Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0321%/8h= −35.2% APRpaid last 24h +0.036%

Price spread now: Polymarket Perps against Gate+0.015%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$1081.083% of the position

Long on Gate Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.005%$0 on $10k

Price spread, last 4 days (all we have)−0.334%−$33 · spread now +0.015%, 7d avg +0.047%

Together, before fees−0.339%−$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Polymarket Perps is 0.032% cheaper against Gate than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.047%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.005% in total (about -0.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MORPHO_USDT	2.6616	−0.0060	get 0.0030% / 4h	2h 19m	$763K	$523K	50x
Short	Polymarket Perps MORPHO-USD	2.6620	−0.0381	pay 0.0048% / 1h	19m 28s	$26K	$1.8M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Gate. 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 GatebpFee Polymarket PerpsbpOrdersPrice spread, now +0.015%Rate

Funding earned: −$67.5
Price spread: +0.015% → +0.047%: −$3.23
Slippage, 4 orders: −$85.27
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$179
Costs to cover: 1.083%
Break-even: never at this rate

Slippage from Gate: live order book, 2 min ago; Polymarket Perps: live order book, 4 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, 2 min ago	7.33 bp	44.6 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 4 min ago	2.07 bp	6.1 bp −$6	6.2 bp −$62	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	−0.2052%	1h	2.6561	−0.206%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1326%	1h	2.6616	0.000%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0840%	1h	2.6587	−0.109%	$874	$12K	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.586%	$37	$161K	5.5x	as long as short
Polymarket Perps MORPHO-USDshort	−0.0381%	1h	2.6620	+0.015%	$26K	$1.8M	5x
GRVT MORPHO_USDT_Perp	−0.0350%	4h	2.6583	−0.125%	$30K	$154K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	+0.004%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6618	+0.008%	$646K	$223K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0170%	4h	2.6618	+0.008%	$10K	$34K	10x	as long as short
Gate MORPHO_USDTlong	−0.0060%	4h	2.6616	long leg	$763K	$523K	50x

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit MORPHOUSDT	−0.0036%	4h	2.6630	+0.053%	$8.7M	$10.1M	25x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6655	+0.147%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6636	+0.075%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6658	+0.156%	$318K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6610	−0.023%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6676	+0.225%	$6.3M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6627	+0.041%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6619	+0.011%	$16.3M	$26.8M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6640	+0.090%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6613	−0.011%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6625	+0.034%	$624K	$271K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6629	+0.049%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6649	+0.124%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6639	+0.085%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6617	+0.004%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6610	−0.024%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6651	+0.132%	$1K	—	100x	as long as short