Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0324%/8h= +35.5% APRpaid last 24h −0.022%

Price spread now: BingX against Coinbase International+0.242%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 BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.169%−$17 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 +$10 a day on $10k at the current rate, and BingX is 0.242% dearer against Coinbase International than usual: you sell high and buy low: +$24 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 −0.169%, 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 -0.169% in total (about -8.8% 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	2.6084	−0.0224	get 0.0028% / 1h	55m 56s	$75K	$42K	25x
Short	BingX MORPHO-USDT	2.6147	0.0100	get 0.0050% / 4h	55m 56s	—	$1.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.242%Rate

Funding earned: $68.04
Price spread: +0.242% → 0.000%: $24.15
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $72.19
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Coinbase International: no order-book sample; BingX: live order book, 4 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 BingX live order book, 4 min ago	2.11 bp	16.4 bp −$16	41.7 bp −$417	241.1 bp −$24.1K	618.4 bp −$309.2K

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
Kraken Futures PF_MORPHOUSD	−0.1659%	1h	2.6120	+0.139%	$81K	$128K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0934%	1h	2.6160	+0.291%	$11K	$759	10x	as long as short
01 Exchange MORPHOUSD	−0.0904%	1h	2.6140	+0.215%	$859	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0230%	4h	2.6073	−0.042%	$32K	$142K	10x	as long as short
Coinbase International MORPHO-PERP-INTXlong	−0.0224%	1h	2.6084	long leg	$75K	$42K	25x
BloFin MORPHO-USDT	−0.0200%	4h	2.6022	−0.238%	$638K	$240K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0156%	4h	2.6152	+0.261%	$10K	$34K	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0081%	1h	2.6176	+0.353%	$25K	$1.7M	5x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6170	+0.329%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6083	−0.004%	$43K	$370K	5x	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	+0.0020%	4h	2.6182	+0.376%	$758K	$477K	50x	as long as short
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.326%	$37	$242K	5.5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6193	+0.419%	$314K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6157	+0.281%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6212	+0.491%	$6.1M	$6.9M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6165	+0.310%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6161	+0.294%	$15.8M	$25.3M	75x	as long as short
Bybit MORPHOUSDT	+0.0100%	4h	2.6186	+0.391%	$8.2M	$9.2M	25x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6154	+0.268%	$3.2M	$4.3M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6127	+0.165%	$5.8M	$788K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6156	+0.276%	$594K	$251K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6164	+0.307%	$2.8M	$1.8M	75x	as long as short
BingX MORPHO-USDTshort	+0.0100%	4h	2.6147	+0.242%	—	$1.4M	—
Variational Omni MORPHO	+0.0100%	4h	2.6166	+0.313%	$623K	$847K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6166	+0.314%	$21K	$4K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6148	+0.247%	$100K	$350K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6180	+0.369%	$1K	—	100x	as long as short