Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0668%/8h= +73.1% APRpaid last 24h +0.042%

Price spread now: Extended against GRVT−0.274%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$119as in the Price arb table

costs, in and out, $10k−$910.908% of the position

Long on GRVT Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.369%+$37 on $10k

Price spread, last 3 days (all we have)+0.151%+$15 · spread now −0.274%, 7d avg +0.008%

Together, before fees+0.520%+ Points / potential airdropGRVT: Active · Extended: Active · farm board+$52 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.282% cheaper against GRVT than usual: you would sell low and buy high (spread −0.274% now, against its 7-day average of +0.008%). If the spread goes back, that is −$28 on $10k: about 34 hours of funding at the current rate (+$20 a day). At the pace of the last 7 days (+0.369% in total) that is about 5.4 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.369% in total (about 19.2% 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	GRVT MORPHO_USDT_Perp	2.6519	−0.0564	get 0.0282% / 4h	2h 45m	$29K	$162K	10x
Short	Extended MORPHO-USD	2.6446	0.0104	get 0.0013% / 1h	45m 04s	$103K	$301K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against GRVT. 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 GRVTbpFee ExtendedbpOrdersPrice spread, now −0.274%Rate

Funding earned: $140.28
Price spread: −0.274% → +0.008%: −$28.25
Slippage, 4 orders: −$76.8
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $21.23
Costs to cover: 0.908%
Break-even: 5.9 days

Slippage from GRVT: live order book, 41 min ago; Extended: live order book, 42 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 GRVT live order book, 41 min ago	1.49 bp	34.5 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 42 min ago	2.23 bp	21.3 bp −$21	222.9 bp −$2,229	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	−0.2060%	1h	2.6460	−0.222%	$82K	$148K	20x	as long as short
01 Exchange MORPHOUSD	−0.1144%	1h	2.6440	−0.297%	$869	$12K	5x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.0882%	1h	2.6466	−0.199%	$11K	$911	10x	as long as short
Polymarket Perps MORPHO-USD	−0.0621%	1h	2.6471	−0.181%	$26K	$1.9M	5x	as long as short
GRVT MORPHO_USDT_Perplong	−0.0564%	4h	2.6519	long leg	$29K	$162K	10x
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6460	−0.222%	$37	$161K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6527	+0.031%	$76K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6472	−0.177%	$650K	$221K	20x	as long as short
Bybit MORPHOUSDT	−0.0196%	4h	2.6468	−0.192%	$8.6M	$10.1M	25x	as long as short
Orderly PERP_MORPHO_USDC	−0.0188%	4h	2.6454	−0.245%	$10K	$34K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MORPHO_USDT	−0.0168%	4h	2.6475	−0.165%	$759K	$522K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6530	+0.042%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6469	−0.188%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6504	−0.056%	$316K	$335K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6480	−0.146%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6494	−0.094%	$6.2M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6494	−0.095%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6449	−0.265%	$16.2M	$26.9M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6472	−0.177%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6440	−0.297%	$5.3M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6488	−0.116%	$621K	$272K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6463	−0.211%	$2.9M	$2.0M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6472	−0.177%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6515	−0.014%	$643K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6450	−0.260%	$22K	$3K	5x	as long as short
Extended MORPHO-USDshort	+0.0104%	1h	2.6446	−0.274%	$103K	$301K	10x
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6478	−0.155%	$1K	—	100x	as long as short