Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0304%/8h= +33.3% APRpaid last 24h +0.087%

Price spread now: Extended against BloFin−0.063%94s7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$113as 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−$760.761% of the position

Long on BloFin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.373%−$37 on $10k

Price spread, last 4 days (all we have)+0.032%+$3 · spread now −0.063%, 7d avg −0.040%

Together, before fees−0.341%+ Points / potential airdropExtended: Active · farm board−$34 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.023% cheaper against BloFin than usual: you would sell low and buy high (spread −0.063% now, against its 7-day average of −0.040%). If the spread goes back, that is −$2 on $10k: about 6 hours of funding at the current rate (+$9 a day). Mind the row above: over the last 7 days funding on this pair cost −0.373%, so the current rate has only just turned in your favour. The two prices were read 94 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	BloFin MORPHO-USDT	2.6126	−0.0200	get 0.0100% / 4h	53m 37s	$640K	$240K	20x
Short	Extended MORPHO-USD	2.6110	0.0104	get 0.0013% / 1h	53m 37s	$100K	$350K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.063%Rate

Funding earned: $63.84
Price spread: −0.063% → −0.040%: −$2.26
Slippage, 4 orders: −$59.15
Fee BloFin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$14.56
Costs to cover: 0.761%
Break-even: 8.6 days

Slippage from BloFin: live order book, 48 min ago; Extended: 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 BloFin live order book, 48 min ago	0.19 bp	17.6 bp −$18	37.8 bp −$378	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	1.92 bp	21.2 bp −$21	252.4 bp −$2,524	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	−0.1659%	1h	2.6113	−0.051%	$81K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1202%	1h	2.6124	−0.008%	$11K	$759	10x	as long as short
01 Exchange MORPHOUSD	−0.0784%	1h	2.6088	−0.145%	$857	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0232%	4h	2.6112	−0.054%	$32K	$142K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0224%	1h	2.6172	+0.176%	$75K	$42K	25x	as long as short
BloFin MORPHO-USDTlong	−0.0200%	4h	2.6126	long leg	$640K	$240K	20x
Orderly PERP_MORPHO_USDC	−0.0154%	4h	2.6125	−0.004%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0134%	1h	2.6145	+0.073%	$25K	$1.7M	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6133	+0.027%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6074	−0.199%	$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	+0.0010%	4h	2.6154	+0.107%	$757K	$478K	50x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.164%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6155	+0.109%	$314K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6122	−0.016%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6170	+0.168%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6139	+0.049%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6116	−0.037%	$15.7M	$25.3M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6134	+0.031%	$8.2M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6151	+0.096%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6109	−0.065%	$5.8M	$788K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6154	+0.107%	$594K	$251K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6143	+0.065%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6157	+0.119%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6166	+0.152%	$623K	$847K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6129	+0.011%	$21K	$4K	5x	as long as short
Extended MORPHO-USDshort	+0.0104%	1h	2.6110	−0.063%	$100K	$350K	10x
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6152	+0.100%	$1K	—	100x	as long as short