.0406%	4h	2.6696	+0.199%	$8.8M	$10.0M	25x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.7020	+1.415%	$38	$123K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6813	+0.638%	$77K	$46K	25x	as long as short
Gate MORPHO_USDT	−0.0248%	4h	2.6660	+0.064%	$761K	$517K	50x	as long as short
BloFin MORPHO-USDTlong	−0.0200%	4h	2.6643	long leg	$653K	$205K	20x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0198%	4h	2.6668	+0.094%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6682	+0.146%	$16	—	10x	as long as short
Phoenix MORPHO	+0.0059%	1h	2.6653	+0.038%	$34K	$493K	5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6709	+0.249%	$318K	$335K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6639	−0.014%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6718	+0.281%	$6.3M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6697	+0.203%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6662	+0.071%	$16.4M	$26.8M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6686	+0.161%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6659	+0.060%	$5.4M	$1.1M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6696	+0.199%	$602K	$268K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6693	+0.188%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6661	+0.068%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6700	+0.213%	$649K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6678	+0.131%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6653	+0.037%	$104K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0193% / S −16.5420%	1h	2.6705	+0.232%	$1K	—	100x	as long as short