Funding arb · Price arb /

MORPHO

all MORPHO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0053%/8h= −5.8% APRpaid last 24h −0.008%

Price spread now: Polymarket Perps against GRVT−0.026%7-day average +0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$680.685% of the position

Long on GRVT Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.154%+$15 on $10k

Price spread, last 3 days (all we have)+0.132%+$13 · spread now −0.026%, 7d avg +0.098%

Together, before fees+0.286%+ Points / potential airdropGRVT: Active · farm board+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Polymarket Perps is 0.124% cheaper against GRVT than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.098%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.154%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MORPHO_USDT_Perp	2.6613	−0.0334	get 0.0167% / 4h	2h 16m	$30K	$154K	10x
Short	Polymarket Perps MORPHO-USD	2.6606	−0.0387	pay 0.0048% / 1h	16m 36s	$26K	$1.8M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$11.17
Price spread: −0.026% → +0.098%: −$12.43
Slippage, 4 orders: −$51.45
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$92.05
Costs to cover: 0.685%
Break-even: never at this rate

Slippage from GRVT: live order book, 5 min ago; Polymarket Perps: live order book, 2 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, 5 min ago	1.50 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 2 min ago	2.63 bp	6.6 bp −$7	6.8 bp −$68	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	−0.2050%	1h	2.6596	−0.065%	$83K	$148K	20x	as long as short
Deribit MORPHO_USDC-PERPETUAL	−0.1476%	1h	2.6607	−0.022%	$11K	$911	10x	as long as short
01 Exchange MORPHOUSD	−0.0840%	1h	2.6566	−0.176%	$873	$12K	5x	as long as short
Polymarket Perps MORPHO-USDshort	−0.0387%	1h	2.6606	−0.026%	$26K	$1.8M	5x
Injective MORPHO/USDC PERP	−0.0385%	1h	2.6610	−0.011%	$37	$198K	5.5x	as long as short
GRVT MORPHO_USDT_Perplong	−0.0334%	4h	2.6613	long leg	$30K	$154K	10x
Coinbase International MORPHO-PERP-INTX	−0.0296%	1h	2.6617	+0.015%	$77K	$46K	25x	as long as short
BloFin MORPHO-USDT	−0.0200%	4h	2.6592	−0.079%	$644K	$223K	20x	as long as short
Orderly PERP_MORPHO_USDC	−0.0170%	4h	2.6609	−0.015%	$10K	$34K	10x	as long as short
Bybit MORPHOUSDT	−0.0102%	4h	2.6593	−0.075%	$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_USDT	−0.0080%	4h	2.6609	−0.015%	$765K	$523K	50x	as long as short
Phoenix MORPHO	−0.0030%	1h	2.6655	+0.158%	$34K	$493K	5x	as long as short
Reya MORPHORUSDPERP	−0.0004%	1h	2.6608	−0.019%	$16	—	10x	as long as short
Lighter MORPHO	+0.0096%	1h	2.6636	+0.087%	$317K	$336K	5x	as long as short
Paradex MORPHO-USD-PERP	+0.0100%	8h	2.6575	−0.141%	$5K	$3	5x	as long as short
Hyperliquid MORPHO	+0.0100%	1h	2.6641	+0.106%	$6.3M	$7.2M	5x	as long as short
Aster MORPHOUSDT	+0.0100%	4h	2.6610	−0.010%	$58K	$33K	20x	as long as short
Binance MORPHOUSDT	+0.0100%	4h	2.6577	−0.136%	$16.3M	$26.8M	75x	as long as short
OKX MORPHO-USDT-SWAP	+0.0100%	4h	2.6608	−0.018%	$3.2M	$4.5M	20x	as long as short
MEXC MORPHO_USDT	+0.0100%	4h	2.6576	−0.139%	$5.5M	$1.2M	100x	as long as short
KuCoin MORPHOUSDTM	+0.0100%	4h	2.6632	+0.072%	$624K	$269K	50x	as long as short
Bitget MORPHOUSDT	+0.0100%	4h	2.6584	−0.109%	$2.9M	$1.9M	75x	as long as short
BingX MORPHO-USDT	+0.0100%	4h	2.6614	+0.004%	—	$1.5M	—	as long as short
Variational Omni MORPHO	+0.0100%	4h	2.6639	+0.096%	$647K	$1.4M	—	as long as short
SoDEX MORPHO-USD	+0.0100%	1h	2.6600	−0.048%	$22K	$3K	5x	as long as short
Extended MORPHO-USD	+0.0104%	1h	2.6573	−0.150%	$103K	$301K	10x	as long as short
GMX MORPHO/USD [ETH-USDC]	L +0.0188% / S −12.8197%	1h	2.6635	+0.083%	$1K	—	100x	as long as short