Funding you earn now, next payment 00:00 UTC+0.0234%/8h= +25.6% APRnext payment +$1.17 per $10,000 · paid last 24h +0.086%
Price spread now: Binance against Gate−0.132%7-day average +0.002% · you buy dearer than you sell
Net, funding: paid 7d − costs−$95as in the Funding arb table
Net, price: spread back to 7d avg − costs−$129as in the Price arb table
costs, in and out, $10k−$1151.155% of the position
Funding, last 7 days+0.203%+$20 on $10k
+Price spread, last 4 days (all we have)+0.226%+$23 · spread now −0.132%, 7d avg +0.002%
=Funding pays, the price is against you. Binance is 0.134% cheaper against Gate than usual: you would sell low and buy high (spread −0.132% now, against its 7-day average of +0.002%). If the spread goes back, that is −$13 on $10k: about 46 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.203% in total) that is about 4.6 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Gate MORPHO_USDT | 2.6534 | −0.0134 | get 0.0067% / 4h | 2h 42m | $761K | $523K | 50x |
| Short | Binance MORPHOUSDT | 2.6499 | 0.0100 | get 0.0050% / 4h | 2h 42m | $16.2M | $26.9M | 75x |
Gate MORPHO_USDT
Binance MORPHOUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance against Gate. 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
- $49.14
- Price spread: −0.132% → +0.002%
- −$13.38
- Slippage, 4 orders
- −$90.45
- Fee Gate: 7.5 bp × 2 orders
- −$15
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$79.69
- Costs to cover
- 1.155%
- Break-even
- 18.4 days
Slippage from Gate: live order book, 44 min ago; Binance: live order book, 14 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 Gate live order book, 44 min ago | 8.90 bp | 39.0 bp −$39 | doesn't fit | doesn't fit | doesn't fit |
| Sell Binance live order book, 14 min ago | 0.19 bp | 12.9 bp −$13 | 29.5 bp −$295 | 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 | −0.2058% | 1h | 2.6486 | −0.182% | $83K | $148K | 20x | as long as short |
| Deribit MORPHO_USDC-PERPETUAL | −0.1143% | 1h | 2.6525 | −0.034% | $11K | $911 | 10x | as long as short |
| 01 Exchange MORPHOUSD | −0.1080% | 1h | 2.6488 | −0.173% | $870 | $12K | 5x | as long as short |
| Polymarket Perps MORPHO-USD | −0.0565% | 1h | 2.6535 | +0.004% | $26K | $1.9M | 5x | as long as short |
| GRVT MORPHO_USDT_Perp | −0.0550% | 4h | 2.6452 | −0.310% | $29K | $162K | 10x | as long as short |
| Injective MORPHO/USDC PERP | −0.0385% | 1h | 2.6460 | −0.279% | $37 | $161K | 5.5x | as long as short |
| Coinbase International MORPHO-PERP-INTX | −0.0296% | 1h | 2.6527 | −0.026% | $76K | $46K | 25x | as long as short |
| BloFin MORPHO-USDT | −0.0200% | 4h | 2.6496 | −0.143% | $652K | $221K | 20x | as long as short |
| Orderly PERP_MORPHO_USDC | −0.0184% | 4h | 2.6522 | −0.045% | $10K | $34K | 10x | as long as short |
| Bybit MORPHOUSDT | −0.0176% | 4h | 2.6536 | +0.008% | $8.6M | $10.1M | 25x | as long as short |
Kraken Futures PF_MORPHOUSD
Deribit MORPHO_USDC-PERPETUAL
01 Exchange MORPHOUSD
Polymarket Perps MORPHO-USD
GRVT MORPHO_USDT_Perp
Injective MORPHO/USDC PERP
Coinbase International MORPHO-PERP-INTX
BloFin MORPHO-USDT
Orderly PERP_MORPHO_USDC
Bybit MORPHOUSDTShow all 27 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MORPHO_USDTlong | −0.0134% | 4h | 2.6534 | long leg | $761K | $523K | 50x | |
| Phoenix MORPHO | −0.0030% | 1h | 2.6479 | −0.207% | $34K | $493K | 5x | as long as short |
| Reya MORPHORUSDPERP | −0.0004% | 1h | 2.6534 | 0.000% | $16 | — | 10x | as long as short |
| Lighter MORPHO | +0.0096% | 1h | 2.6589 | +0.207% | $317K | $336K | 5x | as long as short |
| Paradex MORPHO-USD-PERP | +0.0100% | 8h | 2.6532 | −0.008% | $5K | $3 | 5x | as long as short |
| Hyperliquid MORPHO | +0.0100% | 1h | 2.6563 | +0.109% | $6.2M | $7.2M | 5x | as long as short |
| Aster MORPHOUSDT | +0.0100% | 4h | 2.6550 | +0.060% | $58K | $33K | 20x | as long as short |
| Binance MORPHOUSDTshort | +0.0100% | 4h | 2.6499 | −0.132% | $16.2M | $26.9M | 75x | |
| OKX MORPHO-USDT-SWAP | +0.0100% | 4h | 2.6535 | +0.004% | $3.2M | $4.5M | 20x | as long as short |
| MEXC MORPHO_USDT | +0.0100% | 4h | 2.6527 | −0.026% | $5.3M | $1.2M | 100x | as long as short |
| KuCoin MORPHOUSDTM | +0.0100% | 4h | 2.6537 | +0.011% | $622K | $271K | 50x | as long as short |
| Bitget MORPHOUSDT | +0.0100% | 4h | 2.6524 | −0.038% | $2.9M | $2.0M | 75x | as long as short |
| BingX MORPHO-USDT | +0.0100% | 4h | 2.6536 | +0.008% | — | $1.5M | — | as long as short |
| Variational Omni MORPHO | +0.0100% | 4h | 2.6515 | −0.071% | $643K | $1.4M | — | as long as short |
| SoDEX MORPHO-USD | +0.0100% | 1h | 2.6511 | −0.087% | $22K | $3K | 5x | as long as short |
| Extended MORPHO-USD | +0.0104% | 1h | 2.6524 | −0.039% | $103K | $301K | 10x | as long as short |
| GMX MORPHO/USD [ETH-USDC] | L +0.0188% / S −12.8197% | 1h | 2.6557 | +0.088% | $1K | — | 100x | as long as short |
Phoenix MORPHO
Reya MORPHORUSDPERP
Lighter MORPHO
Paradex MORPHO-USD-PERP
Hyperliquid MORPHO
Aster 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]