Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0507%/8h= +55.6% APRpaid last 24h +0.009%

Price spread now: Paradex against Bybit−0.056%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.056% cheaper against Bybit than usual: you would sell low and buy high (spread −0.056% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 9 hours of funding at the current rate (+$15 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MORPHOUSDT	2.6400	−0.0407	get 0.0204% / 4h	30m 09s	$8.4M	$9.2M	25x
Short	Paradex MORPHO-USD-PERP	2.6385	0.0100	get 0.0100% / 8h	30m 09s	$5K	$3	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.056%Rate

Funding earned: $106.55
Price spread: −0.056% → 0.000%: −$5.63
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Paradex: 2 bp × 2 orders: −$4
Net: $85.92
Costs to cover: 0.150%
Break-even: 1.4 days

Slippage unknown: Bybit: live order book, 3 min ago; Paradex: 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, 3 min ago	1.89 bp	19.5 bp −$20	72.7 bp −$727	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	−0.1761%	1h	2.6398	−0.008%	$82K	$140K	20x	as long as short
01 Exchange MORPHOUSD	−0.0936%	1h	2.6337	−0.239%	$865	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0809%	1h	2.6406	+0.023%	$11K	$812	10x	as long as short
GRVT MORPHO_USDT_Perp	−0.0548%	4h	2.6445	+0.172%	$29K	$134K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0534%	1h	2.6404	+0.015%	$26K	$1.7M	5x	as long as short
Bybit MORPHOUSDTlong	−0.0407%	4h	2.6400	long leg	$8.4M	$9.2M	25x
Injective MORPHO/USDC PERP	−0.0405%	1h	2.6430	+0.114%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0360%	1h	2.6508	+0.409%	$76K	$43K	25x	as long as short
Variational Omni MORPHO	−0.0151%	4h	2.6422	+0.083%	$628K	$1.0M	—	as long as short
Orderly PERP_MORPHO_USDC	−0.0146%	4h	2.6404	+0.015%	$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	+0.110%	$768K	$532K	50x	as long as short
Phoenix MORPHO	−0.0060%	1h	2.6496	+0.364%	$43K	$477K	5x	as long as short
BloFin MORPHO-USDT	−0.0038%	4h	2.6440	+0.152%	$638K	$252K	20x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6406	+0.024%	$16	—	10x	as long as short
Binance MORPHOUSDT	−0.0003%	4h	2.6401	+0.003%	$15.9M	$25.9M	75x	as long as short
MEXC MORPHO_USDT	−0.0002%	4h	2.6408	+0.030%	$5.5M	$951K	100x	as long as short
Extended MORPHO-USD	0.0000%	1h	2.6394	−0.023%	$103K	$298K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6436	+0.136%	$315K	$331K	5x	as long as short
Paradex MORPHO-USD-PERPshort	+0.0100%	8h	2.6385	−0.056%	$5K	$3	5x
Hyperliquid MORPHO	+0.0100%	1h	2.6478	+0.295%	$6.2M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6436	+0.136%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6393	−0.027%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6421	+0.080%	$592K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6416	+0.061%	$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	2.6399	−0.004%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0154% / S −0.2700%	1h	2.6429	+0.111%	$1K	—	100x	as long as short