Funding you earn now, next payment 00:00 UTC−0.0024%/8h= −2.7% APRnext payment −$0.12 per $10,000 · paid last 24h −0.078%
Price spread now: Gate against Bybit−0.034%7-day average −0.077% · you buy dearer than you sell
Net, funding: paid 7d − costs−$158as in the Funding arb table
Net, price: spread back to 7d avg − costs−$136as in the Price arb table
costs, in and out, $10k−$1411.407% of the position
Funding, last 7 days−0.177%−$18 on $10k
+Price spread, last 4 days (all we have)−0.161%−$16 · spread now −0.034%, 7d avg −0.077%
=The price spread pays, funding is against you. Gate is 0.043% dearer against Bybit than usual: you sell high and buy low (spread −0.034% now, against its 7-day average of −0.077%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.8 days. At the pace of the last 7 days (−0.177% in total) that is about 41 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit MORPHOUSDT | 2.6626 | −0.0036 | get 0.0018% / 4h | 2h 19m | $8.7M | $10.1M | 25x |
| Short | Gate MORPHO_USDT | 2.6617 | −0.0060 | pay 0.0030% / 4h | 2h 19m | $763K | $523K | 50x |
Bybit MORPHOUSDT
Gate MORPHO_USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Gate against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$5.14
- Price spread: −0.034% → −0.077%
- $4.29
- Slippage, 4 orders
- −$114.71
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Gate: 7.5 bp × 2 orders
- −$15
- Net
- −$141.56
- Costs to cover
- 1.407%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 4 min ago; Gate: live order book, 2 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, 4 min ago | 3.76 bp | 21.6 bp −$22 | 92.4 bp −$924 | doesn't fit | doesn't fit |
| Sell Gate live order book, 2 min ago | 7.33 bp | 48.4 bp −$48 | doesn't fit | 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 | −0.2052% | 1h | 2.6561 | −0.243% | $83K | $148K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1326% | 1h | 2.6616 | −0.038% | $11K | $911 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.0840% | 1h | 2.6587 | −0.146% | $874 | $12K | 5x | as long as short |
| Injective MORPHO/USDC PERP | −0.0385% | 1h | 2.6460 | −0.623% | $37 | $161K | 5.5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0381% | 1h | 2.6620 | −0.023% | $26K | $1.8M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0350% | 4h | 2.6583 | −0.162% | $30K | $154K | 10x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0296% | 1h | 2.6617 | −0.034% | $77K | $46K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6618 | −0.030% | $646K | $223K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0170% | 4h | 2.6617 | −0.034% | $10K | $34K | 10x | as long as short |
| Gate MORPHO_USDTshort | −0.0060% | 4h | 2.6617 | −0.034% | $763K | $523K | 50x |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Injective MORPHO/USDC PERP
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDCShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit MORPHOUSDTlong | −0.0036% | 4h | 2.6626 | long leg | $8.7M | $10.1M | 25x | |
| Phoenix MORPHO | −0.0030% | 1h | 2.6606 | −0.075% | $34K | $493K | 5x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6628 | +0.009% | $16 | — | 10x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6658 | +0.118% | $318K | $336K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6610 | −0.060% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6665 | +0.146% | $6.3M | $7.2M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6632 | +0.023% | $58K | $33K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6612 | −0.053% | $16.3M | $26.8M | 75x | as long as short |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6640 | +0.053% | $3.2M | $4.5M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6606 | −0.075% | $5.5M | $1.2M | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6627 | +0.004% | $624K | $271K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6611 | −0.056% | $2.9M | $2.0M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6636 | +0.038% | — | $1.5M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6639 | +0.047% | $647K | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6617 | −0.034% | $22K | $3K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6610 | −0.061% | $103K | $301K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6643 | +0.064% | $1K | — | 100x | as long as short |
Phoenix MORPHO
Reya MORPHORUSDPERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]