Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0629%/8h= −68.9% APRpaid last 24h −0.253%

Price spread now: Deribit against Bybit+0.030%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 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 0.030% dearer against Bybit than usual: you sell high and buy low (spread +0.030% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MORPHOUSDT	2.6450	−0.0480	get 0.0240% / 4h	1h 21m	$8.5M	$9.3M	25x
Short	Deribit MORPHO_USDC-PERPETUAL	2.6458	−0.1109	pay 0.0139% / 1h	21m 06s	$11K	$812	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$132.07
Price spread: +0.030% → 0.000%: $3.02
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$147.04
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	1.89 bp	18.8 bp −$19	70.5 bp −$705	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	−0.1859%	1h	2.6401	−0.186%	$82K	$149K	20x	as long as short
01 Exchange MORPHOUSD	−0.1184%	1h	2.6392	−0.219%	$867	$13K	5x	as long as short
Deribit MORPHO_USDC-PERPETUALshort	−0.1109%	1h	2.6458	+0.030%	$11K	$812	10x
Polymarket Perps MORPHO-USD	−0.0696%	1h	2.6431	−0.072%	$24K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0600%	4h	2.6391	−0.223%	$29K	$146K	10x	as long as short
Bybit MORPHOUSDTlong	−0.0480%	4h	2.6450	long leg	$8.5M	$9.3M	25x
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	−0.076%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6413	−0.140%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0203%	4h	2.6434	−0.060%	$641K	$244K	20x	as long as short
Gate MORPHO_USDT	−0.0148%	4h	2.6436	−0.053%	$768K	$533K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6451	+0.004%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6403	−0.178%	$43K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0077%	4h	2.6372	−0.296%	$627K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6431	−0.072%	$16	—	10x	as long as short
MEXC MORPHO_USDT	+0.0034%	4h	2.6448	−0.008%	$5.4M	$1.1M	100x	as long as short
Binance MORPHOUSDT	+0.0037%	4h	2.6446	−0.015%	$16.1M	$25.8M	75x	as long as short
Extended MORPHO-USD	+0.0040%	1h	2.6443	−0.026%	$102K	$301K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6495	+0.171%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6454	+0.014%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6505	+0.207%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6449	−0.005%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6459	+0.034%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6448	−0.008%	$592K	$268K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6463	+0.049%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6462	+0.045%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6451	+0.004%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6471	+0.080%	$1K	—	100x	as long as short