Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1341%/8h= +146.9% APRpaid last 24h +0.242%

Price spread now: Binance against Deribit−0.094%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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. Binance is 0.094% cheaper against Deribit than usual: you would sell low and buy high (spread −0.094% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 6 hours of funding at the current rate (+$40 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit MORPHO_USDC-PERPETUAL	2.6784	−0.1241	get 0.0155% / 1h	58m 56s	$10K	$623	10x
Short	Binance MORPHOUSDT	2.6759	0.0100	get 0.0050% / 4h	2h 58m	$16.4M	$26.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.094%Rate

Funding earned: $281.65
Price spread: −0.094% → 0.000%: −$9.36
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $255.29
Costs to cover: 0.170%
Break-even: 0.7 days

Slippage unknown: Deribit: no order-book sample; Binance: live order book, 12 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 Deribit no order-book sample	—	—	—	—	—
Sell Binance live order book, 12 min ago	0.94 bp	13.5 bp −$14	36.8 bp −$368	doesn't fit	doesn't fit

Deribit: 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	−0.2037%	1h	2.6762	−0.082%	$84K	$152K	20x	as long as short
Deribit MORPHO_USDC-PERPETUALlong	−0.1241%	1h	2.6784	long leg	$10K	$623	10x
01 Exchange MORPHOUSD	−0.1088%	1h	2.6704	−0.299%	$877	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0681%	1h	2.6784	0.000%	$25K	$2.0M	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0514%	4h	2.6774	−0.038%	$41K	$151K	10x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.7020	+0.881%	$38	$123K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6813	+0.108%	$77K	$46K	25x	as long as short
Bybit MORPHOUSDT	−0.0228%	4h	2.6801	+0.063%	$8.8M	$10.2M	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0201%	4h	2.6771	−0.049%	$10K	$34K	10x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6776	−0.030%	$654K	$206K	20x	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	−0.0164%	4h	2.6776	−0.030%	$765K	$517K	50x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6788	+0.014%	$16	—	10x	as long as short
Phoenix MORPHO	+0.0059%	1h	2.6824	+0.149%	$34K	$470K	5x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6833	+0.184%	$319K	$335K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6773	−0.039%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6816	+0.120%	$6.4M	$7.1M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6784	0.000%	$58K	$33K	20x	as long as short
Binance MORPHOUSDTshort	+0.0100%	4h	2.6759	−0.094%	$16.4M	$26.8M	75x
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6787	+0.011%	$3.2M	$4.6M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6761	−0.086%	$5.4M	$1.1M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6803	+0.071%	$604K	$270K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6809	+0.093%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6783	−0.004%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6815	+0.117%	$651K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6782	−0.007%	$23K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6761	−0.087%	$104K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0193% / S −16.5420%	1h	2.6808	+0.089%	$1K	—	100x	as long as short