Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0710%/8h= +77.7% APRpaid last 24h +0.071%

Price spread now: Hyperliquid against GRVT+0.338%45s7-day average +0.165% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as 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−$810.808% of the position

Long on GRVT Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.412%+$41 on $10k

Price spread, last 3 days (all we have)−0.242%−$24 · spread now +0.338%, 7d avg +0.165%

Together, before fees+0.170%+ Points / potential airdropGRVT: Active · Hyperliquid: Season 2 · farm board+$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and Hyperliquid is 0.173% dearer against GRVT than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.165%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.412% in total (about 21.5% 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	2.6378	−0.0610	get 0.0305% / 4h	1h 24m	$29K	$146K	10x
Short	Hyperliquid MORPHO	2.6467	0.0100	get 0.0013% / 1h	24m 44s	$6.2M	$7.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against GRVT. 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 GRVTbpFee HyperliquidbpOrdersPrice spread, now +0.338%Rate

Funding earned: $149.1
Price spread: +0.338% → +0.165%: $17.31
Slippage, 4 orders: −$62.82
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $85.6
Costs to cover: 0.808%
Break-even: 3.0 days

Slippage from GRVT: live order book, 57 min ago; Hyperliquid: live order book, 7 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, 57 min ago	1.50 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	0.76 bp	15.4 bp −$15	doesn't fit	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	−0.1862%	1h	2.6361	−0.063%	$82K	$149K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1414%	1h	2.6391	+0.050%	$11K	$812	10x	as long as short
01 Exchange MORPHOUSD	−0.1200%	1h	2.6328	−0.189%	$865	$13K	5x	as long as short
Polymarket Perps MORPHO-USD	−0.0703%	1h	2.6394	+0.061%	$24K	$1.7M	5x	as long as short
GRVT MORPHO_USDT_Perplong	−0.0610%	4h	2.6378	long leg	$29K	$146K	10x
Bybit MORPHOUSDT	−0.0522%	4h	2.6420	+0.160%	$8.5M	$9.3M	25x	as long as short
Injective MORPHO/USDC PERP	−0.0337%	1h	2.6430	+0.198%	$37	$242K	5.5x	as long as short
Coinbase International MORPHO-PERP-INTX	−0.0312%	1h	2.6413	+0.134%	$76K	$43K	25x	as long as short
BloFin MORPHO-USDT	−0.0207%	4h	2.6354	−0.090%	$640K	$243K	20x	as long as short
Gate MORPHO_USDT	−0.0166%	4h	2.6396	+0.069%	$767K	$533K	50x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MORPHO_USDC	−0.0149%	4h	2.6394	+0.061%	$10K	$34K	10x	as long as short
Phoenix MORPHO	−0.0090%	1h	2.6408	+0.115%	$34K	$484K	5x	as long as short
Variational Omni MORPHO	−0.0077%	4h	2.6372	−0.023%	$627K	$1.2M	—	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6400	+0.083%	$16	—	10x	as long as short
Extended MORPHO-USD	+0.0032%	1h	2.6404	+0.098%	$102K	$301K	10x	as long as short
MEXC MORPHO_USDT	+0.0032%	4h	2.6413	+0.134%	$5.4M	$1.1M	100x	as long as short
Binance MORPHOUSDT	+0.0033%	4h	2.6407	+0.109%	$16.1M	$25.8M	75x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6452	+0.283%	$315K	$334K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6364	−0.052%	$5K	$3	5x	as long as short
Hyperliquid MORPHOshort	+0.0100%	1h	2.6467	+0.338%	$6.2M	$7.0M	5x
Aster MORPHOUSDT	+0.0100%	4h	2.6417	+0.148%	$58K	$31K	20x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6408	+0.115%	$3.2M	$4.4M	20x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6423	+0.171%	$591K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6421	+0.164%	$2.9M	$1.8M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6422	+0.168%	—	$1.5M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6394	+0.061%	$22K	$4K	5x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6431	+0.201%	$1K	—	100x	as long as short