Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0300%/8h= +32.9% APRpaid last 24h +0.008%

Price spread now: Extended against Bybit−0.083%7-day average −0.107% · you buy dearer than you sell

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$970.970% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 7 days−0.129%−$13 · spread now −0.083%, 7d avg −0.107%

Together, before fees−0.097%+ Points / potential airdropExtended: Active · farm board−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Extended is 0.025% dearer against Bybit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.107%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.032% in total (about 1.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MORPHOUSDT	2.6468	−0.0196	get 0.0098% / 4h	2h 45m	$8.6M	$10.1M	25x
Short	Extended MORPHO-USD	2.6446	0.0104	get 0.0013% / 1h	45m 03s	$103K	$301K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.083%Rate

Funding earned: $63.1
Price spread: −0.083% → −0.107%: $2.46
Slippage, 4 orders: −$81.01
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$31.44
Costs to cover: 0.970%
Break-even: 10.5 days

Slippage from Bybit: live order book, 3 min ago; Extended: live order book, 42 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 Bybit live order book, 3 min ago	1.88 bp	26.7 bp −$27	93.9 bp −$939	doesn't fit	doesn't fit
Sell Extended live order book, 42 min ago	2.23 bp	21.3 bp −$21	222.9 bp −$2,229	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	−0.2060%	1h	2.6460	−0.031%	$82K	$148K	20x	as long as short
01 Exchange MORPHOUSD	−0.1144%	1h	2.6440	−0.106%	$869	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0882%	1h	2.6466	−0.008%	$11K	$911	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0621%	1h	2.6471	+0.011%	$26K	$1.9M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0564%	4h	2.6519	+0.192%	$29K	$162K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.030%	$37	$161K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6527	+0.223%	$76K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6472	+0.015%	$650K	$221K	20x	as long as short
Bybit MORPHOUSDTlong	−0.0196%	4h	2.6468	long leg	$8.6M	$10.1M	25x
Orderly PERP_MORPHO_USDC	−0.0188%	4h	2.6454	−0.053%	$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	−0.0168%	4h	2.6475	+0.026%	$759K	$522K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6530	+0.234%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6469	+0.004%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6504	+0.136%	$316K	$335K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6480	+0.046%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6494	+0.098%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6494	+0.097%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6449	−0.073%	$16.2M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6472	+0.015%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6440	−0.106%	$5.3M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6488	+0.076%	$621K	$272K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6463	−0.019%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6472	+0.015%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6515	+0.178%	$643K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6450	−0.068%	$22K	$3K	5x	as long as short
Extended MORPHO-USDshort	+0.0104%	1h	2.6446	−0.083%	$103K	$301K	10x
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6478	+0.037%	$1K	—	100x	as long as short