Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0509%/8h= +55.8% APRpaid last 24h +0.012%

Price spread now: Binance against Coinbase International+0.514%7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.140%−$14 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Binance is 0.514% dearer against Coinbase International than usual: you sell high and buy low: +$51 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.140%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.140% in total (about -7.3% 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	Coinbase International MORPHO-PERP-INTX	2.5855	−0.0432	get 0.0054% / 1h	8m 49s	$72K	$38K	25x
Short	Binance MORPHOUSDT	2.5988	0.0077	get 0.0039% / 4h	1h 08m	$15.8M	$24.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now +0.514%Rate

Funding earned: $106.94
Price spread: +0.514% → 0.000%: $51.44
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $138.39
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Coinbase International: no order-book sample; Binance: live order book, 2 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Binance live order book, 2 min ago	0.96 bp	14.1 bp −$14	37.2 bp −$372	doesn't fit	doesn't fit

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
Deribit MORPHO_USDC-PERPETUAL	−0.1401%	1h	2.6001	+0.565%	$11K	$2K	10x	as long as short
Kraken Futures PF_MORPHOUSD	−0.1372%	1h	2.6004	+0.577%	$84K	$135K	20x	as long as short
01 Exchange MORPHOUSD	−0.1160%	1h	2.5896	+0.159%	$851	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0478%	4h	2.5987	+0.511%	$30K	$134K	10x	as long as short
Coinbase International MORPHO-PERP-INTXlong	−0.0432%	1h	2.5855	long leg	$72K	$38K	25x
Bybit MORPHOUSDT	−0.0317%	4h	2.6005	+0.580%	$7.9M	$8.6M	25x	as long as short
Polymarket Perps MORPHO-USD	−0.0312%	1h	2.6009	+0.596%	$28K	$1.4M	5x	as long as short
BloFin MORPHO-USDT	−0.0236%	4h	2.5983	+0.495%	$637K	$241K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0154%	4h	2.6001	+0.565%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0092%	1h	2.6022	+0.646%	$33K	$339K	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MORPHO	−0.0050%	4h	2.5995	+0.542%	$619K	$677K	—	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6002	+0.570%	$16	—	10x	as long as short
Gate MORPHO_USDT	+0.0032%	4h	2.6023	+0.650%	$763K	$512K	50x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+2.224%	$37	$242K	5.5x	as long as short
MEXC MORPHO_USDT	+0.0076%	4h	2.5983	+0.495%	$6.3M	$904K	100x	as long as short
Binance MORPHOUSDTshort	+0.0077%	4h	2.5988	+0.514%	$15.8M	$24.4M	75x
Extended MORPHO-USD	+0.0080%	1h	2.5977	+0.474%	$99K	$345K	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6037	+0.704%	$313K	$294K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5962	+0.412%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6043	+0.727%	$5.9M	$7.0M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6024	+0.653%	$58K	$33K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6010	+0.599%	$3.2M	$4.2M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6038	+0.708%	$590K	$260K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.5998	+0.553%	$2.8M	$1.6M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6002	+0.569%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6004	+0.576%	$21K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6029	+0.675%	$1K	—	100x	as long as short