Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0304%/8h= −33.3% APRpaid last 24h −0.087%

Price spread now: BloFin against Extended−0.067%54s7-day average +0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$750.752% of the position

Long on Extended Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.373%+$37 on $10k

Price spread, last 4 days (all we have)+0.090%+$9 · spread now −0.067%, 7d avg +0.027%

Together, before fees+0.463%+ Points / potential airdropExtended: Active · farm board+$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and BloFin is 0.094% cheaper against Extended than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.027%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.373%, so the current rate has only just turned against you. The two prices were read 54 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	Extended MORPHO-USD	2.6037	0.0104	pay 0.0013% / 1h	4m 12s	$100K	$348K	10x
Short	BloFin MORPHO-USDT	2.6020	−0.0200	pay 0.0100% / 4h	4m 12s	$638K	$241K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Extended. 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 ExtendedbpFee BloFinbpOrdersPrice spread, now −0.067%Rate

Funding earned: −$63.84
Price spread: −0.067% → +0.027%: −$9.42
Slippage, 4 orders: −$58.16
Fee Extended: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$148.43
Costs to cover: 0.752%
Break-even: never at this rate

Slippage from Extended: live order book, 53 min ago; BloFin: live order book, 32 min ago.

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 Extended live order book, 53 min ago	1.92 bp	21.4 bp −$21	144.9 bp −$1,449	doesn't fit	doesn't fit
Sell BloFin live order book, 32 min ago	3.85 bp	15.8 bp −$16	36.5 bp −$365	doesn't fit	doesn't fit

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	−0.1663%	1h	2.6054	+0.063%	$81K	$127K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1092%	1h	2.6053	+0.060%	$11K	$1K	10x	as long as short
01 Exchange MORPHOUSD	−0.1016%	1h	2.5952	−0.328%	$853	$9K	5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0282%	4h	2.6040	+0.011%	$34K	$140K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0224%	1h	2.6092	+0.210%	$75K	$41K	25x	as long as short
BloFin MORPHO-USDTshort	−0.0200%	4h	2.6020	−0.067%	$638K	$241K	20x
Polymarket Perps MORPHO-USD	−0.0158%	1h	2.6058	+0.079%	$25K	$1.6M	5x	as long as short
Orderly PERP_MORPHO_USDC	−0.0141%	4h	2.6051	+0.052%	$10K	$34K	10x	as long as short
Reya MORPHORUSDPERP	−0.0005%	1h	2.6047	+0.039%	$16	—	10x	as long as short
Phoenix MORPHO	0.0000%	1h	2.6113	+0.290%	$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
Injective MORPHO/USDC PERP	+0.0033%	1h	2.6430	+1.508%	$37	$242K	5.5x	as long as short
Gate MORPHO_USDT	+0.0036%	4h	2.6038	+0.002%	$762K	$483K	50x	as long as short
Bybit MORPHOUSDT	+0.0073%	4h	2.6060	+0.087%	$8.1M	$8.7M	25x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6085	+0.182%	$313K	$309K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.5995	−0.162%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6113	+0.290%	$6.1M	$6.8M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6071	+0.130%	$57K	$30K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6058	+0.079%	$15.8M	$24.7M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6090	+0.202%	$3.2M	$4.2M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6058	+0.079%	$5.9M	$835K	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6075	+0.144%	$595K	$253K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6061	+0.090%	$2.8M	$1.7M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6065	+0.106%	—	$1.4M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6050	+0.050%	$621K	$675K	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6062	+0.094%	$21K	$4K	5x	as long as short
Extended MORPHO-USDlong	+0.0104%	1h	2.6037	long leg	$100K	$348K	10x
GMX MORPHO/USD [ETH-USDC]	L +0.0186% / S −15.6829%	1h	2.6078	+0.155%	$1K	—	100x	as long as short