Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0186%/8h= +20.4% APRpaid last 24h −0.153%

Price spread now: Gate against Coinbase International−0.193%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.383%−$38 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Gate is 0.193% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.193% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$19 on $10k: about 3.5 days of funding at the current rate (+$6 a day). Mind the row above: over the last 7 days funding on this pair cost −0.383%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International MORPHO-PERP-INTX	2.6469	−0.0312	get 0.0039% / 1h	2m 53s	$76K	$43K	25x
Short	Gate MORPHO_USDT	2.6418	−0.0126	pay 0.0063% / 4h	1h 02m	$767K	$534K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpOrdersPrice spread, now −0.193%Rate

Funding earned: $39.06
Price spread: −0.193% → 0.000%: −$19.27
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$5.21
Costs to cover: 0.250%
Break-even: 7.9 days

Slippage unknown: Coinbase International: no order-book sample; Gate: live order book, 14 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 Gate live order book, 14 min ago	5.48 bp	39.4 bp −$39	doesn't fit	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
Kraken Futures PF_MORPHOUSD	−0.1859%	1h	2.6407	−0.236%	$81K	$152K	20x	as long as short
01 Exchange MORPHOUSD	−0.1168%	1h	2.6343	−0.476%	$866	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0922%	1h	2.6419	−0.189%	$11K	$812	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0679%	1h	2.6415	−0.204%	$24K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0576%	4h	2.6390	−0.299%	$29K	$134K	10x	as long as short
Bybit MORPHOUSDT	−0.0432%	4h	2.6421	−0.181%	$8.4M	$9.3M	25x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	−0.147%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTXlong	−0.0312%	1h	2.6469	long leg	$76K	$43K	25x
BloFin MORPHO-USDT	−0.0224%	4h	2.6420	−0.185%	$640K	$249K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0145%	4h	2.6417	−0.196%	$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_USDTshort	−0.0126%	4h	2.6418	−0.193%	$767K	$534K	50x
Phoenix MORPHO	−0.0090%	1h	2.6435	−0.128%	$43K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0080%	4h	2.6401	−0.255%	$627K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6416	−0.202%	$16	—	10x	as long as short
Extended MORPHO-USD	+0.0016%	1h	2.6411	−0.217%	$103K	$301K	10x	as long as short
Binance MORPHOUSDT	+0.0016%	4h	2.6425	−0.166%	$16.1M	$25.8M	75x	as long as short
MEXC MORPHO_USDT	+0.0018%	4h	2.6415	−0.204%	$5.4M	$1.1M	100x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6465	−0.013%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6409	−0.225%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6492	+0.087%	$6.2M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6418	−0.193%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6436	−0.125%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6444	−0.094%	$592K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6438	−0.117%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6427	−0.159%	—	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6415	−0.204%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −0.3373%	1h	2.6439	−0.112%	$1K	—	100x	as long as short