Funding you earn now, next payment 03:00 UTC+0.1027%/8h= +112.4% APRpaid last 24h +0.233%
Price spread now: Bybit against Deribit+0.114%55s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
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
Both sides work for this trade now. Funding pays +$31 a day on $10k at the current rate, and Bybit is 0.114% dearer against Deribit than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit MORPHO_USDC-PERPETUAL | 2.6312 | −0.0927 | get 0.0116% / 1h | 22m 27s | $11K | $759 | 10x |
| Short | Bybit MORPHOUSDT | 2.6342 | 0.0100 | get 0.0050% / 4h | 1h 22m | $8.3M | $9.3M | 25x |
Deribit MORPHO_USDC-PERPETUAL
Bybit MORPHOUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $215.62
- Price spread: +0.114% → 0.000%
- $11.4
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- $209.03
- Costs to cover
- 0.180%
- Break-even
- 0.2 days
Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 1 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 Bybit live order book, 1 min ago | 1.90 bp | 17.7 bp −$18 | 69.9 bp −$699 | 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 | −0.1668% | 1h | 2.6289 | −0.089% | $82K | $127K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUALlong | −0.0927% | 1h | 2.6312 | long leg | $11K | $759 | 10x | |
| 01 Exchange MORPHOUSD | −0.0672% | 1h | 2.6327 | +0.057% | $865 | $9K | 5x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6289 | −0.087% | $641K | $243K | 20x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0192% | 1h | 2.6305 | −0.027% | $75K | $42K | 25x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0157% | 4h | 2.6306 | −0.023% | $10K | $34K | 10x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0150% | 1h | 2.6339 | +0.103% | $25K | $1.7M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0148% | 4h | 2.6180 | −0.502% | $32K | $142K | 10x | as long as short |
| Reya MORPHORUSDPERP | −0.0005% | 1h | 2.6335 | +0.087% | $16 | — | 10x | as long as short |
| Phoenix MORPHO | 0.0000% | 1h | 2.6188 | −0.471% | $43K | $392K | 5x | as long as short |
Kraken Futures PF_MORPHOUSD
01 Exchange MORPHOUSD
BloFin MORPHO-USDT
Coinbase International MORPHO-PERP-INTX
Orderly PERP_MORPHO_USDC
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Reya MORPHORUSDPERP
Phoenix MORPHOShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective MORPHO/USDC PERP | +0.0033% | 1h | 2.6430 | +0.448% | $37 | $242K | 5.5x | as long as short |
| Gate MORPHO_USDT | +0.0046% | 4h | 2.6335 | +0.087% | $758K | $504K | 50x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6340 | +0.106% | $316K | $308K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6347 | +0.133% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6377 | +0.248% | $6.2M | $6.9M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6343 | +0.118% | $58K | $30K | 20x | as long as short |
| Binance MORPHOUSDT | +0.0100% | 4h | 2.6325 | +0.050% | $15.9M | $25.3M | 75x | as long as short |
| Bybit MORPHOUSDTshort | +0.0100% | 4h | 2.6342 | +0.114% | $8.3M | $9.3M | 25x | |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6358 | +0.175% | $3.2M | $4.3M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6326 | +0.053% | $5.8M | $841K | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6344 | +0.122% | $598K | $251K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6336 | +0.091% | $2.8M | $1.8M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6329 | +0.065% | — | $1.4M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6235 | −0.294% | $625K | $902K | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6316 | +0.015% | $22K | $4K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6322 | +0.039% | $101K | $353K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0186% / S −15.6829% | 1h | 2.6331 | +0.073% | $1K | — | 100x | as long as short |
Injective MORPHO/USDC PERP
Gate MORPHO_USDT
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster MORPHOUSDT
Binance MORPHOUSDT
OKX MORPHO-USDT-SWAP
MEXC MORPHO_USDT
KuCoin MORPHOUSDTM
Bitget MORPHOUSDT
BingX MORPHO-USDT
Variational Omni MORPHO
SoDEX MORPHO-USD
Extended MORPHO-USD
GMX MORPHO/USD [ETH-USDC]