Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0134%/8h= +14.7% APRpaid last 24h +0.060%

Price spread now: Lighter against BloFin+0.002%7-day average +0.225% · you sell dearer than you buy

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$690.694% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.318%−$32 on $10k

Price spread, last 3 days (all we have)+0.511%+$51 · spread now +0.002%, 7d avg +0.225%

Together, before fees+0.193%+ Points / potential airdropLighter: Season 3 · farm board+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.223% cheaper against BloFin than usual: you would sell low and buy high (spread +0.002% now, against its 7-day average of +0.225%). If the spread goes back, that is −$22 on $10k: about 5.5 days of funding at the current rate (+$4 a day). Mind the row above: over the last 7 days funding on this pair cost −0.318%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin MORPHO-USDT	2.6440	−0.0038	get 0.0019% / 4h	30m 23s	$638K	$252K	20x
Short	Lighter MORPHO	2.6440	0.0096	get 0.0012% / 1h	30m 23s	$315K	$331K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.002%Rate

Funding earned: $28.17
Price spread: +0.002% → +0.225%: −$22.3
Slippage, 4 orders: −$57.43
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$63.56
Costs to cover: 0.694%
Break-even: 22.8 days

Slippage from BloFin: live order book, 46 min ago; Lighter: live order book, 39 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, 46 min ago	2.84 bp	15.5 bp −$15	30.1 bp −$301	doesn't fit	doesn't fit
Sell Lighter live order book, 39 min ago	13.48 bp	16.1 bp −$16	154.3 bp −$1,543	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	−0.1761%	1h	2.6398	−0.159%	$82K	$140K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0961%	1h	2.6403	−0.140%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.0936%	1h	2.6337	−0.390%	$865	$12K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0548%	4h	2.6445	+0.020%	$29K	$134K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0534%	1h	2.6404	−0.136%	$26K	$1.7M	5x	as long as short
Bybit MORPHOUSDT	−0.0407%	4h	2.6410	−0.113%	$8.4M	$9.2M	25x	as long as short
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	−0.038%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6508	+0.257%	$76K	$43K	25x	as long as short
Variational Omni MORPHO	−0.0151%	4h	2.6422	−0.068%	$628K	$1.0M	—	as long as short
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6404	−0.136%	$10K	$34K	10x	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	−0.0112%	4h	2.6429	−0.042%	$768K	$532K	50x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6496	+0.212%	$43K	$477K	5x	as long as short
BloFin MORPHO-USDTlong	−0.0038%	4h	2.6440	long leg	$638K	$252K	20x
Reya MORPHORUSDPERP	−0.0004%	1h	2.6406	−0.127%	$16	—	10x	as long as short
Binance MORPHOUSDT	−0.0003%	4h	2.6401	−0.148%	$15.9M	$25.9M	75x	as long as short
MEXC MORPHO_USDT	−0.0002%	4h	2.6408	−0.121%	$5.5M	$951K	100x	as long as short
Extended MORPHO-USD	0.0000%	1h	2.6392	−0.181%	$103K	$298K	10x	as long as short
Lighter MORPHOshort	+0.0096%	1h	2.6440	+0.002%	$315K	$331K	5x
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6385	−0.207%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6478	+0.144%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6431	−0.036%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6406	−0.129%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6421	−0.072%	$592K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6412	−0.106%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6420	−0.076%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6395	−0.170%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0154% / S −0.2700%	1h	2.6429	−0.040%	$1K	—	100x	as long as short