Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0196%/8h= +21.5% APRpaid last 24h +0.086%

Price spread now: SoDEX against Gate−0.064%7-day average — · you buy dearer than you sell

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

Long on Gate Short on SoDEX

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. SoDEX is 0.064% cheaper against Gate than usual: you would sell low and buy high (spread −0.064% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 26 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate MORPHO_USDT	2.6591	−0.0096	get 0.0048% / 4h	2h 15m	$774K	$547K	50x
Short	SoDEX MORPHO-USD	2.6574	0.0100	get 0.0013% / 1h	15m 16s	$22K	$3K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Gate. 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 GatebpFee SoDEXbpOrdersPrice spread, now −0.064%Rate

Funding earned: $41.16
Price spread: −0.064% → 0.000%: −$6.39
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $11.77
Costs to cover: 0.230%
Break-even: 5.0 days

Slippage unknown: Gate: live order book, 6 min ago; SoDEX: no order-book sample. 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 Gate live order book, 6 min ago	7.33 bp	44.6 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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	−0.2052%	1h	2.6559	−0.119%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1253%	1h	2.6570	−0.079%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0848%	1h	2.6526	−0.244%	$872	$12K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0392%	1h	2.6572	−0.071%	$26K	$1.8M	5x	as long as short
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6610	+0.071%	$37	$198K	5.5x	as long as short
GRVT MORPHO_USDT_Perp	−0.0344%	4h	2.6601	+0.038%	$30K	$154K	10x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	+0.098%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6593	+0.008%	$645K	$223K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0171%	4h	2.6574	−0.064%	$10K	$34K	10x	as long as short
Bybit MORPHOUSDT	−0.0138%	4h	2.6588	−0.011%	$8.6M	$9.9M	25x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDTlong	−0.0096%	4h	2.6591	long leg	$774K	$547K	50x
Phoenix MORPHO	−0.0030%	1h	2.6639	+0.181%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6578	−0.051%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6621	+0.113%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6561	−0.112%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6633	+0.158%	$6.3M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6585	−0.021%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6568	−0.087%	$16.3M	$26.7M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6590	−0.004%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6570	−0.079%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6599	+0.030%	$623K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6580	−0.041%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6607	+0.060%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6594	+0.011%	$647K	$1.2M	—	as long as short
SoDEX MORPHO-USDshort	+0.0100%	1h	2.6574	−0.064%	$22K	$3K	5x
Extended MORPHO-USD	+0.0104%	1h	2.6567	−0.090%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6603	+0.047%	$1K	—	100x	as long as short