Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0083%/8h= −9.1% APRpaid last 24h +0.068%

Price spread now: Coinbase International against Bybit+0.011%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.230%+$23 on $10k

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

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.230%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MORPHOUSDT	2.6450	−0.0197	get 0.0098% / 4h	3h 46m	$8.3M	$9.3M	25x
Short	Coinbase International MORPHO-PERP-INTX	2.6453	−0.0280	pay 0.0035% / 1h	46m 54s	$76K	$43K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$17.46
Price spread: +0.011% → 0.000%: $1.13
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$37.32
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 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 Bybit live order book, 1 min ago	3.78 bp	19.5 bp −$19	71.5 bp −$715	doesn't fit	doesn't fit
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	−0.1841%	1h	2.6407	−0.162%	$80K	$132K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0619%	1h	2.6442	−0.030%	$11K	$788	10x	as long as short
01 Exchange MORPHOUSD	−0.0512%	1h	2.6422	−0.106%	$868	$13K	5x	as long as short
Coinbase International MORPHO-PERP-INTXshort	−0.0280%	1h	2.6453	+0.011%	$76K	$43K	25x
Polymarket Perps MORPHO-USD	−0.0239%	1h	2.6430	−0.076%	$28K	$1.7M	5x	as long as short
Variational Omni MORPHO	−0.0236%	4h	2.6461	+0.041%	$630K	$1.0M	—	as long as short
Bybit MORPHOUSDTlong	−0.0197%	4h	2.6450	long leg	$8.3M	$9.3M	25x
BloFin MORPHO-USDT	−0.0171%	4h	2.6424	−0.098%	$639K	$228K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0144%	4h	2.6428	−0.083%	$10K	$34K	10x	as long as short
Gate MORPHO_USDT	−0.0134%	4h	2.6458	+0.030%	$766K	$516K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT MORPHO_USDT_Perp	−0.0066%	4h	2.6431	−0.071%	$41K	$133K	10x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6497	+0.178%	$43K	$474K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6429	−0.081%	$16	—	10x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	−0.076%	$37	$242K	5.5x	as long as short
MEXC MORPHO_USDT	+0.0080%	4h	2.6448	−0.008%	$5.5M	$901K	100x	as long as short
Binance MORPHOUSDT	+0.0086%	4h	2.6446	−0.015%	$16.0M	$26.0M	75x	as long as short
Extended MORPHO-USD	+0.0088%	1h	2.6432	−0.067%	$101K	$382K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6498	+0.180%	$317K	$325K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6413	−0.139%	$5K	$3	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6462	+0.047%	$58K	$30K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6467	+0.064%	$3.2M	$4.5M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6466	+0.060%	$592K	$266K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6455	+0.019%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6449	−0.004%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6440	−0.038%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0158% / S −0.3418%	1h	2.6453	+0.010%	$1K	—	100x	as long as short
Hyperliquid MORPHO	+0.0291%	1h	2.6506	+0.212%	$6.2M	$7.0M	5x	as long as short